Category: EV Data

CPCA expects China Jun NEV retail sales to grow 15.5% MoM to 670,000

This means that the penetration of NEVs at retail is expected to be 36.6 percent in June, up from 33.3 percent in May.

CPCA expects China Jun NEV retail sales to grow 15.5% MoM to 670,000-CnEVPost

Passenger vehicle sales in China are expected to decline this month compared to a year ago, but the performance of new energy vehicles (NEVs) remains strong.

In June, retail sales of NEVs in China are expected to be around 670,000 units, up 26 percent year-on-year and up 15.5 percent from May, according to estimates released today by the China Passenger Car Association (CPCA).

Survey shows that automakers that contribute about 80 percent of passenger car sales are targeting retail sales growth of about 5 percent in June compared with May, the CPCA said.

According to preliminary projections, passenger vehicle sales in China were about 1.83 million units in June, up 5 percent from May but down 5.9 percent from a year earlier, the CPCA said.

The year-on-year decline was due to a high base in June last year, when China's auto market was recovering from the shock of Covid, according to the CPCA.

The CPCA had forecast several times this month that June passenger car sales would be lower than a year ago, one reason being China's halving of purchase taxes on mainstream internal combustion engine vehicles that began last June.

Today's latest estimate implies that NEVs had a penetration rate of about 36.6 percent at retail in June, up from 33.3 percent in May.

CPCA expects China Jun NEV retail sales to grow 15.5% MoM to 670,000-CnEVPost

Auto market demand dropped slightly in early June, but the market warmed up with the start of the June 18 shopping spree, the release of local government subsidies and the Dragon Boat Festival, the CPCA said.

The overall discount rate in China's passenger car market was about 17.8 percent in mid-June, expanding 0.6 percent from the end of May, according to the CPCA.

CPCA expects China Jun NEV retail sales to grow 15.5% MoM to 670,000-CnEVPost

Major carmakers averaged 31,100 daily retail sales in the first week of June, down 42 percent from the same period in May, mainly due to a high base of vehicle sales during last month's Labor Day holiday, the CPCA said.

Their average daily retail sales in the second week of June were 42,900 units, down 14 percent from the second week of May.

As promotions kicked off in mid-June, the car market picked up in the third week, with average daily retail sales of 57,500 units, up 21 percent from the same week in May.

In the fourth week, with the arrival of the Dragon Boat Festival holiday, average daily retail sales are expected to be 62,000 units, an increase of 26 percent over the same period in May.

In week five, average daily retail is expected to be 113,700 units, up 32 percent from the same period in May, due to the pulse of the quarter-end sales, according to the CPCA.

BREAKING: China extends NEV purchase tax breaks for 4 years

The post CPCA expects China Jun NEV retail sales to grow 15.5% MoM to 670,000 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000

Correction: Fixed the error in the last table.

was 2,000 units last week. Its sales from June 1 to June 18 were 4,800 units.

In the week of June 12 to June 18, sold 7,800 units, continuing to lead among China's new car makers, the company said today on Weibo.

As of June 18, Li Auto had sold 19,800 units this month, and the company will aim to achieve a monthly sales target of more than 30,000 this month, it said.

Li Auto didn't explain what that weekly sales tally was based on, but apparently they were insurance registrations. The company had suspended sharing those numbers in May, but has since resumed sharing them.

Li Auto delivered 28,277 vehicles in May, up 145.97 percent year-on-year and up 10.11 percent from April, the third consecutive month to exceed the 20,000-unit mark.

Li Auto's current least expensive model, the five-seat Li L7, achieved its second consecutive month of more than 10,000 deliveries in May, the company said on June 1.

On Li Auto's Family Tech Day event on June 17, the Li L7 sold more than 1,000 units in a single day for the first time, the company's founder, chairman and CEO Li Xiang said on June 18.

(NASDAQ: TSLA) sold 14,500 units in the week of June 12 to June 18, lower than the 16,400 units sold in the previous week, according to figures shared by Li Auto.

From June 1 to June 18, Tesla sold 40,600 units in China, the highest number of vehicles, including internal combustion engine vehicles, for premium brands.

NIO (NYSE: NIO) was 2,000 units last week, up from 1,500 units the week before.

Between June 1 and June 18, NIO sold 4,800 units.

