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China CPCA CPCA Estimates Electric eMobility eV EV Data Expectations Industry News Monthly Data

CPCA expects China NEV retail sales to rise 10.5% MoM to 580,000 in May

Passenger vehicle sales in China are expected to be around 1.73 million units in May, up 27.7 percent year-on-year and up 6.6 percent from April, the CPCA said.

CPCA expects China NEV retail sales to rise 10.5% MoM to 580,000 in May-CnEVPost

In May, retail sales of new energy vehicles (NEVs) in China are expected to be around 580,000 units, up 60.9 percent year-on-year and up 10.5 percent from April, according to estimates released today by the China Passenger Car Association (CPCA).

Survey shows that major automakers, which contribute about 80 percent of passenger car sales, are targeting retail sales growth of more than 5 percent in May compared to April and an improvement of more than 20 percent year-on-year, the CPCA said.

According to preliminary projections, Chinese passenger car sales in May were around 1.73 million units, up 27.7 percent year-on-year and up 6.6 percent from April, the CPCA said.

That means the penetration rate of NEVs at retail in May was about 33.5 percent.

CPCA expects China NEV retail sales to rise 10.5% MoM to 580,000 in May-CnEVPost

During the Labor Day holiday, many cities held auto shows, giving the auto market a high level of attention, the CPCA said. This year, China's Labor Day holiday ran from April 29 to May 3.

The incentives offered by car companies, coupled with local government policies to promote consumption, allowed the Chinese auto market to see a good start in May, with market sentiment and transactions significantly better than the same period in previous years, the CPCA said.

However, as some consumer demand was released at the beginning of the month, the market enthusiasm dropped back significantly as traffic and orders at sales stores turned light after the holidays, the CPCA noted.

Average daily retail sales for major vehicle companies in the first week of May were 53,600, up 46 percent from the previous week and up 67 percent year-on-year.

Average daily retail sales for the second week were 47,300, up 5 percent from the previous week and up 44 percent year-on-year.

Average daily retail sales in the third week are expected to be 53,000, and in weeks four and five the figure is expected to be 72,500, the CPCA said.

In mid-May, the overall discount rate in China's passenger car market was about 16.9 percent, largely unchanged from the previous month, with prices at sales outlets stabilizing, according to the CPCA.

CPCA weekly data: NEV retail sales for 1st 2 weeks of May at 217,000

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China CPCA CPCA Estimates Deliveries Electric eMobility eV EV Data Expectations Industry News Monthly Data

China’s NEV wholesale in April at about 600,000 units, CPCA estimates show

China's auto industry price war faded in April, easing consumer wait-and-see sentiment and releasing suppressed demand, the CPCA said.

China's wholesale sales of new energy passenger vehicles are expected to be 600,000 units in April, basically unchanged from March and up 114 percent year-on-year, the China Passenger Car Association (CPCA) said in a report today.

In March, the 11 manufacturers with more than 10,000 wholesale sales of new energy vehicles (NEVs) contributed 80.7 percent of all wholesale sales, the CPCA said.

These companies are expected to sell 482,000 units in April, and the normal structure would put China's wholesale sales of new energy passenger vehicles in April at around 600,000 units, the CPCA said.

In January-April, China's wholesale sales of new energy passenger vehicles are estimated at 2.1 million units, up 43 percent year-on-year, according to the report.

The CPCA said the overall auto market continued the trend seen in late March as the price war in China's auto industry receded in April, easing consumer wait-and-see sentiment and releasing previously suppressed demand.

Due to the low base of last year and the recent continued strength of China's new energy passenger vehicle exports, car companies in the core regions of the NEV industry chain, including Shanghai, performed well, the CPCA said.

Passenger vehicle sales in China are expected to be 23.5 million units in 2023, including 8.5 million NEVs, and NEV penetration is expected to reach 36 percent, the CPCA said, repeating its previous forecast.

China's new energy passenger vehicle sales were 6.5 million units in 2022, up 94 percent year-on-year, the CPCA noted.

Here are the CPCA's wholesale NEV sales for major car companies in April.

