Preliminary estimates show that for the full year 2023, China’s wholesale sales of passenger NEVs were 8.88 million units, a year-on-year increase of 38 percent, according to the CPCA.
China’s wholesale sales of new energy vehicles (NEVs), including exports, are set to hit a new high in December and exceed the 1 million mark for the first time, according to estimates by the China Passenger Car Association (CPCA).
China’s December wholesale sales of passenger NEVs are estimated at 1.13 million units, up 50 percent year-on-year and up 18 percent from November, the CPCA said in a report today.
In November, the 18 manufacturers with wholesale sales of more than 10,000 units of passenger NEVs contributed 88.4 percent of all wholesale sales, the CPCA said.
The estimated sales of these carmakers in December would be 1 million units, and according to the normal structure, China’s December wholesale sales of passenger NEVs would be 1.13 million units, the CPCA said.
Preliminary estimates show that for the full year of 2023, China’s wholesale sales of passenger NEVs would be 8.88 million units, up 38 percent year-on-year, according to the report.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrids, and fuel-cell vehicles. Their breakdown figures are expected to be released later this month.
The adjustment of the NEV purchase tax and promotions by car companies led to record NEV sales in December, the CPCA said.
Starting January 1, 2024, China’s new policy on NEV purchase tax went into effect.
For NEVs with buying dates between January 1, 2024, and December 31, 2025, they will still be exempt from vehicle purchase tax, but the exemption will not exceed RMB 30,000 ($4,200) per vehicle, according to a June 21, 2023, announcement by China’s Ministry of Finance.
Additionally, China raised technical requirements in December for models that can qualify for the NEV purchase tax exemption, which allowed some short-range BEV models to end the year with strong sales growth, according to the CPCA.
Starting January 1, 2024, models applying for entry into China’s Ministry of Industry and Information Technology’s (MIIT) catalog of NEV models with vehicle purchase tax reductions will need to meet new technical requirements, according to a December announcement.
For pure electric models, the 30-minute maximum speed needs to be no less than 100 kilometers per hour, the range no less than 200 kilometers, and the battery mass energy density no less than 125 Wh/kg.
Below are the wholesale sales of NEVs by major automakers in December, as announced by the CPCA.
($1 = RMB 7.1453)