NIO officially launched the new ES6 on May 24 and rolled out the ET5 Touring on June 15.

The company had produced some of the vehicles in the designer-recommended configuration combinations for quick delivery prior to the launch of both models.

Deliveries of the new ES6 began on the night of the May 24 launch, and deliveries of the ET5 Touring began on June 16.

(NYSE: XPEV) was at 1,600 units last week and 3,800 units from June 1 to June 18.

The post China NEV insurance registrations for week ending Jun 18: Tesla 14,500, Li Auto 7,800, NIO 2,000 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China NEV insurance registrations for week ending Jun 11: Tesla 16,400, Li Auto 8,400, NIO 1,500

This article is being updated, please refresh later for more content.

From June 1-11, sold 2,800 units and 26,000 units.

(NASDAQ: LI) continued to flex its muscles, showing strong sales last week while its two local peers, NIO (NYSE: NIO) and (NYSE: XPEV), remained weak.

For the week of June 5 to June 11, Li Auto sold a record 8,400 units, the company said today on Weibo.

That's far more than other new car-making brands and more than the second, third and fourth places on the list combined, it said, adding that Li Auto had sold 11,900 units this month as of June 11.

Li Auto continues to rank in the top five luxury brands sold in the Chinese market and is the highest-ranked Chinese brand on the list, it said.

The company has maintained its focus on premium family customers and has made a strong showing in the segment with its L series models, it said.

With the company's all-electric model and the delivery of the Li L6 next year, Li Auto is confident it will surpass one of the German luxury brands BMW, Mercedes-Benz and Audi in total sales in 2024, it said.

Li Auto did not explain on what basis that weekly sales were tallied, but apparently, they were insurance registrations. The company had suspended sharing those numbers in May, but has later resumed sharing them.

All of the models Li Auto is currently selling are extended-range electric vehicles (EREVs), essentially plug-in hybrids, including the five-seat Li L7 and the six-seat Li L9 and Li L8.

The EREV maker guided a month ago for second-quarter deliveries of between 76,000 and 81,000 units, meaning June deliveries are expected to be between 22,042 and 27,042 units, considering it delivered 25,681 and 28,277 units in April and May, respectively.

Tesla (NASDAQ: TSLA) sold 16,400 units last week, putting the June 1-11 cumulative total at 26,000, according to Li Auto. In the previous week, May 29-June 4, Tesla's figure was 14,500 units.

NIO (NYSE: NIO) had 1,500 units last week and 2,800 units this month as of June 11. Its figure for the previous week was 1,700 units.

XPeng (NYSE: XPEV) was at 1,500 units last week and 2,200 units for the month as of June 11. XPeng's figure for the previous week was 2,100 units.

was at 1,500 units last week and 2,400 units this month as of June 11. Its figure for the previous week was 2,100 units.

Leapmotor was 3,000 units last week and 4,400 units this month as of June 11. Its figure for the previous week was 3,400 units.

was at 1,900 units last week and 2,800 units this month through June 11. Its figure for the previous week was 2,900 units.

Data table: China NEV weekly insurance registrations

The post China NEV insurance registrations for week ending Jun 11: Tesla 16,400, Li Auto 8,400, NIO 1,500 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Tesla delivers 42,508 vehicles in China in May, taking 7.3% share of NEV market

ranked third in the CPCA's NEV retail sales rankings, with and in first and second place with 38.1 percent and 7.8 percent shares, respectively.

Tesla (NASDAQ: TSLA) retail sales in China in May were 42,508 units, ranking third in the country's new energy vehicle (NEV) market with a 7.3 percent share, according to data released by the China Passenger Car Association (CPCA) on June 9.

That's up 332.65 percent from 9,825 units in the same month last year and up 6.39 percent from 39,956 units in April, according to data monitored by CnEVPost.

BYD's retail sales in May were 220,735 units, up 94.0 percent year-on-year, placing it first in the NEV market with a 38.1 percent share, according to the CPCA's ranking.

Tesla has a factory in Shanghai, its largest in the world, producing the Model 3 and Model Y, with an annual capacity of more than 1.1 million units.

Model 3 and Model Y breakdown sales figures in China are not yet available. Tesla's pattern is to produce vehicles in the first half of each quarter primarily for export and in the second half for the local market.

