China NEV sales rise to new record of 1.43 million in Oct, CAAM data show

Domestic NEV sales stood at 1.3 million units in October, marking the second consecutive month of record highs.

China's new energy-vehicle (NEV) sales set a new record high last month, as the overall market continues to improve.

In October, China's NEV sales reached a record high of 1.43 million units, surpassing September's previous record of 1,287,000 units, according to data released today by the China Association of Automobile Manufacturers (CAAM).

This represents a 49.6 percent increase year-on-year and an 11.1 percent increase from September.

CAAM's NEV sales are wholesale sales by automakers, including sales in China and exports to overseas markets. NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles.

PHEV sales continue to see strong growth, and BEVs are also growing, albeit at a lower rate.

October PHEV sales were 587,000 units, the sixth consecutive month of record highs, up 89.7 percent year-on-year and up 14.9 percent from September.

BEV sales in October were a record 842,000 units, up 30.4 percent year-on-year and up 8.7 percent from September.

China's all vehicle sales in October were 3.05 million units, up 7 percent year-on-year and up 8.7 percent from September.

This means that NEV penetration was 46.8 percent in October, up from 45.8 percent in September and up from 33.5 percent a year earlier.

Excluding exports, domestic NEV sales were 1.3 million units in October, the second consecutive month at a record high. That's up 56.5 percent year-on-year and up 10.7 percent from September.

In October, 542,000 vehicles were exported from China, up 11.1 percent year-on-year and up 0.5 percent from September.

Of these, NEV exports were 128,000 units, up 3.6 percent year-on-year and up 16 percent from September.

China exported 104,000 units of BEVs in October, down 9.2 percent year-on-year but up 17.3 percent from September.

PHEVs exported 24,000 units in October, up 160 percent year-on-year and up 10.7 percent from September.

Into October, the trade-in purchase policy boosted auto consumption significantly, CAAM said in its report.

Meanwhile, several local auto shows and promotions as well as the intensive launch of new models pushed the car market boom higher, CAAM said.

China Oct NEV sales data by CAAM: 1.43 million

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