China Passenger Car Association: Preliminary statistics show that retail sales in the passenger car market reached 2.04 million units in January, with new-energy vehicles accounting for 670,000 units.
2024-02-08
China Passenger Car Association: Preliminary statistics show that retail sales in the passenger car market reached 2.04 million units in January, with new energy vehicles accounting for 670,000 units.
IT Home reported on February 7 that the China Passenger Car Association today released retail sales data for passenger vehicles in January. According to preliminary statistics, from January 1 to 31, retail sales in the passenger vehicle market reached 2.04 million units, representing a year-on-year increase of 58% but a month-on-month decline of 13%. Meanwhile, wholesale volumes from passenger car manufacturers nationwide totaled 2.08 million units, up 44% year-on-year but down 23% compared to the previous month. Additionally, preliminary data shows that retail sales of new-energy vehicles surged to 670,000 units from January 1 to 31, marking a remarkable 102% year-on-year growth—but a significant 29% drop compared to the previous month. On the manufacturer side, wholesale shipments of new-energy vehicles by automakers across China reached 690,000 units in January, reflecting a robust 77% increase from the same period last year, though still down 38% from the prior month.
The China Passenger Car Association (CPCA) analyzed that the new-energy vehicle market has shown divergent trends at the start of this year: range-extended electric vehicles have performed strongly, while plug-in hybrid models have remained relatively stable. Meanwhile, high-end, long-range pure-electric vehicles continue to gain momentum, whereas entry-level, low-end, short-range EVs have struggled. As reported earlier this month by IT Home, CPCA estimates that wholesale sales of new-energy passenger cars in January reached 700,000 units, representing an impressive year-on-year increase of 80%, though down 37% from the previous month. CPCA Secretary-General Cui Dongshu previously noted that, thanks to the absence of the year-end inventory-clearing effect typically triggered by subsidy phase-outs, the accumulated new-energy vehicle inventory built up during the fourth quarter of 2023 provided significant support for January sales in 2024. However, since mid-January, retail sales of new-energy vehicles have rebounded extremely slowly—particularly for mid- and short-range pure-electric models, which have failed to gain traction. This sluggish retail performance has, in turn, kept manufacturers’ wholesale sales relatively flat.
Earlier today, the China Association of Automobile Manufacturers also released the production and sales figures for the automotive industry in January 2024: During the month, new-energy vehicle production and sales reached 787,000 units and 729,000 units, respectively, representing month-on-month declines of 32.9% and 38.8%, but year-on-year growth of 85.3% and 78.8%, respectively. Meanwhile, new-energy vehicles captured a market share of 29.9%.
Translated from Sina Auto
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China Passenger Car Association: Preliminary statistics show that retail sales in the passenger car market reached 2.04 million units in January, with new-energy vehicles accounting for 670,000 units.
2024-02-08
China Passenger Car Association: Preliminary statistics show that retail sales in the passenger car market reached 2.04 million units in January, with new energy vehicles accounting for 670,000 units.
IT Home reported on February 7 that the China Passenger Car Association today released retail sales data for passenger vehicles in January. According to preliminary statistics, from January 1 to 31, retail sales in the passenger vehicle market reached 2.04 million units, representing a year-on-year increase of 58% but a month-on-month decline of 13%. Meanwhile, wholesale volumes from passenger car manufacturers nationwide totaled 2.08 million units, up 44% year-on-year but down 23% compared to the previous month. Additionally, preliminary data shows that retail sales of new-energy vehicles surged to 670,000 units from January 1 to 31, marking a remarkable 102% year-on-year growth—but a significant 29% drop compared to the previous month. On the manufacturer side, wholesale shipments of new-energy vehicles by automakers across China reached 690,000 units in January, reflecting a robust 77% increase from the same period last year, though still down 38% from the prior month.
The China Passenger Car Association (CPCA) analyzed that the new-energy vehicle market has shown divergent trends at the start of this year: range-extended electric vehicles have performed strongly, while plug-in hybrid models have remained relatively stable. Meanwhile, high-end, long-range pure-electric vehicles continue to gain momentum, whereas entry-level, low-end, short-range EVs have struggled. As reported earlier this month by IT Home, CPCA estimates that wholesale sales of new-energy passenger cars in January reached 700,000 units, representing an impressive year-on-year increase of 80%, though down 37% from the previous month. CPCA Secretary-General Cui Dongshu previously noted that, thanks to the absence of the year-end inventory-clearing effect typically triggered by subsidy phase-outs, the accumulated new-energy vehicle inventory built up during the fourth quarter of 2023 provided significant support for January sales in 2024. However, since mid-January, retail sales of new-energy vehicles have rebounded extremely slowly—particularly for mid- and short-range pure-electric models, which have failed to gain traction. This sluggish retail performance has, in turn, kept manufacturers’ wholesale sales relatively flat.
Earlier today, the China Association of Automobile Manufacturers also released the production and sales figures for the automotive industry in January 2024: During the month, new-energy vehicle production and sales reached 787,000 units and 729,000 units, respectively, representing month-on-month declines of 32.9% and 38.8%, but year-on-year growth of 85.3% and 78.8%, respectively. Meanwhile, new-energy vehicles captured a market share of 29.9%.
Translated from Sina Auto
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