China’s new energy vehicle sales slumped in November by 41.7% Y-o-Y

China’s new energy vehicle (NEV) sales in November fell year-on-year by 41.7 per cent to 79,000 units, as reported by the China Passenger Car Association (CPCA) on Monday, December 9. This marks the fifth consecutive month of decline in new energy vehicle sales since the sharp cut on NEV subsidies went into effect in late June.

However, on monthly basis, the sales of new energy vehicles increased from 66,000 units in October, which in September was even lower by 1 per cent from the succeeding year.

During January-November, China’s NEV sales amounted to 923,000 units, up 7.7 per cent from the same period last year.

China’s retail sales of passenger vehicles also declined for the fifth straight month in November by about 4.1 per cent from a year earlier to 1.94 million units, according to the latest data from the China Passenger Car Association (CPCA).

Beijing sets the 2025 NEV sales target at around a quarter of all car sales in that year, up by more than 20 per cent from target laid out in the last roadmap.

According to SMM data, 6.3 GWh of power batteries were installed into vehicles in November, up 54.1% month on month but down 24.7% year on year.