China's NEV retail penetration was 53.74 percent in the September 1-15 period, and 45.15 percent year-to-date.

Retail sales of passenger new energy vehicles (NEVs) in China amounted to 445,000 units in the September 1-15 period, up 63 percent from the same period last year and up 12 percent from the same period last month, data released by the China Passenger Car Association (CPCA) today showed.

So far this year, cumulative retail sales of passenger NEVs in China totaled 6.45 million units, up 37 percent from the same period last year.

Wholesale sales of passenger NEVs from September 1-15 were 441,000 units, up 49 percent from the same period last year and up 29 percent from the same period last month, according to the CPCA.

So far this year, China's cumulative wholesale sales of passenger NEVs were 7.12 million units, up 32 percent from a year earlier.

From September 1-15, China's retail sales of all passenger vehicles were 828,000 units, up 18 percent from the same period last year and up 12 percent from the same period last month.

So far this year, cumulative retail sales of all passenger vehicles in China totaled 14.29 million units, up 3 percent year-on-year.

This means that China's NEV penetration at retail stood at 53.74 percent in the September 1-15 period and 45.15 percent so far this year.

Technological upgrades have allowed cost-effective models to flood into China's auto market, and with the implementation of policies to boost consumption, demand for car purchases will be effectively unleashed, the CPCA said.

The Federal Reserve's 50 basis point interest rate cut overnight, which started the world's interest rate cut cycle, is a positive factor for consumption in the car market, the report noted.

In the first week of September -- September 1-8 -- China's average daily retail sales of passenger cars were 48,475, up 10 percent year-on-year and up 5 percent from the same period last month.

In the second week of September -- September 9-15, average daily retail sales of passenger cars in China were 62,881, up 26 percent year-on-year and up 18 percent from the same period last month.

For September 1-15, China's wholesale sales of all passenger cars were 868,000 units, up 9 percent year-on-year and up 45 percent from the same period last month.

During September 1-8, average daily wholesale sales of passenger cars in China were 46,248 units, up 1 percent year-on-year and up 41 percent from the same period last month.

From September 9-15, average daily wholesale sales of passenger cars in China were 71,136, up 17 percent year-on-year and up 49 percent from the same period last month.

Cumulative year-to-date wholesale sales of passenger cars in China totaled 16.81 million units, up 4 percent year-on-year.

China EV insurance registrations for week ending Sept 15: Nio 4,200, Tesla 15,600, Xiaomi 3,100, BYD 86,000