China's new energy vehicles sales soar in October

Retail sales of China's new energy vehicles (NEVs) surged in October as improved supply and concerns of higher oil prices among car buyers jointly propelled the NEV market, data from an industry association showed Tuesday.

Last month, retail sales of China's new energy passenger cars came in at 556,000 units, up 75.2 percent year on year, according to the China Passenger Car Association.

In the first 10 months, over 4.43 million units of new energy passenger vehicles were sold via retail channels in the country, skyrocketing 107.5 percent from a year ago.

Overall, China's passenger car market posted stable growth in October, with 1.84 million passenger vehicles sold via retail channels last month, up 7.3 percent year on year, the data showed.

The car association expects China's NEV market to see new demand as major NEV makers cut sale prices last month.