China's September NEV wholesale sales hit 2026 high of 1.67 million, CPCA estimates

• Strong exports supported wholesale growth, while domestic retail sales remained under pressure.
• The CPCA estimated September passenger NEV wholesale sales rose 12% year-on-year and 11% from August.

China's passenger new energy vehicle (NEV) wholesale sales are estimated to have reached 1.67 million in September 2026, with strong exports supporting market growth.

The China Passenger Car Association (CPCA) estimated in a preliminary report released Friday that September NEV wholesale sales rose 12% year-on-year and 11% from August.

If confirmed, the estimate would mark the highest monthly wholesale volume this year, extending August's rebound, according to data compiled by CnEVPost.

Based on the September estimate, China's passenger NEV wholesale sales totaled about 11.42 million in the first 9 months of the year, up about 10% year-on-year.

Wholesale growth contrasted with weak domestic retail sales. Previously released CPCA weekly data showed China's passenger NEV retail sales fell 20% year-on-year to 827,000 from September 1 to 27.

Elevated oil prices overseas persisted longer than expected, fueling strong growth in NEV exports and widening disparities across the market, the CPCA said in its latest report.

The domestic market faced a high comparison base. A rush to buy before trade-in subsidies were tightened in some regions a year earlier had boosted sales, while the Mid-Autumn Festival holiday also disrupted production and sales patterns in late September this year.

NEV sales growth significantly outpaced the broader passenger vehicle market in September, though performance continued to vary widely among manufacturers and markets, the CPCA said.

BYD (HKEX: 1211), Geely Auto (HKEX: 0175), Chery (HKEX: 9973), Leapmotor (HKEX: 9863) and Changan Automobile (SZSE: 000625) ranked as the top 5 manufacturers by passenger NEV wholesale sales in September. All recorded both year-on-year and month-on-month growth.

The latest estimate is based on preliminary sales figures from major manufacturers. Companies with NEV wholesale sales exceeding 10,000 in August accounted for a combined 93% of that month's passenger NEV wholesale total.

Preliminary figures put those manufacturers' combined September sales at about 1.55 million. Applying their August market share, the CPCA estimated nationwide September wholesale sales at about 1.67 million.