Estimated sales of New Energy Vehicles in China during September could reaching 1,250,000 units, according to the China Passenger Car Association (CPCA).
China's passenger vehicle retail sales are expected to see a significant boost in September, according to recent projections. The China Passenger Car Association (CPCA) reports that the overall passenger vehicle retail sales for the month are projected to reach approximately 2.15 million units, marking a 2.0 percent year-on-year increase.
The growth is particularly notable in the New Energy Vehicle (NEV) sector, with passenger NEV sales projected to increase by 11.4 percent year-on-year. This surge has led to a cumulative sales figure of NEVs in China exceeding 40 million units.
The traditional strong sales season in China's automotive industry falls in September, and this year is no exception. Automakers are intensifying their efforts to boost sales volume at the end of the quarter, with some manufacturers reportedly increasing their monthly sales targets compared to the previous year and the previous month.
The first week of September saw an average daily retail volume of 43,500 units, down 10.3 percent year-on-year and 3.8 percent month-on-month. However, the following weeks are projected to show significant increases. Week 2 saw an average daily retail volume of 59,500 units, down 2.2 percent year-on-year but up 11.9 percent month-on-month.
Week 3 is expected to reach an average daily retail volume of 68,100 units, marking a 13.8 percent year-on-year increase and a 14.3 percent rise month-on-month. Week 4 is projected to surpass 100,000 units per day, with an average daily retail volume of 105,900 units, a 3.0 percent year-on-year increase and a 19.0 percent rise compared to the same period last month.
The passenger NEV retail sales for September are projected to reach 1.25 million units, representing a 13.5 percent rise from August. As a result, the passenger NEV retail penetration rate in China for September is expected to be 58.1 percent.
Despite the positive outlook, some market uncertainty has been introduced due to adjustments and tightening of local governments' scrappage subsidy policies in China. However, discounts in the automotive sector remained stable in early September, with pricing systems stabilizing under policy regulation, according to the CPCA.
These projections suggest a promising future for the Chinese automotive industry, with a strong focus on NEVs and a continued effort to boost sales volumes.
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