China’s new energy passenger car sales experienced a significant rebound in May, following an unexpected drop in April, according to a report from the China Passenger Car Association (CPCA).
Wholesale sales of new energy vehicles (NEVs) in China reached an estimated 910,000 units in May, marking a 35 percent year-on-year increase and a 16 percent increase from April.
In April, manufacturers with wholesale sales exceeding 10,000 passenger NEVs accounted for 86.6 percent of all wholesale NEV sales, the CPCA noted.
The estimated sales for these manufacturers in May totaled 790,000 units. Based on last month’s structure, China’s May passenger NEV wholesale sales are expected to reach 910,000 units, the CPCA stated.
NEVs in China encompass battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Exact figures for these categories are anticipated to be released later this month.
April saw China’s passenger NEV wholesale sales decline by 3.28 percent from March, totaling 788,443 units, due to continued weakness at the start of the year.
In May, China implemented its auto trade-in subsidy policy, coupled with a moderation of the price war for new products in the auto market. These factors stimulated spending among groups that had previously remained on the sidelines, according to the CPCA.
The CPCA noted that China’s new energy passenger car market entered a relatively sound phase of development in May.
Among major carmakers, BYD, Tesla China, and Geely led in terms of wholesale sales in May, with figures of 330,488, 72,573, and 58,673 units, respectively, according to the CPCA.
