China's auto market is expected to continue to show seasonality at the start of the year, with overall passenger car retail sales expected to be around 1.75 million units, down 33.6 percent from the previous month.
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Retail and wholesale sales of passenger NEVs in China fell sharply in the January 1-12 period compared to the same period last month.
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Tesla sold 657,102 retail units in China in 2024, ranking third in the Chinese NEV market with a 6.0 percent share, according to the CPCA.
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China's retail penetration of NEVs stood at 49.4 percent in December, marking the fourth consecutive month of decline and the first time since June that the penetration rate has fallen below 50 percent.
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China's NEV retail penetration was 52.6 percent in December and 47.97 percent in 2024, according to preliminary CPCA data.
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China's auto market saw 227 models with price cuts in 2024, more than 148 in 2023 and significantly higher than 95 in 2022, according to CPCA secretary-general.
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This is the fifth consecutive month that China's monthly NEV wholesale sales have exceeded 1 million units.
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Cumulative retail sales of passenger NEVs in China so far this year totaled 10.41 million units, up 43 percent from a year earlier.
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The CPCA expects China's retail sales of NEVs to reach 1.4 million units in December, the fifth consecutive month above 1 million units.
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Retail sales of all passenger vehicles in China totaled 1,083,000 units in the December 1-15 period, up 14 percent from the same period last month.
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