There are some interesting numbers coming out of the monthly statistics released by China Passenger Car Association (CPCA) – the industry body:

  1. In November, 20.8% of retail sales cars were new energy, bringing the yearly new energy penetration to 13.9% – a significant increase from the 5.8% in 2020.
  2. Amongst Chinese manufacturers, 37.4% of the cars sold retail were new energy; in comparison, only 3.6% of retails sales of the main joint venture manufacturers (with foreign brands) were new energy.
  3. Amongst the wholesale volume in November, 343 thousand cars were fully electric (YoY growth of 121.1%) and 85 thousand were hybrid (YoY growth of 187.2%).
  4. Most of the growth came from low to medium range models – 81% of the wholesale volume were compact and lower end cars.

The electric car dominance might come faster, especially in China, than many would have thought.

Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].