NEV Sales Growth Ahead for China: CAAM

A report from chinadaily.com.cn on June 25th, 2024:

The latest industry data have pointed to a continued rapid growth trend in the production and sales of new energy vehicles in China for May.

Data from the China Association of Automobile Manufacturers showed on Friday that last month’s NEV production hit 940,000 units and sales reached 955,000 units, up 31.9 percent and 33.3 percent year-on-year, respectively.

The market share of NEVs reached 39.5 percent in May, according to the association.

For the first five months of the year, China’s production and sales of NEVs reached about 3.93 million and 3.9 million units, respectively.

This represents a year-on-year growth of 30.7 percent and 32.5 percent, respectively, and has increased the market share of NEVs to 33.9 percent.

In May, the production of automobiles in China reached 2.37 million units, up 1.7 percent year-on-year. Sales increased 1.5 percent year-on-year to 2.42 million units.

During the first five months, China’s production and sales of automobiles reached around 11.38 million and 11.5 million units, and saw year-on-year growth of 6.5 percent and 8.3 percent, respectively.