NEV Retail Sales to Rebound 20% MoM in February after Disappointing Sales in January

On February 21, the China Passenger Car Association (CPCA) estimated that the retail sales of passenger vehicles in the narrow sense in February will be 1.35 million units, a year-on-year increase of 7.2% and a month-on-month increase of 4.3%; among them, the retail sales of new energy vehicles will be 400,000 units, a year-on-year increase of 46.6% and a month-on-month increase of 20.3%, bringing its penetration rate to 29.6%.

People’s work and life gradually went back to normal after the Chinese New Year. The auto market saw mild recovery in the first half this month, and sales should pick up further in the second half of the month, driven by local subsidies and price cuts.