China Oct NEV wholesale at record 1.4 million, CPCA estimates show

China's new energy vehicle (NEV) sales continued their strong growth last month, spurred on by government subsidies for car purchases.

Wholesale sales of passenger NEVs in China are estimated at 1.4 million units in Oct, up 58% year-on-year and up 14% from Sep, the China Passenger Car Association (CPCA) said in a report today.

In Sep, manufacturers with wholesale sales of more than 10,000 passenger NEVs contributed 92.7% of all wholesale NEV sales, CPCA said.

These carmakers have estimated sales of 1.3 million units in Oct, and based on last month's structure, China's Oct wholesale sales of passenger NEVs will be at 1.4 million units, the CPCA said.

This will be the 4th time that China's monthly NEV wholesale sales have exceeded 1 million units.

In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and fuel cell vehicles. Their exact numbers are expected to be announced later this month.

China's NEV market showed a strong sales trend in Oct, with such models contributing significantly to the increase in vehicle consumption, the CPCA said.

As of now, all provinces in China have introduced and implemented car trade-in subsidy policies and launched some other policies to promote auto consumption, bringing a new wave of growth momentum to the auto market, CPCA said.

Survey shows that NEVs account for more than 60% of consumers' new car purchases through trade-ins, with strong growth in entry-level pure EVs and plug-in hybrids, according to the CPCA.

Among major carmakers, BYD had wholesale sales of 500,526, Geely 108,722 and Tesla China 68,280 in Oct.