China’s Oct. new energy PV wholesales up by 120% YoY

The October wholesale volume of China-made new energy passenger vehicles exceeded 144,000 units, jumping 119.8% year on year and growing 15.9% month-on-month, the China Passenger Car Association said on November 9.

Monthly sales of plug-in hybrid electric sales reached 23,000 units, up by 58.6% while those of the battery electric vehicles surged 137.2% year on year to 121,000 units.

As of October, the cumulative wholesales this year of locally-made new energy passenger vehicles totaled 780,000 units, 6% less than that of the same period in 2019.

According to the association, Tesla sold 12,143 China-made vehicles in October, representing a month-on-month increase of 7.2% and ranking fourth after SAIC-GM-Wuling (29,711 new energy vehicles sold), BYD (22,395 new energy vehicles sold) and SAIC Motor (12,785 new energy vehicles sold). Startups such as NIO, Li Auto, and Xpeng, achieved outstanding sales performance last month while the new energy vehicles sales of Great Wall and GAC Group saw significant increase as well.

In October, the China Society of Automotive Engineers (China-SAE) issued the 2.0 version of Technology Roadmap for Energy Saving and New Energy Vehicles, under which sales of new energy vehicles in China are expected to account for 20% of overall new vehicle sales by 2025 from today's 5%. By 2035, share of new energy vehicles will grow to 50% while the rest will be taken by fuel-efficient vehicles.  

The association expects continuous month-on-month sales growth of new energy passenger vehicles in the last two months of this year. It also said the government’s strong support for new energy vehicles will promote the sustainable development of relevant supply chain and create a powerful supply chain and new energy vehicle industry in China.