China’s New Energy Vehicle (NEV) market continues to show strong growth, with retail sales of passenger NEVs in China reaching 484,000 units in the first half of May, representing a 32 percent increase from the same period last year and a 15 percent increase from the previous month. This data was released by the China Passenger Car Association (CPCA).
Cumulatively, retail sales of passenger NEVs in China have reached 3.808 million units so far this year, showing a 35 percent increase compared to the same period last year. Wholesale sales of passenger NEVs from May 1-18 amounted to 467,000 units, marking a 23 percent increase from the same period last year and remaining consistent with the previous month.
Overall, wholesale sales of China’s passenger NEVs have totaled 4,448,000 units year-to-date, reflecting a 40 percent increase from the previous year. Retail sales of all passenger vehicles in China during the same period were 932,000 units, up 12 percent year-on-year and 18 percent month-on-month.
The NEV penetration at retail in China stood at 52.0 percent for the first half of May and 48.8 percent year-to-date, indicating a strong preference for electric vehicles among Chinese consumers. The average daily retail sales of passenger cars in China varied throughout the month, with notable increases seen in the second week of May.
Wholesale sales of all passenger cars in China during May 1-18 reached 858,000 units, showing an 18 percent increase from the same period last year. Despite some fluctuations in daily sales figures, the overall trend for wholesale passenger car sales in China remains positive, with a 12 percent increase year-to-date.
As the NEV market in China continues to thrive, key players like Nio Inc are also seeing growth in insurance registrations, with 6,650 vehicles registered in China last week alone, marking a 9.74 percent increase from the previous week.
Overall, the data highlights the continued momentum of the NEV market in China, with both retail and wholesale sales showing strong growth compared to previous years. With supportive government policies and increasing consumer interest in electric vehicles, the future looks promising for the NEV industry in China.