China's new energy passenger vehicle retail sales in May were 580,000 units, including 388,000 battery electric vehicles (BEVs) and 192,000 plug-in hybrids (PHEVs), data released by the CPCA on June 8 showed.

This means that Tesla's share of the BEV market in China was 10.96 percent in May, slightly higher than April's 10.8 percent. It had a slightly lower share of the NEV market in May than the 7.58 percent it had in April.

Tesla's Shanghai plant exported 35,187 vehicles in May, considering the CPCA said on June 5 that Tesla sold 77,695 China-made vehicles in May.

That export figure was up 57.51 percent year-on-year but down 1.95 percent from April, CnEVPost's calculations show.

In the ranking released yesterday by the CPCA, GAC Aion came in second with a 7.8 percent share of May retail sales at 45,003 units, up 113.7 percent year-on-year.

SAIC-GM-Wuling ranked fourth with a 6.3 percent share of May retail sales, up 13.7 percent to 36,253 units.

ranked fifth with a 4.9 percent share of May retail sales, up 146.0 percent to 28,277 units.

ranked sixth with a 4.4 percent share, Changan Auto ranked seventh with a 4.2 percent share, Great Wall Motor ranked eighth with a 3.6 percent share, Leapmotor ranked ninth with a 2.1 percent share and Auto ranked 10th with a 1.9 percent share.

CPCA rankings: Top-selling automakers in China in May

The post Tesla delivers 42,508 vehicles in China in May, taking 7.3% share of NEV market appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show

China's auto industry still needs to further recover and expand demand, and the release of consumption potential needs to be accelerated, the CAAM said.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

China's new energy vehicle (NEV) sales in May were 717,000 units, up 60.2 percent year-on-year and up 12.74 percent from April, according to data released today by the China Association of Automobile Manufacturers (CAAM).

The CAAM released data on wholesale sales by automakers, where NEVs include battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs) and fuel cell vehicles.

China sold 522,000 BEVs in May, up 50.43 percent year-on-year and up 10.83 percent from April.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

PHEV sales were 194,000 units in May, up 94.4 percent year-on-year. Sales of fuel cell vehicles were 400 units, up 310.7 percent year-on-year.

All vehicle sales in China were 2,382,000 in May, up 27.9 percent year-on-year and up 10.3 percent from April.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

This means that China's NEVs had a penetration rate of 30.1 percent in May, up from 29.5 percent in April.

China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show-CnEVPost

Production of NEVs in China was 713,000 units in May, up 53 percent year-on-year and 11.4 percent from 640,000 units in April.

Production of all vehicles in China was 2.333 million units in May, up 21.1 percent year-on-year and up 9.4 percent from May.

Both auto production and sales in China saw year-on-year growth in May, with NEVs continuing their rapid growth, the CAAM said.

However, the auto industry is still operating under great pressure, and the profitability of industry enterprises is at a low level, the CAAM noted.

From the current perspective, China's auto industry still needs to further recover and expand demand, and the release of consumption potential needs to be accelerated to drive steady growth in the industry, the CAAM said.

In May, 389,000 vehicles were exported from China, up 58.7 percent year-on-year and up 3.4 percent from April.

Among them, exports of NEVs were 108,000 units, up 150 percent year-on-year and up 7.9 percent from April.

In January-May, China's auto sales were 10.617 million units, an increase of 11.1 percent from the same period last year.

NEVs sold 2.94 million units in January-May, up 46.8 percent year-on-year, with a market share of 27.7 percent.

China contributes 56% of global EV sales in Q1, Counterpoint says

The post China NEV sales up 12.74% MoM to 717,000 in May, CAAM data show appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China contributes 56% of global EV sales in Q1, Counterpoint says

The US overtook Germany as the world's second-largest EV market in the first quarter, while China remained in the lead, Counterpoint said.

(Image credit: CnEVPost)

In the first quarter, the US overtook Germany as the world's second-largest electric vehicle (EV) market, while China still holds the lead, market research firm Counterpoint Research said in a report yesterday.

Global passenger EV sales grew 32 percent year-on-year in the first quarter, with one in seven vehicles sold in the quarter being electric, the report said.

