Passenger new energy vehicle (NEV) wholesale sales in China are estimated to have amounted to 940,000 units in November this year, up 6.0 percent month on month, while up 29.0 percent year on year, according to the China Passenger Car Association (CPCA).
In the January-November period this year, passenger NEV wholesale sales in China are estimated to have reached 7.74 million units, up 35.0 percent year on year.
According to the previous forecast made by the CPCA, NEV sales in 2023 will amount to 8.5 million units, while passenger vehicle sales will likely reach 23.5 million units, with the penetration of the market by NEVs reaching 36 percent in the given year.
Miao Wei, former minister at the Ministry of Industry and Information Technology (MIIT), stated that NEVs are already in position to replace traditional fuel vehicles. The original target for NEVs to exceed 50 percent of the overall market share may be achieved by the end of 2025 or in 2026, instead of the previous target of 2035.