China's homegrown PV retail sales yearly grow 8% in October

In October, around 2.021 million locally-produced PVs (referring to cars, MPVs, SUVs and minibuses) were handed over to consumers in China, representing a year-on-year growth of 8%, according to the China Passenger Car Association (CPCA).

For the first ten months of 2020, China's homegrown PV retail sales totaled 15.177 million units, shrinking 10.2% from the previous year, which were 2.5 percentage points lower than the decrease in the Q1-Q3 volume. 

As of October, China's PV market had posted year-over-year growth in retail sales for four consecutive months. There were three factors contributing to the incessant increase, said the CPCA. First of all, consumer confidence has been stabilized thanks to the better-than-expected recovery in the macro-economic climate and export business. Secondly, the PV market rebounded from a year-ago low base which was led by the implementation of China Ⅵ emission standards. Moreover, the solid rebound in NEV retail sales helped driving the resilient sales for the overall PV market.

Compared to the previous month, China's PV sales showed a 4% growth last month, buoyed by the local governmental incentives and the stronger demands from the Mid-Autumn Festival and the National Day Holiday.