Global EV sales were largely driven by China with 56 percent of total EV sales in the first quarter coming from this market, said Abhik Mukherjee, a research analyst at Counterpoint.

In China, while overall passenger vehicle sales fell 12 percent in the first quarter, EV sales rose a remarkable 29 percent year-on-year, the report said.

The removal of subsidies for NEV purchases in China led to lower-than-expected EV sales in January.

cut prices on its models globally in January, and then other car brands announced similar price cuts on their models starting in February, which led to improved sales of EVs, the report said.

During the February-March period, nearly 40 automakers, including , , , Volkswagen, BMW, Mercedes-Benz, Nissan, Honda and Toyota, cut the prices of their vehicles by hundreds to tens of thousands of dollars, which eventually stoked a competitive price war in China, the report noted.

Initially, it was thought that the price war would soon be over and the automakers would benefit from increased sales. However, as the price war continues to stretch, several Chinese automakers have reported reduced earnings or even losses, according to the report.

Globally, battery electric vehicles (BEVs) accounted for 73 percent of all EV sales in the first quarter, while plug-in hybrid electric vehicles (PHEVs) made up the rest.

The top 10 EV models accounted for 37 percent of total passenger EV sales in the first quarter, with Tesla's Model Y remaining the world's best-selling model, followed by Tesla's Model 3 and BYD's Song, Counterpoint said.

In the first quarter, Tesla's Model Y became the world's best-selling passenger car model, even surpassing traditional fuel cars, according to the report.

By the end of 2023, global EV sales are expected to exceed 14.5 million units, said Soumen Mandal, senior analyst at Counterpoint, adding that US EV sales are expected to grow significantly this year with the implementation of the tax credit subsidy.

China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show

The post China contributes 56% of global EV sales in Q1, Counterpoint says appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show

NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent a year earlier and up from 32.3 percent in April.

Retail sales of new energy passenger vehicles (passenger NEVs) in China were 580,000 units in May, up 60.9 percent year-on-year and up 10.5 percent from April, according to data released today by the China Passenger Car Association (CPCA).

This is higher than the preliminary figure of 557,000 units announced by the CPCA on June 7, and in line with its estimate released on May 23.

Battery electric vehicles (BEVs) accounted for 388,000 in May, or 66.9 percent of all NEV retail sales. This was up 44.9 percent year-on-year and up 7.5 percent from April.

Plug-in hybrid vehicles (PHEVs) accounted for 192,000 units in May, contributing 33.1 percent of NEV retail sales, an increase of 109.1 percent year-on-year and up 17.22 percent from April.

Retail sales of all passenger vehicles in China were 1.742 million units in May, up 28.6 percent year-on-year and up 7.3 percent from April.

NEV penetration at retail in China was 33.3 percent in May, up 6.7 percentage points from 26.6 percent in the same month last year and up from 32.3 percent in April.

The penetration rate of NEVs was 57.1 percent for local brands, 23.0 percent for luxury brands and 4.0 percent for mainstream joint venture brands.

From January to May, retail sales of passenger NEVs in China were 2.42 million units, up 41 percent year-on-year.

Wholesale sales of passenger NEVs in China were 673,000 units in May, up 59.4 percent year-on-year and up 11.5 percent from April.

This means that the penetration of NEVs at wholesale in May was 33.7 percent, up 7.2 percentage points from 26.5 percent a year ago and down from 33.9 percent in April.

The penetration of Chinese domestic brands' NEVs at wholesale in May was 50.4 percent, compared to 33.6 percent for luxury brands and 4.3 percent for mainstream joint venture brands.

From January to May, wholesale sales of passenger NEVs in China were 2.78 million units, up 48 percent year-on-year.

In May, China exported 92,000 passenger NEVs, of which BEVs accounted for 92.6 percent. This represents a year-on-year increase of 135.7 percent, up 1.2 percent from April, and contributed 30.5 percent of all passenger vehicle exports.

Looking ahead, the CPCA believes it would be normal if Chinese passenger car sales in June were lower than a year ago, as China halved the purchase tax on major fuel vehicles starting June 1 last year, allowing for a big increase in sales that month.

BYD confident of gaining higher market share in next 3-5 years, says president

The post China NEV retail up 10.5% MoM to 580,000 in May, CPCA data show appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China NEV retail up 6% MoM to 557,000 in May, preliminary CPCA data show

The preliminary figure was below the CPCA's previous estimate of around 580,000 units, suggesting that the market performed below expectations in the last week of May.

