China Passenger Car Association’s latest prediction The penetration rate of new energy vehicles is expected to reach 36% this year

China Passenger Car Association predicts new energy vehicle penetration rate to reach 36% this year

【Phoneauto News】According to the latest wholesale sales statistics from the China Association of Automobile Manufacturers (CAAM), it is estimated that the wholesale sales of new energy passenger vehicles by manufacturers will reach 830,000 units in September, a year-on-year increase of 23% and a month-on-month increase of 4%. From January to September this year, the cumulative wholesale sales have reached 5.92 million units, a year-on-year increase of 36%. CAAM also predicts that by 2023, China’s sales of new energy passenger vehicles will reach 8.5 million units, with a narrow definition of passenger vehicle sales reaching 23.5 million units, and the annual penetration rate of new energy vehicles is expected to reach 36%.

Although the end of September this year will coincide with the Mid-Autumn Festival and National Day, resulting in the sales time of passenger vehicle manufacturers being a few days earlier than last year, the market growth rate in September this year has slowed slightly due to the high base effect of September last year. Starting from the first half of 2023, the new energy vehicle market has shown a monthly increase trend. Despite the passenger vehicle market being in the off-season since July, with the launch of a large number of competitive new products and increasing promotional efforts, the purchasing enthusiasm of consumers has continued to rise in August and September. Currently, the overseas market environment for China’s automobile exports remains favorable, and the export of new energy passenger vehicles from China continues to grow, forming a trend of simultaneous growth in the domestic and foreign new energy markets. In addition, the market advantage of leading new energy companies continues to expand. According to CAAM data, in August 2023, 15 manufacturers in the national passenger vehicle market had sales of over 10,000 units of new energy vehicles, accounting for 87.3% of the total wholesale sales of new energy passenger vehicles for the month. The estimated sales volume for these companies in September is 720,000 units, and based on the normal distribution ratio, the national sales volume of new energy passenger vehicles in September will reach 830,000 units.

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