China’s NEV penetration at retail is expected to be around 37.9 percent in September, up from 37.3 percent in August.
China’s new energy vehicle (NEV) sales are on track to hit a record high for the second consecutive month in September, after a slight dip in sales in July.
In September, retail sales of China’s passenger NEVs are expected to be around 750,000 units, up 22.3 percent year-on-year and up 4.7 percent from August, the CPCA estimates released last night showed.
The figure means that China’s passenger NEV retail sales are expected to continue to reach a record high in September, following the 716,000 units sold in August. The CPCA is expected to release preliminary data on September NEV sales early next month, and final figures in the middle of next month.
Survey shows that major automakers, which contribute about 80 percent of passenger car sales, saw their retail targets increase at the beginning of September compared with the same period last year and the previous month, the CPCA said.
According to preliminary projections, China’s passenger car sales are expected to be at around 1.98 million units in September, up 3.1 percent from August and up 3.0 percent year-on-year, the CPCA said.
This means that the penetration rate of NEVs at retail is expected to be around 37.9 percent in September, up from 37.3 percent in August.
Sentiment in China’s auto market did not wane in September, but it should be noted that price-sensitive consumers are once again in a wait-and-see mood, with a tendency to delay car purchases as discounts at stores continue, the CPCA said.
The survey showed that the overall discount rate for passenger cars in China was about 18.2 percent in mid-September, down slightly from mid-August, the CPCA said.
The average daily retail sales of major automakers were 43,900 in the first week of September and 52,200 in the second week.
In the third week, average daily retail sales are expected to rise to 58,600, up 7.0 percent year-on-year. This is mainly due to the upward pulse in quarter-end sales by carmakers, as well as consumers releasing demand ahead of the Mid-Autumn Festival as well as the National Day holiday, according to the CPCA.
In the fourth week, with the long holidays approaching and fewer weekdays compared to the same period of last year, daily retail sales are expected to average 127,600 units, down 5.5 percent year-on-year, according to the CPCA.