China NEV retail up 6% MoM to 557,000 in May, preliminary CPCA data show-CnEVPost

The China Passenger Car Association (CPCA) today released preliminary figures for May retail sales of new energy vehicles (NEVs) that were lower than previous estimates, suggesting that the market performed below expectations in the final week of May.

Retail sales of new energy passenger vehicles in China increased 55 percent in May to 557,000 units, up 6 percent from April, according to preliminary figures released today by the CPCA.

On May 23, the CPCA estimated in a report that China's estimated retail sales of new energy passenger vehicles in May would be around 580,000 units.

From January to May, retail sales of new energy passenger vehicles in China were 2.4 million units, up 40 percent year-on-year, the CPCA said today.

Wholesale sales of new energy passenger vehicles in China rose 59 percent to 671,000 units in May, up 11 percent from the previous month.

From January to May, wholesale sales of new energy passenger vehicles in China were 2.779 million units, up 47 percent year-on-year.

Retail sales of all passenger vehicles in China were 1.759 million units in May, up 30 percent year-on-year and up 8 percent from April, according to the CPCA.

This means that the penetration of new energy passenger vehicles at retail in May was 31.66 percent, down from 32.3 percent in April.

Retail sales of all passenger vehicles in China from January to May were 7.654 million units, up 4 percent year-on-year.

Wholesale sales of passenger vehicles in China were 2.015 million units in May, up 27 percent year-on-year and up 13 percent from April.

From January to May, wholesale sales of passenger cars in China were 8.857 million units, an increase of 11 percent year-on-year.

With the price war gradually receding, dealers are stabilizing their mindset and consumers are returning to rational consumption, easing the wait-and-see mood, the CPCA said.

The following is the CPCA's weekly retail sales data of the Chinese passenger vehicle market in May announced today:

In the first week of May, from May 1-7, the average daily retail sales of passenger cars were 54,000 units, up 67 percent year-on-year and up 46 percent over the same period in April.

In the second week of May, from May 8-14, the average daily retail sales of passenger cars were 48,000 units, up 44 percent year-on-year and up 6 percent from the same period in April.

In the third week of May, from May 15-21, the average daily retail sales of passenger cars were 48,000 units, up 15 percent year-on-year but down 12 percent from the same period in April.

In the fourth week of May, from May 22-28, the average daily retail sales of passenger cars were 50,000 units, down 17 percent year-on-year and 33 percent lower than the same period in April.

In the fifth week of May, May 29-31, the average daily retail sales of passenger cars were 122,000 units, up 94 percent year-on-year and up 57 percent from the same period in April.

Data table: China auto sales in May 1-31

The post China NEV retail up 6% MoM to 557,000 in May, preliminary CPCA data show appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China NEV insurance registrations for week ending Jun 4: Tesla 14,500, Li Auto 6,600, NIO 1,700

launched the new ES6 on May 24, though the model is likely still in the process of climbing capacity and not contributing much to sales.

(NASDAQ: LI) kept sales strong last week, while its two local peers, NIO (NYSE: NIO) and (NYSE: XPEV), remained weak.

With 6,600 units sold in the week of May 29 to June 4, Li Auto continues to lead the pack among China's new car-making brands, the company said today on Weibo.

That's far more than other new car brands and more than the second and third places combined, Li Auto said.

Li Auto has delivered more than 20,000 units for three consecutive months, and this month the company will aim to reach its 30,000-unit monthly sales target, it added.

Li Auto didn't explain what the weekly sales are based on, but apparently, they are insurance registrations. The company had suspended sharing those numbers in May, but has now resumed sharing them.

All of Li Auto's models currently on sale are extended-range electric vehicles (EREVs), essentially plug-in hybrids that are targeting a broader market, including the five-seat Li L7 and the six-seat Li L9 and Li L8.

NIO and XPeng, on the other hand, offer only purely electric models and face a growing but much smaller market space.

NIO sold 1,700 units last week, according to figures shared by Li Auto. This is slightly higher than the previous week's 1,600 units.

Last week included the last three days of May and the first four days of June. The insurance data represents the number of vehicles registered in China.

