Data released on the 8th by the China Passenger Car Association (CPCA) shows that retail sales of new energy passenger vehicles (NEVs) in China reached 1.321 million units in November, representing a year-on-year increase of 4.2% and a month-on-month growth of 3.0%.
The CPCA released its national passenger car market analysis for November on the same day. According to the statistics, total retail sales in the national passenger car market for November were 2.225 million units, marking an 8.1% year-on-year decrease and a 1.1% month-on-month decline. Cumulative retail sales from January to November reached 21.483 million units, reflecting a 6.1% increase compared to the same period last year. In November, the domestic retail penetration rate of NEVs reached 59.3%, a 7% increase from the same period last year.
According to CPCA data, passenger vehicle exports in November amounted to 601,000 units, surging 52.4% YoY and rising 9.1% MoM. Exports of new energy passenger vehicles stood at 284,000 units, soaring 243.3% YoY and increasing 19.3% MoM, accounting for 47.3% of total passenger vehicle exports. As the scale advantages of China's EVs become more apparent and market expansion continues, an increasing number of Chinese-made EV brand products are entering overseas markets, gaining growing recognition abroad.
Looking ahead to December, the CPCA analysis suggests that with the impending expiration of the purchase tax exemption policy for EVs at the end of this year, consumers may feel a stronger sense of urgency to purchase vehicles. Coupled with automakers' promotional offers to subsidize the purchase tax, market enthusiasm is expected to continue rising, potentially leading to a further increase in NEV sales.
Edited by Cassie Li, lixiangying@mysteel.com
