Chinese wholesale passenger NEVs (New energy vehicles, battery and hybrid) in February were 441,000 units, down 11 percent from a year ago and down 37 percent from January, according to the CPCA (China Passenger Car Association).
Cumulative wholesale sales of Chinese passenger NEVs so far this year totaled 1.123 million units, up 27 percent year-on-year.
China’s retail sales of all passenger vehicles were 3.126 million units, up 17 percent year-on-year.
The Chinese auto market is expecting many electric car makers to go bankrupt in 2024. There are rumors that NETA is struggling.
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Looks like a “February” problem. I wouldn’t sweat it unless sales doesn’t rebound in the next two months.
Overall sales up 27% year on year? Thats growth. Lead with that next time to quiet the doomsayers.
Car sales is weakest in lunar new year month. It’s Feb this year and Jan last year.