NIO launched the new ES6 on May 24, although the model is likely still in the process of climbing capacity and thus still not contributing much to sales.

The electric vehicle (EV) maker delivered 6,155 vehicles in May, down 7.55 percent from April and down 12.37 percent year-on-year, according to data released on June 1.

NIO will finish climbing capacity for the new ES6 in June to deliver vehicles as early as possible, Jim Wei, the company's senior vice president of user operations, said in announcing May delivery figures on the NIO App on June 1.

In a research note sent to investors yesterday, Morgan Stanley analyst Tim Hsiao's team said that NIO's overall new order intake hit a year-to-date high thanks to the launch of the new ES6.

(NASDAQ: TSLA) sold 14,500 units last week, up from 12,800 the week before, according to figures shared by Li Auto.

Tesla sold 77,695 China-made vehicles in May, including those exported, data released yesterday by the China Passenger Car Association (CPCA) showed.

This was up 2.44 percent from 75,842 vehicles in April and up 141.55 percent from 32,165 vehicles in the same month last year.

XPeng (NYSE: XPEV) sold 2,100 units last week, unchanged from the previous week.

The company delivered 7,506 vehicles in May, down 25.87 percent year-on-year, but up 6.03 percent from April.

XPeng will begin pre-sales of the G6, the new SUV designed to compete with Tesla's Model Y, on June 9.

sold 2,100 units last week, up from 1,900 units the week before.

The company delivered 8,678 vehicles in May, up 100.42 percent from 4,330 in the same month last year and up 7.12 percent from 8,101 in April.

This is the fourth consecutive increase in monthly deliveries for Zeekr, which will begin deliveries of its third model, the Zeekr X, later this month.

Leapmotor sales were 3,400 units last week, down from 3,600 the week before. was 2,900 units last week, up from 2,100 the week before.

https://cnevdata.com/2023/06/06/china-nev-weekly-insurance-registrations-0606/

The post China NEV insurance registrations for week ending Jun 4: Tesla 14,500, Li Auto 6,600, NIO 1,700 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

China’s NEV ownership exceeds 15 million

As of June 4, China's NEV ownership had exceeded 15 million units, achieving the goal of its 14th five-year plan ahead of schedule, an academician said.

(Image credit: CnEVPost)

As of June 4, China's new energy vehicle (NEV) ownership had exceeded 15 million units, reaching the goal of the 14th five-year plan ahead of schedule, according to an academician.

Sun Fengchun, a member of the Chinese Academy of Engineering and professor at the Beijing Institute of Technology, mentioned the figure in a speech at an event hosted by bus maker Yutong on June 5.

Global sales of NEVs were around 10.82 million in 2022, up 62 percent from a year earlier, with a penetration rate of 13.9 percent, he said.

For comparison, more than 6.887 million NEVs were sold in China in 2022, up 93.4 percent year-on-year, for a penetration rate of 25.6 percent, Sun said.

As the electrification change comes, the Chinese auto industry moves ahead of the curve for the first time, he said.

By the end of 2022, China had 13.1 million NEVs, or 4.1 percent of the total 319 million vehicles in its fleet, according to data released on January 11 by the Traffic Administration Bureau of the Ministry of Public Security of China.

From January to May, wholesale sales of new energy passenger vehicles in China are expected to be 2.78 million units, up 46 percent year-on-year, the China Passenger Car Association (CPCA) said on June 5.

Passenger car sales in China are expected to be 23.5 million units in 2023, including 8.5 million NEVs, with penetration expected to reach 36 percent, the CPCA said, repeating its previous forecast.

Policy support has been a major reason for the rapid growth of China's NEV industry over the past several years.

Prior to this year, those policies included purchase subsidies, which were not renewed after expiring at the end of last year, and purchase tax exemptions, which were renewed through the end of this year.

China will extend and optimize its NEV purchase tax exemption policy and build a high-quality charging infrastructure system, as mentioned in a State Council executive meeting on June 2.

BYD sells record 240,220 NEVs in May, surpasses 1 million for the year

The post China's NEV ownership exceeds 15 million appeared first on CnEVPost.

For more articles, please visit CnEVPost.

driive.com
All about Smart and Sustainable Mobility

Archives

April 2025
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930