Retail Sales Of New Energy Vehicles in China Increased By 28.6% Year-on-year in June
Jul 09, 2024| Retail sales of new energy vehicles in China increased by 28.6% year-on-year in June
The Passenger Car Market Information Joint Branch of the China Association of Automobile Manufacturers (hereinafter referred to as the "Passenger Car Association") released a national analysis of the passenger car market on the 8th, showing that in June, the production of new energy passenger cars in China reached 933000 units, a year-on-year increase of 26.6% and a month on month increase of 5.8%; The retail sales of new energy vehicles in China reached 856000 units, a year-on-year increase of 28.6% and a month on month increase of 6.4%.
In June, China exported 80000 new energy vehicles, a year-on-year increase of 12.3% and a month on month decrease of 15.2%. In addition, the domestic retail penetration rate of new energy vehicles in China was 48.4% that month, an increase of 13.5 percentage points from the same period last year's 34.9% penetration rate.
Statistics also show that in June, the retail sales of China's passenger car market reached 1.767 million units, a year-on-year decrease of 6.7% and a month on month increase of 3.2%; Since the beginning of this year, the cumulative retail sales have reached 9.841 million vehicles, a year-on-year increase of 3.3%. Referring to the progress of completing 43% of the total sales in the first half of 2023, it is expected to exceed 22 million vehicles for the whole year.
According to the analysis of the China Association of Automobile Manufacturers, with the gradual effectiveness of the national "trade in" policy, the introduction and follow-up of corresponding policy measures in various regions, and the promotion of new products in Beijing to boost consumption, coupled with the temporary cooling of the price war for new products in the car market, the "618" promotion has driven the end of the six-month sprint, and the enthusiasm of the early market observation group for consumption has been stimulated. In June, the national passenger car market maintained a relatively good development stage.
Looking ahead to the national passenger car market in July, the China Passenger Car Association pointed out that the sustained and significant promotions in the first half of the year have disrupted the normal price trend of the car market, and the recovery of terminal prices will take some time to adapt. In addition, the strong promotion efforts in the second quarter may have an overdraft effect on car buyers in the second half of the year, and the effect of exchanging price for quantity in July may be weakened. Based on the results of the first half of the year, car companies will also optimize and adjust market expectations, product structure, and listing pace, which may enter a period of energy accumulation.