CPCA: February Retail Sales of New Energy Vehicles Increased by 180.5% YoY

On Tuesday, the China Passenger Car Association (CPCA) released its data for the domestic automobile market in February. There were 1.246 million passenger cars sold through retail channels, showing an increase of 4.2% year-on-year.

Throughout February, there were 5 enterprises with wholesale volumes exceeding 10,000 units among domestic manufacturers, with an increase of 2 enterprises compared with the same period last year. SAIC-GM-Wuling sold 26,046 units, Geely sold 14,285 units and Chery sold 10,271 units.

In February, according to the statistics of the CPCA, 133,000 passenger cars were exported, an increase of 69% year-on-year. Accounting for 34% of the total exports, 45,300 new energy vehicles were exported. Tesla China exported 33,315 units, SAIC exported 4,325 units, while BYD and Geely exported 804 and 588 units respectively.

As for the new energy vehicles, affected by the recent increase in prices, the quantity of orders decreased in late January, but it picked up again in February. In February 2022, there were 272,000 new energy passenger cars sold through retail orders, an increase of 180.5% year-on-year. Among them, Tesla and BYD sold 56,515 vehicles and 87,473 vehicles respectively.

China has implemented policy support to encourage the uptake of new energy vehicles. The “Report on the Work of the Government” was delivered on March 5 this year, with special emphasis on the development of new energy vehicles. However, the “2021 Report on the Work of the Government” didn’t emphasize new energy vehicles, but mainly emphasized the reform of the whole process of managing used automobile circulation.

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However, there will be more uncertain pressures in the development of new energy vehicles in 2022, especially the shortage of resources such as Lithium Ores. According to the data of CPCA, the domestic new energy vehicles have reached the scale of 3.31 million in 2021, and the penetration rate has reached 15.7%.