Tesla sells 75,842 China-made vehicles in Apr, CPCA data show

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China CPCA CPCA Estimates Electric eMobility eV EV Data Expectations Industry News Monthly Data

CPCA expects China Apr NEV retail sales to fall 8.4% from Mar to about 500,000 units

April passenger vehicle sales in China are expected to be around 1.57 million units, down 1.3 percent from March, the CPCA said.

CPCA expects China Apr NEV retail sales to fall 8.4% from Mar to about 500,000 units-CnEVPost

China's new energy vehicle (NEV) sales rose significantly this month from a year ago, though they were down from March.

In April, retail sales of NEVs in China are expected to be around 500,000 units, up 77 percent from a year earlier but down 8.4 percent from March, according to estimates released today by the China Passenger Car Association (CPCA).

Survey shows that car companies, which contribute about 80 percent of passenger car sales, are targeting slightly lower retail sales in April than in March, the CPCA said.

According to preliminary projections, China's passenger vehicle sales in April were about 1.57 million units, up 49.8 percent from a year earlier but down 1.3 percent from March, the CPCA said.

That means the penetration of NEVs at retail in April would be 31.8 percent.

Last April, China's auto industry suffered disruption due to the Covid lockdown in Shanghai, with 1.04 million units of all passenger vehicles sold that month, including just 280,000 NEVs.

In the first quarter of this year, China's NEV sales continued to recover, with 545,739 units sold in March, according to the CPCA's final figures released last week. This is slightly higher than the 543,000 units announced by the CPCA on April 11.

In April, the price war in China's auto industry gradually receded and consumers returned to rational consumption, easing the wait-and-see sentiment, the CPCA said in the report today.

The average daily retail sales of major automakers in the first three weeks were 31,500, 36,700 and 54,800, up 8 percent, 23 percent and 26 percent, respectively, from the same period in March, the CPCA said.

But in the fourth week, the average daily retail sales of car companies are expected to fall 14 percent from the fourth week of March, considering that automaker sales usually have an upward pulse at the end of the quarter, according to the CPCA.

With a large number of local government stimulus policies expiring at the end of March and fewer policy incentives in April, no strong stimulus policies are expected to provide support in the short term, the CPCA said.

China's Mar passenger NEV retail up 23.6% MoM to 543,000, CPCA data show

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China Electric eMobility eV Expectations Li Auto Li Xiang

Li Auto CEO predicts China NEV penetration to exceed 80% by Dec 2025

The years 2023-2025 for China's smart EV market will be like the last three years of World War II in history from 1943-1945, said Li Xiang.

China's Mar passenger NEV retail up 23.6% MoM to 543,000, CPCA data show-CnEVPost

Li Xiang, founder, chairman and CEO of Li Auto (NASDAQ: LI), predicted a month ago that China's new energy vehicle (NEV) penetration rate would reach 70 percent by the fourth quarter of 2025.

Now, perhaps fueled by optimism from the Shanghai auto show, he's making an even bolder prediction.

By December 2025, NEVs will account for more than 80 percent of all new vehicle sales in China, Li said in his WeChat status today, adding that the five permanent NEV brands will be born by then.

The years 2023-2025 for China's smart EV market will be like the last three years of World War II in history from 1943-1945, Li said.

Notably, this comes just a month after Li last made a bold prediction.

On March 25, Li said on Weibo that NEVs will contribute 70 percent of new car sales in China by the fourth quarter of 2025.

It's crossing the chasm theory that growth starts to accelerate when a new thing accounts for more than 30 percent, he said.

For the full year 2022, retail sales of new energy passenger vehicles in China were 5.67 million units, up 90 percent year-on-year, according to the China Passenger Car Association (CPCA).

Retail sales of all passenger vehicles in China in 2022 were 20.54 million units, up 1.9 percent year-on-year. This represents a 27.6 percent penetration rate of new energy passenger vehicles in China in 2022.

In March, retail sales of new energy passenger vehicles in China were 543,000 units, contributing 34.2 percent of all passenger vehicle sales of 1,587,000 units.

In the past few years, annual passenger car sales in China have remained at about 20 million units per year, or about 1.67 million units per month.

If Li's latest forecast turns out to be accurate, it would mean that by December 2025, China's monthly NEV sales will exceed 1.3 million units.

Li Auto is one of the most successful EV startups in China, currently offering three models -- Li L7, Li L8 and Li L9 -- all extended-range electric vehicles (EREVs).

