The China Passenger Car Association (CPCA) has announced that wholesale sales of new energy vehicles (NEVs) in China have been estimated at 1.51 million units in August this year, with year-on-year and month-on-month increases of 16.0 percent and 4.0 percent, respectively, indicating that the new energy sector, having undergone a period of adjustment, is now in a robust recovery phase.
In August, high oil prices and product supply optimization remained the core factors underpinning the NEV market. However, seasonal softness, weak macroeconomic consumption, a high-base effect and inventory pressure have constituted significant headwinds. The back-to-school period in late August is traditionally a peak season for car purchases and replacements, but this year's performance in the given period showed no clear signs of a normal seasonal pickup. The market has transitioned from August's recovery phase into a bottom consolidation stage, with the true peak-season momentum awaiting validation during the so-called Golden September–Silver October period.
