Compared to fuel vehicles, the replacement cycle of new energy vehicles is significantly shorter, a new report shows.
According to used car online auction platform ttpai.cn, 86% of new energy vehicles in China are replaced within 5 years, and nearly half of them are sold within 1-3 years. 31% of new energy vehicles are sold within 3-5 years, and 9% are sold within 1 year.
Thirty-one percent of new energy vehicles are sold within 3-5 years, and 9% of new energy vehicles are sold in less than a year, the data shows.
The top 3 retention rates of electric new energy vehicles within 3 years are: Tesla Model S (imported), Roewe i6, BYD Qin.
The top three hybrid new energy vehicles in terms of 3-year retention are all Japanese cars: the Toyota Corolla Twin Engine E+, Toyota Levin Twin Engine E+, and the Honda Accord Hybrid.
As domestic new energy startups and car lines such as the Tesla Model 3 (made in China) are less than three years old, it is not possible to calculate their three-year retention rates.
According to the report, SUVs accounted for a significant increase in the percentage of used car transactions in August, up 2.8% year-on-year.
The proportion of transactions of medium-sized vehicles rose by 0.8% year-on-year, and the proportion of transactions of medium and large vehicles also increased slightly.
Small, compact and MPV transactions showed a downward trend, down 2.2 percent, 1.3 percent and 0.2 percent year-on-year, respectively.