Goldman Sachs reports China NEV weekly orders up 9% sequentially

Investing.com -- Goldman Sachs reported that China's new energy vehicle weekly orders increased 9% week-over-week but declined 52% year-over-year during the 40th week of 2026. The firm noted that NEV retail and wholesale penetration rates reached 66% and 70% respectively in September month-to-date, compared to 65% and 63% in August.

HIMA, Leapmotor, and Geely showed the strongest weekly growth at 56%, 15%, and 9% respectively, primarily due to new model launches including the Luxeed RX EV.

According to China Passenger Car Association data for September 1-27, passenger vehicle retail volume totaled 1,258,000 units, down 29% year-over-year but up 1% month-over-month. Passenger vehicle wholesale volume reached 1,474,000 units, declining 30% year-over-year and 12% month-over-month.

NEV retail volume stood at 827,000 units, down 20% year-over-year but up 2% month-over-month. NEV wholesale volume was 1,032,000 units, falling 11% year-over-year and 7% month-over-month.

NEV dealer discounts remained unchanged week-over-week, while internal combustion engine dealer discounts widened during the period. Battery grade lithium carbonate prices held steady at 125,000 yuan per ton, with no change week-over-week. Prices for prismatic LFP and NCM battery cells remained stable.

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