China reaches record wholesale passenger NEV sales in November, CPCA estimates
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Estimates by the China Passenger Car Association (CPCA) suggest China's passenger NEV wholesale sales reached a record 732K units in November, up about 71% Y/Y and 8% from October.
Despite high international oil prices, NEV demand held steady according to the CPCA and production and sales numbers were strong. Leading players such as BYD (OTCPK:BYDDF), Tesla (TSLA) and SAIC-GM-Wuling maintained good momentum.




Some major NEV companies did cut production in November, but the CPCA did not identify them. However, the number of major companies with sales of more than 10,000 units in November was largely the same compared with October.
BYD was at the top in wholesale sales for the month with 229,942 units, followed by Tesla China with 100,291 units and SAIC-GM-Wuling with 76,165 units. November sales were also a record high for Tesla, which saw a nearly 63% Y/Y jump in units sold during the January-November period.
However, a recent Bloomberg report suggested Tesla (TSLA) is looking to reduce production at its Shanghai factory by ~20%, suggesting demand in China is not living up to expectations.