China’s NEV Retail Hits 265K Units in Nov 1–9, Penetration at 64%

Between November 1 and 9, China’s overall passenger car retail remained stable but subdued, while NEVs continued to serve as the main driver sustaining market momentum.

On November 12, the China Passenger Car Association (CPCA) released the latest data on the national passenger car market.

According to the data, retail sales of passenger cars in China reached 415,000 units between November 1 and 9, down 19% year-on-year (YoY) and 4% month-on-month (MoM). Year-to-date (YTD) retail sales stood at 19.67 million units, a 7% increase from the same period last year.

The CPCA noted that last year’s early-year-end promotions pulled forward demand, creating a high comparison base that contributed to this year’s slower start. Average daily retail sales stood at 46,000 units, below the same period last year but still within a moderate growth range.

NEV demand remained resilient. Between November 1 and 9, NEV retail sales reached 265,000 units, down 5% YoY but up 16% from the previous period, bringing the NEV retail penetration rate to 64%. Cumulative NEV retail sales for the year reached 10.415 million units, up 21% from a year earlier.

On the wholesale side, automakers delivered 468,000 passenger vehicles from November 1 to 9, down 22% YoY but up 48% MoM. YTD wholesale deliveries totaled 24.24 million units, up 11%.

NEV wholesale volume during the same period reached 306,000 units, down 3% YoY but up 59% MoM, with a wholesale penetration rate of 65.4%. Cumulative NEV wholesale sales for the year rose 29% to 12.362 million units.

In terms of production rhythm, automakers’ daily wholesale output averaged 52,000 units during the first week of November, an 11% increase from a year earlier. Despite a slower retail pace, manufacturers showed stronger restocking intentions, leading to a sharp uptick in wholesale activity.

Overall, China’s passenger car market remained stable in early November. Retail sales declined YoY due to last year’s high base, but robust NEV penetration continued to support overall market performance.

With year-end demand releases and new cross-year purchase tax incentives introduced by automakers, analysts expect a short-term rebound in retail activity later this month.