China’s new energy vehicle (NEV) sales in May continued to show strong growth, reaching a year-to-date high. According to data from the China Association of Automobile Manufacturers (CAAM), NEV sales in May totaled 1,307,000 units, marking a 36.9 percent increase compared to the same period last year. This also represented a 6.61 percent increase from the previous month.
The CAAM data includes wholesale sales of NEVs, encompassing both domestic sales within China and exports to international markets. NEVs comprise battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles.
In May, BEV sales reached 834,000 units, showing a 43.1 percent year-on-year increase and a 1.46 percent month-on-month growth. PHEV sales also saw a significant uptick, with 473,000 units sold, reflecting a 27.3 percent year-on-year rise and a 17.37 percent increase from the previous month.
Overall vehicle sales in May reached 2.686 million units, indicating an 11.2 percent year-on-year increase and a 3.7 percent month-on-month increase. The NEV penetration rate for May stood at 48.7 percent, surpassing the figures from the same period last year and the preceding month.
Domestic NEV sales, excluding exports, amounted to 1,095,000 units in May, marking a 27.9 percent year-on-year increase and a 6.8 percent month-on-month rise. Meanwhile, China exported a total of 551,000 vehicles in May, representing a 14.5 percent year-on-year increase and a 6.6 percent month-on-month growth.
Of the exported vehicles, NEV exports reached a record high of 212,000 units, showing a remarkable 120 percent year-on-year increase and a 6.1 percent month-on-month rise. BEV exports in May totaled 138,000 units, up 79.8 percent year-on-year but down 1.6 percent from April. PHEV exports reached 74,000 units, reflecting a substantial 240 percent year-on-year increase and a 24 percent month-on-month growth.
The strong performance of NEV sales and exports in May underscores the growing demand for electric vehicles in China and the increasing global appeal of Chinese-made NEVs. The market continues to show resilience and potential for further growth in the coming months.
