China's new energy vehicle (NEV) sales reached 789,000 between January 1 and July 27, marking a 15% increase compared to the same period last year.

China's new energy vehicle (NEV) sales reached 789,000 between January 1 and July 27, marking a 15% increase compared to the same period last year.

In the month of July, China's automotive market demonstrated a mix of growth and decline in both wholesale and retail sales of passenger vehicles, as well as new energy vehicles (NEVs).

The wholesale sales of passenger vehicles from July 1 to 27 reached 1.505 million units, marking a 17% increase year-on-year. However, compared to the same period last month, there was a 25% decrease. The daily wholesale sales averaged 58,659 units throughout the month, with fluctuations observed week by week.

From July 1 to 6, daily average wholesale sales were 38,757 units, up 39% year-on-year but remaining flat compared to the same period last month. In the following week, from July 7 to 13, the average daily wholesale sales volume increased to 46,085 units, up 31% year-on-year, but down 12% compared with the same period last month. The average daily wholesale sales from July 14 to 20 were 57,826 units, up 8% year-on-year, but down 17% compared with the same period last month. The last week of July, from July 21 to 27, saw a slight increase in daily wholesale sales to 77,867 units, up 10% year-on-year, but down 41% compared to the same period last month.

Similarly, the retail sales of passenger vehicles also showed a mixed trend. From July 1 to 27, the total retail sales reached 1.445 million units, up 9% year-on-year, but down 19% month-on-month. The average daily retail sales for the month were 54,968 units. The first week of July saw an average daily retail sales of 39,660 units, up 1% year-on-year, but down 6% from the same period last month. The second week saw a 11% year-on-year increase to 47,548 units, but a 4% decrease compared to the same period last month. The third week of July saw a further increase to 58,207 units, up 17% year-on-year, but down 20% compared to the same period last month. The fourth week of July witnessed the highest average daily retail sales of the month at 66,611 units, up 5% year-on-year but down 30% compared to the same period last month.

The sales of NEVs also followed a similar pattern. From July 1 to 27, China's wholesale sales of NEVs reached 816,000 units, up 17% year-on-year, but down 20% month-on-month. The retail sales of NEVs for the same period reached 789,000 units, up 15% year-on-year, but down 17% month-on-month. The penetration rate of NEVs in retail sales was 54.6% from July 1 to 27, and 50.68% year-to-date.

As for the cumulative sales, so far this year, China's wholesale sales of passenger vehicles have reached 14.785 million units, up 13% compared to the same period last year. China's retail sales of passenger vehicles from January to July were 12.346 million units, up 11% year-on-year. The cumulative retail sales of NEVs from January to July reached 6.258 million units, up 31% year-on-year. The cumulative wholesale sales of Chinese passenger NEVs have also increased significantly, reaching 7.264 million units, up 35% year-on-year.

In terms of specific brands, BYD had the most new energy vehicle retail sales in China during the weekend from July 24 to July 27, 2020. China EV insurance registrations for the week ending July 27 showed that Nio had 3,250 registrations, Tesla had 10,620, and Xiaomi had 7,590 registrations.

In conclusion, while China's automotive market showed a positive year-on-year growth, it experienced a decline compared to the same periods last month. The sales of NEVs, however, continued to show significant growth year-on-year.

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