In the fourth quarter, Chinese automotive consumer demand remained stable, but uncertainty remained on the supply side, the CAAM said.

(Graphic by CnEVPost)

China's new energy vehicle (NEV) sales reached a record 383,000 units in October, up 134.9 percent year-on-year and 7.2 percent from September, according to data released today by the China Association of Automobile Manufacturers (CAAM).

New energy passenger vehicle sales in October were 366,000 units, up 142.2 percent year-on-year. Among them, pure electric vehicle sales were 298,000 units, up 139.4 percent year-on-year, and plug-in hybrid sales were 67,000 units, up 155.5 percent year-on-year.

From January to October, China's NEV sales were 2.542 million units, up 176.6 percent year-on-year.

New energy passenger vehicle sales from January to October were 2.413 million units, up 189 percent year-on-year. Among them, pure electric vehicle sales were 1.979 million units, up 201 percent year-on-year, and plug-in hybrid vehicle sales were 434,000 units, up 144.5 percent year-on-year.

China's NEV production in October was 397,000 units, up 133.2 percent year-on-year and up 12.4 percent from September. From January to October, China's NEV production was 2.566 million units, up 175.3 percent year-on-year.

China's exports of NEVs were 60,000 units in October, up 712.8 percent year-on-year and 179 percent from September.

Sales of all vehicles in China were 2.333 million units in October, down 9.4 percent year-on-year and up 12.8 percent from September. 20.970 million units of all vehicles were sold in China from January to October, up 6.4 percent year-on-year.

In the fourth quarter, Chinese automotive consumer demand remained stable, but uncertainty remained on the supply side, the CAAM said.

A gradual easing of chip supply in the fourth quarter will drive production and sales to keep growing, but overall demand still outstrips supply, the CAAM said.

Power shortages in some locations and the Covid-19 outbreaks have increased the risk of potential supply disruptions in the auto industry, the CAAM said, adding that rising electricity costs and continued high raw material prices have increased cost pressures on car companies.

Full-year auto production and sales this year will be slightly higher than last year, but lower than expected, the CAAM said.

China's wholesale sales of passenger NEVs in Oct were 368,000 units, CPCA data show