China’s new energy vehicle (NEV) market saw continued growth in July, with passenger NEV wholesale sales estimated at 1.18 million units, up 25 percent year-on-year. However, this marked a 4 percent decline from June, as the market entered a slower season.
According to the China Passenger Car Association (CPCA), the overall market trend remains strong, with some manufacturers performing exceptionally well due to the recent launch of popular new models. Companies such as Leapmotor, Xpeng, Xiaomi EV, Dongfeng Nissan, and GAC Toyota achieved record-high wholesale sales of NEVs in July. Additionally, smaller automakers also contributed to the overall increase in sales.
In June, automakers with passenger NEV wholesale sales exceeding 10,000 units accounted for 91.7 percent of the total NEV wholesale sales for the month. Based on this trend, it is projected that these manufacturers will sell 1.08 million units in July, leading to an estimated total of 1.18 million units for the month.
From January to July, China’s NEV wholesale sales reached 7.63 million units, marking a 35 percent year-on-year increase. These figures include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Major automakers such as BYD, Geely, Changan Automobile, Tesla, and SAIC-GM-Wuling all contributed to the growth in NEV sales.
BYD reported selling 341,030 NEVs in July, with a breakdown of 341,030 passenger NEVs and 3,266 commercial NEVs. Tesla China also saw sales of 67,886 vehicles in July, representing an 8.41 percent year-on-year decrease compared to the previous month.
Overall, the NEV market in China continues to show promising growth, with strong performances from key players and a diverse range of new models driving sales. The industry is expected to release more detailed figures later this month, providing further insights into the evolving landscape of electric vehicles in the country.
