China EV & Battery Monthly: August: EV penetration broadened across domestic and export markets

According to the China Passenger Car Association (CPCA), NEV wholesale volume rose to 1.5m units in August, up 4% MoM and 18% YoY, driving wholesale EV penetration to a sustained high of 64%, up 12ppt YoY. Domestic brands had average NEV penetration of 74%, while luxury and JV brands reached 53% and 16%, respectively. NEV insurance registrations in August were for 980k units, up 6% MoM but down 11% YoY, bringing NEV insurance penetration to 63%. By powertrain, BEVs gained 5.8ppt share YoY, while PHEVs and EREVs lost 4.6ppt and 1.2ppt, respectively. Vehicle exports were 888k units in August, up 91% YoY, with EV export penetration at 58%; exports of domestic brands reached 780k units, up 82% YoY. EV battery sales accelerated to 146.8GWh in August, up 14% MoM and 48% YoY;