New energy vehicle (NEV) wholesale sales in China are estimated to have reached 1.05 million units in August this year, which is the first time monthly NEV wholesale sales have exceeded 1.0 million units in 2024, up 32.0 percent year on year, while rising by 11.0 percent month on month, according to the China Passenger Car Association (CPCA).
Following the issuing by the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) of “Several Measures on Strengthening Support for Large-Scale Equipment Renewal and Consumer Goods Trade-in” on July 25, the standard subsidy for NEV purchases was RMB 5,000 higher than for fuel vehicles, which stimulated purchases of NEVs. In particular, the sales of entry-level pure electric vehicles and the narrow plug-in hybrid market showed strong growth.