China October NEV retail forecast to fall 16.5% year on year
· Automotive & EV · China · Italy
China's Passenger Car Association forecasts that domestic NEV retail sales will come in at about 1.07 million units in October, down 16.5% year on year, as the peak selling season falters. The weak forecast for the world's largest electric-vehicle market follows signs of softer demand in the sector. In a separate market reading, Italy's September passenger car figures showed BYD ranking ninth, with Chinese brands' combined share doubling. The two data points together show Chinese demand softening at home while Chinese brands continue to gain ground in Europe.
Why it matters：A double-digit decline in Chinese NEV retail would pressure the pricing and production plans of both local and foreign automakers that depend on the market for volume growth.
Key points
- CPCA expects about 1.07 million NEV retail units in October.
- The forecast is a 16.5% year-on-year decline.
- In Italy's September market, BYD ranked ninth and Chinese brands' share doubled.
Sources (original reporting)
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