In January, China sold 445,000 BEVs, 46.06 percent lower than in December, and 284,000 PHEVs, 21.98 percent lower than in December.

China's new energy vehicle (NEV) sales were significantly lower in January than in December due to seasonal factors, with battery electric vehicles (BEVs) performing worse than plug-in hybrid electric vehicles (PHEVs).

China sold 729,000 NEVs in January, up 78.68 percent year-on-year but down 38.79 percent from December, according to data released today by the China Association of Automobile Manufacturers (CAAM).

CAAM's NEV sales are the wholesale sales of automakers, including sales in China and exports to overseas markets. NEVs include BEVs, PHEVs, and fuel-cell vehicles.

The end of each year is usually a high point for vehicle sales in China, while January and February are usually low points, especially during the month of the Chinese New Year.

NEV sales in January jumped on a year-on-year basis, mainly because of a low base in the same month last year due to last year's Chinese New Year holiday, which fell on January 21-27, 2023. The Chinese New Year holiday in 2024 is from February 10 to February 17.

BEV sales in January were 445,000 units, up 55.05 percent year-on-year but 46.06 percent lower than in December.

Fuel cell vehicle sales in January were 400 units, up 133.3 percent year-on-year.

China's all vehicle sales in January were 2,439,000 units, up 47.91 percent year-on-year but 22.72 percent lower than in December.

This means that NEV penetration was 29.9 percent in January, down from 37.7 percent in December and the first time since April 2023 that it fell below 30 percent.

Excluding exports, China sold 629,000 NEVs in the domestic market in January, up 93.54 percent year-on-year but down 41.76 percent from December.

In January, 443,000 vehicles were exported from China, up 47 percent year-on-year but 11.22 percent lower than in December.

Of these, NEV exports were 101,000 units, up 21.69 percent year-on-year, but 9.01 percent lower than in December.

China exported 82,000 units of BEVs in January, up 5 percent year-on-year but down 17.4 percent from December.

A total of 18,000 units of PHEVs were exported in January, up 310 percent year-on-year and up 52.2 percent from December.

China EV insurance registrations for week ending Feb 4: Nio 3,100, Xpeng 2,700, Li Auto 7,200, Tesla 10,600