The company delivered 20,823 vehicles in March, the second time since last December that it has exceeded 20,000 units.

Li Auto delivered 52,584 vehicles in the first quarter, up 65.8 percent year-on-year and up 13.53 percent from the fourth quarter of last year.

On April 18, Li Auto officially unveiled its all-electric solution based on the 800 V high-voltage platform, capable of giving a battery electric vehicle (BEV) a 400 km range on a 10-minute charge.

With the release of this solution, Li Auto will officially enter a phase of parallel development of its EREV and BEV product lines. By 2025, Li Auto's product array will include one super flagship model, five EREVs, and five BEVs, it said.

By that time, Li Auto's models for the market priced above RMB 200,000 will fully meet the needs of family users, the company said.

Li Auto could reach 40,000 monthly sales in 2023, exec hints

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China CPCA CPCA Estimates Deliveries Electric eMobility eV EV Data Expectations Industry News Monthly Data

China’s Mar passenger NEV wholesale sales up 20% MoM to 600,000, CPCA estimates show

In the first quarter, wholesale sales of new energy passenger vehicles in China are expected to be 1.48 million, up 25 percent year-on-year, the CPCA said.

China's March wholesale sales of new energy passenger vehicles (passenger NEVs) are expected to be 600,000 units, up 20 percent from February and up 30 percent year-on-year, the China Passenger Car Association (CPCA) said in a report today.

In February, the 10 manufacturers that sold more than 10,000 NEVs at wholesale contributed 83 percent of all wholesale sales, the CPCA said.

These companies are expected to sell 477,000 units in March, and the normal structure would put China's March wholesale sales of passenger NEVs above 570,000 units, the CPCA said.

Considering that some small and medium-sized companies' NEV sales improved significantly from February, the passenger car market in March could be optimistic, the CPCA said.

In the first quarter, wholesale sales of passenger NEVs in China are expected to be 1.48 million, up 25 percent year-on-year, the CPCA said.

China's passenger NEV sales fell sharply in January, as subsidies for the purchase of NEVs were withdrawn, as well as under the influence of the Chinese New Year holiday. The market gradually rebounded in February.

In March, China's passenger NEV market maintained a rebound despite disruptions from gasoline vehicle promotions, the CPCA said.

With recent lithium carbonate price reductions evident, some manufacturers actively allowed production and sales to slow down in the first quarter to reduce costs, the CPCA noted.

At one point in late November last year, battery-grade lithium carbonate was quoted at RMB 590,000 ($85,790) per ton in China, about 14 times the average RMB 41,000 per ton price in June 2020.

Since then, lithium carbonate offers have continued to move downward, without seeing a single day of gains this year.

Battery-grade lithium carbonate prices in China today fell RMB 8,500 per ton, or 3.66 percent, to RMB 224,000 per ton, according to Mysteel data monitored by CnEVPost.

Industrial-grade lithium carbonate fell RMB 6,000 per ton, or 3.08 percent, to RMB 189,000 per ton today.

($1 = RMB 6.8774)

Tesla sells 88,869 China-made vehicles in Mar, CPCA data show

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BYD China Earnings Call Electric eMobility eV Expectations Wang Chuanfu

BYD expects its Q1 NEV sales to grow over 80% YoY, aims to be largest automaker in China by year-end

Based on January-February retail sales, is already the largest automaker in China with an 11.8 percent share.  |  BYDDY.US | BYD HK

BYD's new energy vehicle (NEV) sales are expected to maintain strong growth in the first quarter, despite the overall weak performance of China's passenger vehicle market.

In January and February, year-on-year growth in Chinese vehicle demand was slightly weaker, but BYD still maintained strong growth, the company's chairman and president, Wang Chuanfu, said at a conference today.

BYD's sales in January and February were much higher than a year ago, and in a few days, March figures will be released, and first-quarter sales are still expected to grow by more than 80 percent from a year ago, Wang said.

BYD yesterday announced its full-year 2022 and four-quarter results, showing a more than 10-fold year-on-year increase in net profit in the fourth quarter. The company held an investor meeting today that was not public, but the main points are being covered by local media.

BYD sold 151,341 and 193,655 NEVs in January and February, respectively, for a two-month total of 344,996 vehicles, up 90 percent year-on-year, according to data monitored by CnEVPost.

