Retail sales of new energy vehicles in China reached 827,000 units during the first 27 days of September, marking a 20% year-on-year decline. Despite the drop, NEVs accounted for 65.7% of total passenger car retail sales, which amounted to 1.258 million units for the same period.
The broader passenger car market experienced a sharper downturn, with retail sales falling 29% compared to the previous year. Year-to-date, NEV retail sales reached 7.5 million units, reflecting a 13% decrease. Total passenger car sales for the year-to-date period stand at 12.97 million units, down 22%.
Wholesale figures also showed a downward trend, with NEV wholesale sales totaling 1.032 million units, an 11% decline year-on-year. Overall passenger car wholesale sales hit 1.474 million units, down 30%. NEVs currently represent 70% of total passenger car wholesale volume.
The China Passenger Car Association noted that the decline is partly due to a high comparison base from last September, when subsidy suspensions triggered a buying rush. Additionally, the timing of the Mid-Autumn Festival contributed to a 42% year-on-year drop in daily retail sales during the fourth week of September.
