BYD HAN Model (Credit: BYD)

China’s passenger vehicles sales drop 17% YoY in May while the NEVs increased by 91%

Written by Cláudio Afonso | | LinkedIn | Twitter

According to the China Passenger Car Association (CPCA), 1.354 million passenger vehicles were sold in the country in May, representing a decrease of 16.9% year-over-year and a 29.7% increase from the previous month. Total sales of passenger car manufacturers nationwide were 1.557 million units, down 3% year-on-year and up 64% month-on-month.

In terms of new energy vehicles (NEVs), 360k units were sold in China representing a 91.2% increase when compared to May 2021. When considering the first five months of the year, the country more than doubled the numbers selling 1.712 million new energy vehicles, 119.5% more when compared to January – May 2021.

EV Makers with over 10,000 units delivered in May

GAC Aion21,056
SAIC Motor20,693
Hozon NETA11,009
Leap Motor10,069

The first week of June

In the first week of June this year, overall retail sales in the passenger car market reached an average of 34,000 vehicles per day, down 5% year on year. The performance gradually recovered, increasing by 6% compared with the average number in the first week of May.

From January to April 2022, the sales volume of generalized new energy vehicles was 3.75 million, of which hybrid power reached 1.17 million, accounting for 31%. In 2022, the world’s narrowly defined new energy passenger cars will have a strong trend, reaching 2.56 million vehicles from January to April, an increase of 73% year-on-year.

“Sales of 540,000 vehicles in April 2022, an increase of 37% year-on-year and from January to April 2022, China accounted for 57% of the world’s new energy vehicles.”This is mainly due to China’s strong demand for new energy, while the production and sales of traditional and new energy vehicles in Europe are low, so China’s development is very strong,” CPCA said.

The Associations says this 2022 result so far is “the effective driving of market demand, and the policy-driven shift to marketization.”. 

Written by Cláudio Afonso | | LinkedIn | Twitter