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