In the first two weeks of July, China's NEV penetration at retail stood at 38.9 percent, with year-to-date penetration at 32.8 percent.
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In the first two weeks of July, China's NEV penetration at retail stood at 38.9 percent, with year-to-date penetration at 32.8 percent.
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In the first week of July, China's NEV penetration at retail stood at 36.5 percent, with year-to-date penetration at 32.55 percent.
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Chinese automakers have now crossed the inflection point for global influence, with local brands expected to hold 65 percent of the market share in China by 2030, AlixPartners said.
China, the world's largest auto market, has been dominated by foreign brands for many years, but that is about to change with the rapid growth of local brands in the past few years.
This year, China will become the world's largest auto exporter, and for the first time, local brands are expected to overtake overseas brands in market share, AlixPartners, a New York-based consulting firm, said in a report yesterday.
Chinese automakers have now crossed the inflection point for global influence, with local brands expected to hold 65 percent of the market in China by 2030, said Stephen Dyer, co-head of AlixPartners Greater China.
In the first half of 2020, local brands' monthly share of the Chinese auto market was at slightly more than 30 percent, with German and Japanese brands then at around 30 percent and 25 percent, respectively, according to the China Passenger Car Association (CPCA).
In October 2022, the share of local brands in the Chinese auto market reached 51.53 percent, the first time in history that the monthly share exceeded 50 percent, according to data monitored by CnEVPost.
While local brands are on the rise, foreign brands are gradually declining. In October last year, the share of German brands fell to 19.25 percent and Japanese brands fell to 18.94 percent.
In the first five months of this year, the share of local brands has remained at around 50 percent, including 50.24 percent in May, according to the CPCA.
Chinese automakers are poised to become a dominant force in the global auto industry in the coming years, thanks to government support for new energy vehicle (NEV) companies, automakers' focus on vehicle styling and customer orientation, and the accelerating pace of NEV launches, according to AlixPartners.
The business models evolved by Chinese automakers are also likely to be successful in Europe and the US, and Chinese automakers will become a dominant force in the global auto industry in the coming years, the report said.
However, industry disruption from Chinese manufacturers won't necessarily make quick waves in overseas markets as traditional car companies around the world are focused on dealing with the impact of innovation from Tesla, the report also noted.
The success of Chinese NEV brands provides a reference for global automakers, AlixPartners said, adding that local brands are better able to meet the needs of a new generation of tech-savvy consumers while maintaining a strong value for money and offering a better digital marketing experience than joint venture brands.
Models that are popular with Chinese consumers are also increasingly likely to be popular with global consumers, and multinational automakers must be prepared to fundamentally change their working models as Chinese-style competition eventually comes to their home markets as well, the report said.
AlixPartners expects auto sales in China to grow 3 percent in 2023 and then maintain a slow but steady pace to reach a level of 50 million units around 2050.
Retail sales of passenger cars in China were 20.54 million units in 2022, up 1.9 percent year-on-year, with NEVs contributing 5.67 million units, or 27.6 percent, according to the CPCA.
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Retail penetration of NEVs in China was 36.92 percent from June 1 to June 25, and 32.50 percent year-to-date.
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From June 1 to June 25, retail sales of passenger new energy vehicles (NEVs) in China were 500,000 units, up 13 percent year-on-year and up 15 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).
So far this year, retail sales of passenger NEVs in China were 2.92 million units, up 35 percent year-on-year.
From June 1 to June 25, wholesale sales of passenger NEVs in China were 534,000 units, up 14 percent year-on-year and up 14 percent from the same period last month, according to the CPCA.
Wholesale sales of passenger NEVs so far this year were 3,317,000 units, up 40 percent year-on-year.
Between June 1 and June 25, retail sales of all passenger vehicles in China were 1.35 million units, down 1 percent year-on-year while up 9 percent from the same period last month, the CPCA said.
So far this year, cumulative retail sales of passenger cars in China were up 3 percent to 8.986 million units.
This means that from June 1 to June 25, the penetration of NEVs at retail in China was 36.92 percent, and 32.50 percent year-to-date.
In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.
In the second week of June -- June 5 to 11 -- average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.
In the third week of June -- June 12 to 18 -- average daily retail sales of passenger cars were 58,000 units, down 2 percent year-on-year, but up 21 percent compared to the same period in May.
In the fourth week of June -- June 19-25 -- average daily retail sales of passenger cars were 75,000 units, up 9 percent year-on-year and up 53 percent compared to the same period in May.
China began halving purchase taxes on mainstream internal combustion engine vehicles last June, causing sales to shift toward the beginning of the month, the CPCA said. The policy was not renewed when it expired at the end of last year.
By comparison, June is a normal sales month this year, so a dip at the beginning of the month is normal, the CPCA said.
Notably, China saw campaigns to promote auto consumption during this month, which, combined with dealers facing semi-annual performance reviews, is helping support June auto sales, according to the CPCA.
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So far this year, China's retail sales of passenger NEVs were 2,741,000 units, up 35 percent year-on-year.
