China's retail penetration of NEVs was 38.9 percent in the October 1-22 period.

(Image credit: CnEVPost)

China's passenger new energy vehicle (NEV) retail sales were 472,000 units from October 1 to October 22, up 42 percent year-on-year and up 4 percent from the same period last month, data released today by the China Passenger Car Association (CPCA) showed.

So far this year, retail sales of passenger NEVs in China amounted to 5.659 million units, up 34 percent year-on-year.

From October 1 to October 22, China's wholesale sales of passenger NEVs were 515,000 units, up 8 percent year-on-year, but down 2 percent from the same period in September, according to the CPCA.

So far this year, China's passenger NEV wholesale sales stood at 6.422 million units, up 33 percent from a year earlier.

From October 1 to October 22, China's retail sales of all passenger vehicles were 1.213 million units, up 19 percent compared with the same period last year and up 8 percent from the same period last month, the CPCA said.

So far this year, retail sales of passenger cars in China were up 3 percent to 16.446 million units.

That means that between October 1 and October 22, China's penetration of NEVs at retail was 38.9 percent, and 34.4 percent so far this year.

In the first week of October -- October 1 to October 6 -- China's average daily retail sales of passenger cars were 52,186 units, up 68 percent from a year earlier and up 19 percent from the same period last month, according to the CPCA.

In the second week of October -- October 7 to October 15 -- average daily retail sales of passenger cars in China were 53,642 units, up 5 percent from a year ago and up 11 percent from the same period last month.

The second week's figure was a slight downward revision from the 53,648 units reported by the CPCA last week.

In the third week of October -- October 16 to October 22 -- China's average daily passenger car retail sales were 59,600 units, up 11 percent from a year ago but down 2 percent from a month ago.

The fourth quarter is a critical period for carmakers to fulfill their full-year targets, and promotions are expected to continue, the CPCA said.

October is traditionally the peak season, but consumption momentum in the second half of the month was not as strong as in the second half of September, while overall performance is expected to continue the trend of September, the CPCA said.

China EV insurance registrations for week ending Oct 22: Li Auto 9,000, Tesla 8,100, Nio 4,400