China's NEV sales surpass 50% of new car sales in Oct

<article><section data-type="rtext"><p><img data-alt="Customers check out new-energy vehicles at a large shopping mall in Jinhua, East China's Zhejiang Province. File photo: VCG"  src="https://img.huanqiucdn.cn/dp/api/files/imageDir/ce7bfecfed739e281452c6898a5c6ecd.jpeg?imageView2/2/w/750&xtimestamp=1762998973&rand=LMJZKPMnKUdUvQsL&sign=6fa071fbbd49232eb7dbf4bc738f6c2a" /></p><p>China's new-energy vehicle (NEV) market continued its strong momentum this year, with data released by the China Association of Automobile Manufacturers (CAAM) on Tuesday showing that NEV production and sales maintained robust growth from January to October. NEV sales in October surpassed 50 percent of all new car sales for the first time, a milestone in the sector's rapid expansion, China Media Group (CMG) reported. </p><p>Chinese carmakers produced 27.69 million vehicles and sold 27.68 million between January and October, both up more than 10 percent year-on-year. NEV output reached 13.02 million units, rising 33.1 percent, and sales hit 12.94 million, up 32.7 percent.  </p><p>Notably, NEV sales accounted for 51.6 percent of all new car sales in October, the first time their monthly share surpassed the threshold of 50 percent, according to CMG. </p><p>In the export sector, 2.014 million NEVs were shipped from January to October, up 90.4 percent year-on-year. </p><p>The CAAM's Deputy Secretary-General Chen Shihua said that the NEV market has maintained strong growth this year, driven partly by the continued impact of nationwide auto trade-in subsidies, which offer substantial support and wide coverage. He added that next year's halving of NEV purchase taxes prompted some consumers to bring forward their buying plans, fuelling a new wave of demand, according to CMG. </p><p>"The shift in the purchase-tax policy has clearly brought forward a wave of buying," Liu Dingding, a veteran industry analyst, told the Global Times on Tuesday. "With the full exemption ending in 2025 and a 5 percent tax returning in 2026, consumers immediately felt the price gap. For example, a 200,000 yuan ($28,000) car will cost about 10,000 yuan more. That kind of real, out-of-pocket difference was enough to push many who were on the fence to make the decision early." </p><p>Liu noted that the Double 11 sales campaigns added momentum, but were not the fundamental force behind the surge. "October is already part of the traditional peak season, and the big promotional window simply allowed automakers and dealers to land the demand triggered by the policy," Liu said. "You saw financial incentives, trade-in sweeteners and other offers aligning perfectly with what consumers were looking for. But without strong products and a reliable charging and service network, no amount of discounts could sustain this level of penetration." </p><p>Liu added that the deeper shift is coming from the strength of China's NEV industry itself. "Chinese NEVs now cover the entire market - from runabouts costing 100,000 yuan to million-yuan luxury models - and their intelligence, performance and reliability outmatch comparable fuel vehicles and products from many foreign competitors," he said. "That's why more high-income buyers are also moving toward Chinese brands. They're choosing them because the products have genuinely earned that trust."</p></section></article>

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