NEV Retail Penetration Tops 60% for 6th Straight Month as Trade-In Share Hits 60.5%, Exports' NEV Slice Above 50% for 4 Months

The Ministry of Commerce's latest data shows new-energy vehicles accounted for 60.5% of trade-in subsidy redemptions, pushing the NEV retail penetration rate of passenger vehicles above 60% for six consecutive months. Brokerages note the long-term foundation of China's NEV exports is the systemic competitiveness of its supply chain, the "three electrics" (battery, motor, electronic control) and intelligent features rather than rebate dividends, so the growth trend will not reverse. Quarterly reports from Geely, BYD and Yutong show overseas sales have become a new growth pole, with NEVs exceeding 50% of total vehicle exports for four straight months. Analysts keep an "overweight" rating on the auto sector, expecting a gradual recovery in sentiment.

Source: National Business Daily, Oct 30, 2026 | 2026-10-30