The company sold 286,329 vehicles in the first quarter of last year, and the more than 80 percent increase would mean sales of more than 515,400 vehicles in the first quarter, or more than 170,000 vehicles in March.

Wang also mentioned that BYD aims to be the largest automaker in China by the end of this year.

It is worth noting that BYD is already the largest automaker in China based on January-February sales.

BYD's retail sales of 316,417 units in January-February were the highest of all car companies in China, with an 11.8 percent share, according to a list published earlier this month by the China Passenger Car Association (CPCA).

FAW-Volkswagen was second with 221,946 retail sales in January-February, with an 8.3 percent share, and Changan Automobile was third with 209,825 units, or 7.8 percent share.

Wang, referring to the recent price war in China's auto industry, said today that the reason behind this is that supply is outstripping demand and some car companies will be phased out while others will gain greater market share.

China's home appliance and mobile phone industries have been through this, and the NEV industry will be no exception, he said.

If the supply in the auto industry is still greater than the demand, the price war will continue, he said.

The price war has had a certain psychological impact on consumers, but these effects are expected to be reduced by the end of April and market confidence will gradually return as several local auto shows take place in May, according to Wang.

He also mentioned that BYD has no plans to enter the US passenger car market for the time being.

BYD's Q4 net profit up over 10 times year-on-year to $1.06 billion

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China CPCA CPCA Estimates Electric eMobility eV EV Data Expectations Industry News Monthly Data

CPCA expects China’s Mar NEV retail sales to rise 27.5% from Feb to 560,000 units

The overall market is recovering at a slower pace than previously expected due to increased consumer wait-and-see sentiment caused by big price cuts, the CPCA said.

The China Passenger Car Association (CPCA) expects China's new energy vehicle (NEV) sales to continue to recover this month from last month, although growth in the overall passenger car market remains slow.

Retail sales of passenger vehicles in China are expected to be 1.59 million units in March, flat from a year ago and up 14.5 percent from February, the CPCA said in a report late last night.

Among them, retail sales of NEVs are expected to be 560,000 units, up 25.8 percent from a year ago and up 27.5 percent from February, with a penetration rate of 35.2 percent, according to the report.

In mid-March, the overall market discount rate for passenger cars in China was about 14.4 percent, up from 13.9 percent at the end of February, indicating intense price competition in sales channels, the report said.

The Chinese car market performed poorly in January-February amid multiple unfavorable factors, and demand began to be released in March, the CPCA said.

However, the overall market recovered at a slower pace than previously expected due to increased consumer wait-and-see sentiment caused by car companies' price-cut marketing, the report said.

Large discounts offered by car companies in Hubei province in early March attracted a lot of consumer attention, but at the same time led to a wait-and-see mood among consumers in other provinces and cities, the CPCA said.

Other local governments have since introduced subsidy policies and car brands have followed suit with promotions, which have boosted store traffic but limited actual order conversion, the CPCA said.

Consumer wait-and-see sentiment further increased, negatively impacting the auto market, the report said.

Average daily retail sales for major Chinese automakers in the first and second weeks of March were 31,500 and 36,700, down 16 percent and 18 percent year-on-year, respectively, according to the report.

Average daily retail sales in the third week are expected to be 40,800, up 10 percent year-on-year, mainly due to a low base from last year as a result of the Covid outbreak in the same period last year.

Considering the upward pulse of car sales at the end of the quarter and promotional policies in some regions, the auto market is expected to maintain its rebound in the fourth and fifth weeks, the CPCA said.

The CPCA usually releases estimates of passenger vehicle sales at the end of the month, with preliminary data released early the following month, followed by final data.

It estimated February NEV retail sales in China at around 400,000 units on February 22, released a preliminary figure of 438,000 units on March 7, and released a final figure of 439,000 units on March 8.

CAAM calls for return to normal order in China's auto industry as price war disrupts sector

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China CPCA CPCA Estimates Electric eMobility eV EV Data Expectations Industry News Monthly Data

CPCA expects Feb NEV sales in China to grow 20% from Jan

Retail sales of new energy passenger vehicles in China are expected to be around 400,000 units in February, with a penetration rate of 29.6 percent, according to preliminary estimates by the CPCA.

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