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From June 1 to June 18, retail sales of passenger new energy vehicles (NEVs) in China were 320,000 units, up 1 percent year-on-year and up 5 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).
So far this year, China's retail sales of passenger NEVs were 2.74 million units, up 35 percent year-on-year.
From June 1 to June 18, wholesale sales of passenger NEVs in China were 308,000 units, down 8 percent year-on-year and up 7 percent from the same period last month, according to the CPCA.
So far this year, wholesale sales of passenger NEVs were 3.09 million units, up 38 percent year-on-year.
Between June 1 and June 18, retail sales of all passenger vehicles in China were 828,000 units, down 6 percent year-on-year and down 8 percent from the same period last month, the CPCA said.
So far this year, cumulative retail sales of passenger cars in China were up 3 percent year-on-year to 8.46 million units.
This means that from June 1 to June 18, the penetration of NEVs at retail in China was 38.6 percent, and 32.39 percent so far this year.
In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.
In the second week -- June 5 to 11 -- average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.
In the third week -- June 12 to 18 -- average daily retail sales of passenger cars were 58,000 units, down 2 percent year-on-year and up 21 percent compared to the same period in May.
China began halving purchase taxes on mainstream internal combustion engine vehicles last June, causing sales to shift toward the beginning of the month, the CPCA said. The policy was not renewed when it expired at the end of last year.
By comparison, this June is a normal sales month, so a dip at the beginning of the month is normal, the CPCA said, adding that auto sales are expected to decline year-on-year for the entire month of June.
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From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month.
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The Chinese passenger car market was weak in the first two weeks of June, while the new energy vehicle (NEV) market performed slightly better.
From June 1 to June 11, retail sales of passenger NEVs in China were 160,000 units, up 18 percent year-on-year but down 4 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).
So far this year, China's retail sales of passenger NEVs were 2,581,000 units, up 39 percent year-on-year.
From June 1 to June 11, wholesale sales of passenger NEVs in China were 144,000 units, up 18 percent year-on-year and up 3 percent from the same period last month, according to the CPCA.
Wholesale sales of passenger NEVs so far this year were 2,927,000 units, up 45 percent year-on-year.
From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month, the CPCA said.
So far this year, cumulative retail sales of passenger cars in China were up 3 percent year-on-year to 8.057 million units.
This means that from June 1 to June 11, the penetration of NEVs at retail in China was 37.6 percent, and 32.03 percent so far this year.
In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.
In the second week of June -- June 5 to 11- - average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.
The decline in sales in early June was mainly due to a high base from last year brought about by stimulus policies.
On May 31, 2022, China announced a 50 percent reduction in vehicle purchase tax for passenger vehicles of 2.0 liter and below displacement with a purchase date between June 1, 2022 and December 31, 2022 and with a vehicle price not exceeding RMB 300,000 ($ 41,900).
Before the policy took effect, China's purchase tax rate for internal combustion engine (ICE) vehicles was 10 percent, while the purchase of NEVs was exempt from purchase tax.
The stimulus policy left car sales high at the beginning of June last year, while the same period this year was a normal sales time, so a decline in sales is natural, the CPCA said today.
The CPCA did not release sales figures for specific car companies, but Li Auto shared some numbers yesterday.
Li Auto sold 11,900 units from June 1 to June 11, figures shared yesterday by the extended-range electric vehicle (EREV) showed. The company did not specify, though the figures are based on vehicle insurance registrations.
Tesla (NASDAQ: TSLA) sold 26,000 units in China from June 1-11, while NIO (NYSE: NIO) had 2,800 and XPeng (NYSE: XPEV) had 2,200, according to Li Auto.
($1 = RMB 7.1573)
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From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month.
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The Chinese passenger car market was weak in the first two weeks of June, while the new energy vehicle (NEV) market performed slightly better.
From June 1 to June 11, retail sales of passenger NEVs in China were 160,000 units, up 18 percent year-on-year but down 4 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).
So far this year, China's retail sales of passenger NEVs were 2,581,000 units, up 39 percent year-on-year.
From June 1 to June 11, wholesale sales of passenger NEVs in China were 144,000 units, up 18 percent year-on-year and up 3 percent from the same period last month, according to the CPCA.
Wholesale sales of passenger NEVs so far this year were 2,927,000 units, up 45 percent year-on-year.
From June 1 to June 11, retail sales of all passenger vehicles in China were 425,000 units, down 10 percent year-on-year and down 25 percent from the same period last month, the CPCA said.
So far this year, cumulative retail sales of passenger cars in China were up 3 percent year-on-year to 8.057 million units.
This means that from June 1 to June 11, the penetration of NEVs at retail in China was 37.6 percent, and 32.03 percent so far this year.
In the first week of June -- June 1-4 -- the average daily retail sales of passenger cars in China were 31,000 units, down 9 percent from a year ago and 42 percent lower than the same period last month.
In the second week of June -- June 5 to 11- - average daily retail sales of passenger cars were 43,000 units, down 10 percent year-on-year and down 14 percent compared to the same period in May.
