China's NEVs sales expected to grow 73.5% Y/Y in October 2022, CPCA says
SimonSkafar


The China Passenger Car Association (CPCA) expects China's NEVs sales to grow 73.5% Y/Y in October 2022, reaching 550K units.
Although monthly sales are expected to grow year-over-over, it may be down around 10% from 611K units in sold September 2022.
Major automakers saw their average daily retail sales fall 26% Y/Y in the first week of October 2022 amid a rise in Covid infections in the country and underwhelming holiday travel and spending. Average daily retail sales recovered during the second week, rising 13% Y/Y. 
For the passenger car market as a whole, October sales are expected to grow 11.4% Y/Y to 1.91M units. This implies that in terms of retail sales, NEVs penetration in China is expected to be about 28.8% in October, down from 31.8% in September.
Shares of Nio (NIO), Li Auto (LI), Tesla (TSLA) and Xpeng (XPEV) all fell in pre-market hours.

In addition, Tesla (TSLA) has slashed prices in China by up to 9% amid softening demand. The automaker recently reported mixed Q3 results and warned that deliveries could hit a slight speed bump in Q4 due to supply chain and logistical issues.