China's NEV sales declined significantly in the first three weeks of February, mainly due to the Chinese New Year holiday.

(Image credit: CnEVPost)

China's new energy vehicle (NEV) sales declined significantly in the first three weeks of February, mainly due to the Chinese New Year holiday.

Retail sales of passenger NEVs in China were 165,000 units in the February 1-17 period, down 15 percent from the same period last year and down 44 percent from the same period last month, according to data released today by the China Passenger Car Association (CPCA).

This year's Chinese New Year holiday was February 10-17, while last year's holiday was January 21-27.

Cumulative retail sales of passenger NEVs in China so far this year totaled 832,000 units, up 59 percent year-on-year.

Wholesale sales of China's passenger NEVs from February 1-17 were 139,000 units, down 45 percent from a year earlier and down 50 percent from the same period in January, according to the CPCA.

Cumulative wholesale sales of passenger NEVs so far this year were 821,000 units, up 28 percent from a year earlier.

From February 1-17, China's retail sales of all passenger vehicles were 559,000 units, 14 percent lower than the same period last year and 43 percent lower than the same period last month.

This means that the penetration rate of NEVs in retail sales in China during February 1-17 was 29.5 percent.

Cumulative retail sales of all passenger vehicles in China so far this year are 2.594 million units, up 34 percent year-on-year.

In the first week of February -- February 1-4 -- average daily retail sales of passenger cars in China were 54,289, up 48 percent year-on-year and up 1 percent from the same period in January.

In the second and third weeks of February -- February 5-17, average daily retail sales of passenger cars in China were 26,323, down 32 percent year-on-year and down 55 percent from the same period in January.

In the February 1-17 period, China's wholesale sales of all passenger cars were 382,000 units, down 42 percent from a year earlier and down 57 percent from the same period last month, the CPCA said.

Cumulative wholesale sales of all passenger cars in China so far this year stood at 2.47 million units, up 17 percent from a year earlier.

From February 1-4, China's average daily wholesale sales of passenger cars were 30,220 units, up 8 percent from a year earlier but down 36 percent from a month earlier.

From February 5-17, average daily wholesale sales of passenger cars in China were 20,073 units, 52 percent lower than the same period last year and 63 percent lower than the same period last month.

China EV insurance registrations in Feb 5-18: Nio 1,500, Xpeng 1,000, Li Auto 7,000, Tesla 8,200