In October, retail sales of passenger NEVs in China are expected to be at 1.15 million units, up 49 percent year-on-year and up 2.4 percent compared with September, according to estimates released today by the CPCA.

China's new energy vehicle (NEV) retail sales are expected to hit another record high this month, as the industry enters its peak season.

In October, retail sales of passenger NEVs in China are expected to be at 1.15 million units, up 49 percent year-on-year and up 2.4 percent compared with September, according to estimates released today by the China Passenger Car Association (CPCA).

This means that monthly retail sales of NEVs in China are expected to exceed 1 million units for the third consecutive month this month. In August and September, the figures were 1.03 million and 1.12 million units respectively.

China's NEV penetration rate at retail is expected to be 52.3 percent in October, according to the CPCA. This is down from 53.3 percent in September.

The CPCA is expected to release preliminary data on October NEV sales early next month and final figures in the middle of next month.

The latest survey shows that major automakers, which contribute about 80 percent of passenger car sales, are targeting about 4 percent growth in retail sales in October from September, the CPCA said.

According to preliminary projections, October passenger car retail sales are expected to be around 2.2 million units, up 8.2 percent year-on-year and up 4.3 percent from the previous month, according to the CPCA.

Major automakers' average daily passenger car retail sales in the first week of October -- the week covered by the National Day holiday -- were 49,700 units, down 5.2 percent year-on-year while up 2.5 percent from the same week last month.

Their average daily retail sales in the second week were 79,200 units, up 47.7 percent year-on-year and up 31.0 percent from the same week last month.

Average daily retail sales in the third week were 63,000 units, up 8.7 percent year-on-year and up 4.3 percent from the same week last month.

Average daily retail sales for the fourth week are expected to be 78,600 units, down 16.6 percent year-on-year and down 4.3 percent from the same period last month.

Average daily retail sales for the fifth week are expected to be 96,600 units, down 10.8 percent year-on-year but up 6.0 percent from the same period last month.

China NEV retail reaches record 1.123 million in Sept, CPCA data show