China NEV retail falls for 7th month in July, yet penetration sets record: A Practical Look
China’s NEV retail penetration rose to a record 65.1% in July as demand for gasoline-powered vehicles continued to collapse.
China’s NEV retail penetration rose to a record 65.1% in July as demand for gasoline-powered vehicles continued to collapse.
NEV sales were 1,561,000 units in July, accounting for 60.4% of total new vehicle sales, topping 60% for the first time, according to CAAM data.
Nio’s retail sales surged 70.5% year-on-year in July, keeping it at No. 8 in China’s NEV market.
BYD continued to dominate China’s NEV export market in July with 173,721 vehicles, while Tesla China exported 66,330 units.
China’s overall passenger vehicle retail sales were 317,000 units on August 1-9, down 22% year-on-year.
NEV retail sales totaled 399,000 units from August 1-16, with retail penetration at 63.6%.
China’s passenger NEV retail sales are expected to rise about 9.4% from July, with retail penetration reaching 65.8%.
China’s passenger NEV retail sales totaled 614,000 in August 1-23, with retail penetration rising to 64.3%.