CPCA: China's NEV market to achieve substantial growth in Feb
According to the CPCA news release, the wholesale sales volume of China's top 14 major NEV manufacturers in January was 355K units. If we apply the same total market share percentage of those 14 manufacturers as in December 2022 (81.4%), the total NEV wholesale sale volume in January was around 410K units, dropping 45% from December 2022. The year-on-year growth in January was around 16.5%, much lower than the whole year 2022 wholesale sale volume growth (94%). Three factors contributed to January's poor performance:
- As China decided to phase out the NEV subsidy program by the end of 2022, many car buyers early-purchased their cars in December 2022, which boosted the sales volume to a historical high in December 2022.
- The selling period this year was 7 days shorter than last year due to the Chinese New Year holiday.
- With the recent drop in the price of lithium carbonate, some NEV manufacturers actively slowed production and sales in January.
February NEV market outlook:
February will have seven more days of sales than last year, and those NEV makers who slowed their production in January will gradually resume their operations. The NEV market growth trajectory will resume, and it is expected that the NEV market will have substantial growth in February compared with the same period in 2022.
Edited by Cassie Li, lixiangying@mysteel.com
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