Sales of NEVs in China Reached 890,000 Units in Oct 2023

With the continuous increase of China national consumption promotion policies and the sustained stabilization of the economy, the sales of new energy passenger vehicle manufacturers in China have maintained a strong growth trend this year. In October, terminal discounts and promotional policies continued, with the National Day holiday being combined with the Mid Autumn Festival holiday, and there were many car shows and promotional activities in various regions, promoting the growth of terminal popularity during the Double Festival period. After the National Day holiday, the terminal returned to normal sales pace, and the market heat fell slowly, resulting in promising sales.

Due to the celebration of the Mid Autumn Festival and National Day in early October this year, manufacturers had ample production and sales time in October. Driven by the low base in October last year, the market growth rate significantly rebounded in October this year. At present, the overseas market environment for China's automobile exports still maintains a good trend. Recently, China's new energy passenger vehicle exports have continued to strengthen, forming a characteristic of synchronous strength in both domestic and international new energy markets.

The market advantage of leading new energy companies continues to expand, with some leading companies performing strongly month on month in October. In September 2023, the China Passenger Car Association (CPCA) saw 17 manufacturers selling over 10,000 new energy vehicles in the national passenger car market. Wholesale sales accounted for 88.4% of the total monthly sales of new energy passenger vehicles. These companies estimated their sales to be 787,000 vehicles in October, and according to their normal structural proportion, they predicted that the national sales of new energy passenger vehicles in October would be 890,000 vehicles.

The development advantages of new energy passenger vehicles in China will continue to consolidate and expand in 2023. CPCA estimated that the wholesale sales of new energy passenger vehicle manufacturers in October were 890,000 units, a year-on-year increase of 32% and a month on month increase of 7%. From Jan to Oct this year, it was initially estimated that 6.8 million vehicles will be wholesale, a year-on-year increase of 36%.

At the end of last year, the CPCA predicted that the sales of new energy passenger vehicles in 2023 would be 8.5 million units, while the sales of narrow passenger vehicles would be 23.5 million units. The annual penetration rate of new energy vehicles is expected to reach 36%. The current operating status is basically consistent with last year's forecast.