Citi has released a research report citing data from the China Passenger Car Association, stating that China's new energy passenger vehicle wholesale sales reached 1.67 million units in September this year, up 12% year-on-year and 10% month-on-month. The NEV penetration rate reached 65.4%, up 12 percentage points year-on-year and 1.2 percentage points month-on-month.
The bank noted that consolidation progress has been weak so far.
Data shows that wholesale sales of pure electric vehicles rose 19% year-on-year to 1.13 million units in September, while plug-in hybrid vehicles edged down 1% year-on-year to 539,500 units.
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