China’s new energy vehicle (NEV) market in May continued to show strong growth, with passenger NEV wholesale sales reaching an estimated 1.24 million units. This represents a 38 percent increase compared to the same period last year and a 9 percent increase from the previous month.
The China Passenger Car Association (CPCA) released a report highlighting the positive trend in NEV sales, attributing the growth to various factors such as government policies promoting car purchases and offline events like auto shows. In the first five months of the year, China’s NEV wholesale sales are estimated to have reached 5.22 million units, marking a 41 percent year-on-year increase.
Major automakers played a significant role in driving NEV sales, with BYD leading the pack with 376,930 units sold, followed by Geely with 138,021 units, Changan with 88,264 units, SAIC-GM-Wuling with 65,390 units, and Tesla with 61,662 units. BYD reported a 15.27 percent year-on-year increase in NEV sales for May, with passenger NEVs accounting for 376,930 units, up 14.05 percent year-on-year.
The overall positive trend in NEV sales aligns with China’s efforts to promote electric vehicles and reduce carbon emissions. With the government’s continued support and the growing popularity of NEVs among consumers, the future of the electric vehicle market in China looks promising.
In related news, China’s passenger NEV retail sales in May are expected to reach 980,000 units, with a penetration rate of around 52.9 percent. This further underscores the increasing demand for electric vehicles in the country and highlights the potential for continued growth in the NEV market.
Overall, the latest data on NEV sales in China paints a positive picture for the industry, with strong growth in both wholesale and retail sectors. As more consumers embrace electric vehicles and governments implement supportive policies, the future of the NEV market in China appears bright.
