New Vehicle Sales in China Reach 438,000 Between September 1st and 14th, Marking a 6% Increase Compared to the Same Period Last Year
In the second week of September, China's automobile market demonstrated a significant increase in electric vehicle (EV) sales, with the average daily retail sales of passenger vehicles reaching 61,142 units, up 1 percent year-on-year and 15 percent month-on-month. The salesforce of electric vehicles was also reflected in wholesale figures. From September 8-14, wholesale sales of China's passenger vehicles totaled 774,000 units, down 3 percent year-on-year but up 18 percent month-on-month. During this period, wholesale sales of China's passenger NEVs reached 447,000 units, a 10 percent increase year-on-year and a 21 percent rise month-on-month. The Chinese automobile brand BYD reported the highest number of new energy vehicle (NEV) insurance registrations in China during the period from September 8 to 14, indicating BYD's strong salesforce and leadership in the Chinese electric vehicle market at that time. The growth in EV sales has led to an increase in EV insurance registrations. For the week ending September 14, China EV insurance registrations were recorded for Nio Inc (6,170), Tesla (15,350), and our X (Twitter) profileiaomi (9,790). The rise in EV sales has also contributed to a higher NEV retail penetration rate. During the September 8-14 period, China's NEV retail penetration rate was 59.8 percent. From September 8-14, China's total passenger vehicle retail sales reached 732,000 units, up 6 percent month-on-month. Year-to-date, China's cumulative passenger NEV wholesale sales reached 9.39 million units, up 32 percent year-on-year. Similarly, year-to-date, China's cumulative retail sales of all passenger vehicles reached 15.5 million units, up 9 percent year-on-year. It's worth noting that during the 14-day period from September 1-14, China's total passenger vehicle wholesale sales were not previously mentioned. However, from September 1-7, China's average daily wholesale sales of passenger vehicles were 43,908 units, down 5 percent year-on-year but up 9 percent month-on-month. Passenger NEV retail sales from September 1-7 totaled 181,000 units, down 3 percent year-on-year and down 1 percent month-on-month. In conclusion, China's automobile market is showing a positive trend in the adoption of electric vehicles, with significant growth in sales and retail penetration. The data suggests that the Chinese electric vehicle market is growing, with major players like BYD leading the salesforce.
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