China's passenger-car new energy vehicle (NEV) retail sales were estimated at 1.148 million units in October, down 10% year on year but up 6% month on month, according to the China Passenger Car Association (CPCA). Cumulative NEV retail for the first ten months reached 8.907 million units, a 12% decline versus the same period last year.
The NEV retail penetration rate for October stood at 67.8%, while the wholesale penetration rate among manufacturers reached 68.6%. CPCA noted that the October rebound was driven by National Day auto shows, local purchase subsidies and seasonal year-end promotions, though the recovery remained moderate.
Source: CPCA / Tencent News
