Preface
China's retail sales growth of new energy passenger vehicles slowed in February and January-February from a year earlier, as competition intensified with market leader BYD headed a deeper round of price cuts.
Retail sales of new energy passenger vehicles, which include electric and plug-in hybrids, slid 11.6% on an annual basis and 42.1% on a monthly basis in February, according to data from the China Passenger Car Association (CPCA). From January to February, NEV sales climbed 37.5% from a year earlier, higher than the passenger vehicle market's 16.3% growth as widespread discounts fuelled demand.
Around 79,000 new energy passenger vehicles were exported in the month, edged up 0.1% from the same period last year yet dropped 20.0% from January, accounting for 26.4% of the country's total passenger vehicle exports.
In this article, Infoturbo provides an overview of February NEV sales in the Chinese auto market. Take a look!
Contents
OVERVIEW I: NEV SALES & PRODUCTION SLUMP ON ANNUAL BASIS IN FEBRUARY
In February, China's passenger NEV market suffered double-digit slumps from the same period last year as the Spring Festival this year fell on Feb. 10, which impacted market demand. Compared with the previous month, retail sales and production plunged 42.1% and 42.3%, respectively. From January to February, the market embraced double-digit growth thanks to outstanding performance in the previous month. Exports of China's passenger NEVs in the month edged up 0.1% YoY yet dropped 20.0% MoM to 79,000 units, accounting for 26.4% of the country's total passenger car exports, down 4.8 percentage points from the same period last year.
In February, sales of battery electric vehicles (BEVs) suffered sluggish sales, while plug-in hybrid EVs (PHEVs) maintained strong growth. In the first two months, both BEVs and PHEVs embraced double-digit sales growth thanks to their robust performance in January. China's passenger NEV penetration rate at retail was 35.8% in February, up 3.8 percentage points over the last February and 2.9 percentage points over the previous month.
BYD continually streaked ahead of its rivals with a larger market share;
Tesla China returned to the top 3, while Changan dropped from 3rd to 6th;
NIO returned to the list, while Dongfeng Automobile was dropped;
Half led by GAC AION suffered sales declines.
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1. SALES ANALYSIS OF CHINESE NEV MARKET IN JANUARY 2024
