News Flash丨CPAC: China's August NEV Sales Surge by 48%

China's NEV sales from August 1-25 hit 718,000 units, achieving a 55.02% penetration rate, reflecting a 48% YoY increase.

stcn · 2024-08-29

On August 22nd, China Passenger Car Association (CPCA) predicted that August retail sales of passenger cars are expected to hit 1.84 million units in China, and the NEV sales are expected to reach approximately 980,000 units, making the NEV penetration to reach 53.2%.

While according to the latest data released by CPCA on August 28th, retail sales of passenger cars reached 1,305,000 units from August 1st to August 25th, up 8% year-over-year and up 9% from July. The NEV sales achieved 718,000 units from August 1st to August 25th, marking a robust increase of 48% year-over-year and an month-over-month increase of 18% from July. The NEV penetration significantly reached 55.02%.

Cumulatively, from January to August, retail sales of passenger cars reached 12,872,000 units, a year-over-year increase of 3%; while the NEV sales reached 5,707,000 units, a year-over-year increase of 3%.

The Chinese auto market sees an encouraging recovery in August. Government car trade-in policies and consumers’ growing preference on EVs, are factors for the steady increase in Chinese car market.