New energy vehicle (NEV) wholesale sales in China are estimated to have reached 1.228 million units in September this year, up 48.0 percent year on year, while rising by 17.0 percent month on month, according to the China Passenger Car Association (CPCA).
According to the CPCA, sales in the NEV market showed a strong trend in the traditional peak season of September, while the volume of vehicle scrapping and renewal has risen sharply in recent months, reflecting the encouraging effects of official policy.
The CPCA has forecast that the market penetration rate of NEVs will likely continue to exceed 50 percent in September.