The decline in sales in early June was mainly due to a high base from last year brought about by stimulus policies.
On May 31, 2022, China announced a 50 percent reduction in vehicle purchase tax for passenger vehicles of 2.0 liter and below displacement with a purchase date between June 1, 2022 and December 31, 2022 and with a vehicle price not exceeding RMB 300,000 ($ 41,900).
Before the policy took effect, China's purchase tax rate for internal combustion engine (ICE) vehicles was 10 percent, while the purchase of NEVs was exempt from purchase tax.
The stimulus policy left car sales high at the beginning of June last year, while the same period this year was a normal sales time, so a decline in sales is natural, the CPCA said today.
The CPCA did not release sales figures for specific car companies, but Li Auto shared some numbers yesterday.
Li Auto sold 11,900 units from June 1 to June 11, figures shared yesterday by the extended-range electric vehicle (EREV) showed. The company did not specify, though the figures are based on vehicle insurance registrations.
Tesla (NASDAQ: TSLA) sold 26,000 units in China from June 1-11, while NIO (NYSE: NIO) had 2,800 and XPeng (NYSE: XPEV) had 2,200, according to Li Auto.
($1 = RMB 7.1573)
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The moves include holding auto festivals in 100 cities and promoting consumption of NEVs in rural areas.
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China has launched a nationwide promotion covering the rest of the year to boost auto consumption, which is critical to economic growth.
The Ministry of Commerce (MOC) announced specific arrangements in a notice issued today on a campaign to promote auto consumption, including holding auto festivals in 100 cities and promoting new energy vehicle (NEV) consumption in rural areas.
The MOC will promote local governments and enterprises to introduce initiatives to support auto consumption, use local financial resources, and encourage financial institutions to introduce auto credit financial support measures, according to the notice.
The MOC will organize the launch of the NEV consumption season campaign in the near future and guide various NEV consumption promotion activities in rural areas.
Car companies are encouraged to launch practical models suitable for rural areas, and the MOC will coordinate and promote the improvement of charging infrastructure systems in rural areas.
The China Association of Automobile Manufacturers (CAAM) was asked to organize auto companies to participate in these activities and to introduce preferential initiatives for car purchases, according to the notice.
At the same time, the notice stressed that local government departments should do their part in reviewing fair competition for support policies, including subsidies, that are planned to be introduced to ensure they are universally applicable to all enterprises.
The campaign will run from June to December, according to the notice.
The move comes at a time of weak growth in Chinese auto sales, with the sector facing challenges after state subsidies expired at the end of last year.
China's retail sales of passenger cars rose 28.6 percent to 1.74 million units in May, up 7.3 percent from April, according to data released earlier today by the China Passenger Car Association (CPCA).
From January to May, China's passenger car retail sales were 7.63 million units, up 4.39 percent year-on-year.
NEVs fared slightly better, but at a significantly lower rate than last year.
Retail sales of new energy passenger vehicles in China were 580,000 units in May, up 60.9 percent year-on-year and up 10.5 percent from April, according to the CPCA.
From January to May, retail sales of passenger NEVs in China were 2.42 million units, up 41 percent year-on-year. For comparison, last year's January-May passenger NEV retail sales grew 117.21 percent year-on-year.
China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show
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In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, according to the CPCA.
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In the first four weeks of May, from May 1 to May 28, retail sales of passenger new energy vehicles (NEVs) in China were 483,000 units, up 82 percent year-on-year and flat compared with the same period last month, according to data released yesterday by the China Passenger Car Association (CPCA).
So far this year, China's retail sales of passenger NEVs were 2.236 million units, up 43 percent year-on-year.
Wholesale sales of passenger NEVs in China from May 1 to 28 were 550,000 units, up 81 percent year-on-year and up 1 percent from the same period in April, according to the CPCA.
So far this year, wholesale sales of passenger NEVs in China were 2.658 million units, up 49 percent year-on-year.
In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, the CPCA said.
So far this year, cumulative retail sales of passenger cars in China were up 2 percent to 7.287 million units.
This means that the penetration of NEVs at retail in China was 34.7 percent in the first four weeks of May and 31.9 percent so far this year.
In the first week of May, May 1-7, the average daily retail sales of passenger cars in China were 54,000 units, up 67 percent from the same period last May and up 46 percent from the same period in April.
In the second week of May, from May 8 to 14, the average daily retail sales of passenger cars in China were 48,000 units, up 44 percent over the same period last May and up 6 percent over the same period in April.
In the third week of May, from May 15-21, the average daily retail sales of passenger cars in China were 48,000 units, up 15 percent from the same period last May but down 12 percent compared with the same period last month.
The average daily retail sales of passenger cars in China for the fourth week of May were 50,000 units, down 17 percent year-on-year and down 33 percent from the same period last month.
The last three days of April were the Labor Day holiday, while the last three days of May are normal sales time, so the month-end increase is still worth looking forward to, the CPCA said.
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