Home / Metal News / China’s new energy passenger car wholesale, retail volumes jump 32.1%, 38.5% YoY in May

China’s new energy passenger car wholesale, retail volumes jump 32.1%, 38.5% YoY in May

iconJun 11, 2024 20:12
Source:gasgoo
In May 2024, China’s new energy passenger vehicle market realized a respective 31% and 32.1% year-on-year jump in production and wholesale volumes, which came in at 881,000 vehicles and 897,000 vehi...

Beijing (Gasgoo)- In May 2024, China’s new energy passenger vehicle market realized a respective 31% and 32.1% year-on-year jump in production and wholesale volumes, which came in at 881,000 vehicles and 897,000 vehicles, according to data provided by the China Passenger Car Association.

In the past month, new energy vehicles (NEVs) accounted for 44.2% of the total passenger vehicles wholesaled by automakers in China, climbing 10.2 percentage points from that of a year ago. Specifically, NEVs made up 59.8% of the monthly wholesales made by Chinese indigenous brands, 32.7% of luxury vehicle brands, and merely 8% of mainstream joint-venture brands in the country.

Powertrain-wise, battery electric vehicles (BEVs) accounted for 59% of the total wholesale volume in May, amounting to 531,000 vehicles. Plug-in hybrid electric vehicles (PHEVs) made up 31% (276,000 units) and range-extended electric vehicles (REEVs) at 10% (91,000 units).

In the past month, a total of 15 passenger car models achieved a monthly wholesale volume exceeding 20,000 units, 7 of which were NEVs, including the top 5 models. BYD's Song maintained its lead with 82,174 units wholesaled in May, which is followed by the BYD Qin (52,072 units), Tesla’s Model Y (45,359 units), the BYD Seagull (35,370 units), and the BYD Destroyer 05 (32,883 units).

In May, new energy passenger car companies in China showed strong overall performance. BYD solidified its market-leading position among domestic brands in the NEV market with its dual focus on both BEV and PHEV. REEVs, represented by brands like SERES, Li Auto, Changan Auto, and Leapmotor, performed particularly well.

In terms of product launches, Chinese automakers are expanding their market base by pursuing multiple new energy powertrain routes. This expansion is reflected in the increase in monthly wholesale volumes, with 16 carmakers achieving a monthly volume surpassing 10,000 units (an increase of 2 companies from the previous month and 4 from the same period last year). These companies account for 88.6% of the total new energy passenger car market in China last month (up from 86.7% last month and 82.1% last year). 

The top three NEV sellers in May are BYD (330,488 units), Tesla China (72,573 units), and Geely Auto (58,573 units).

As to retail performance in the past month, China’s NEV retail volume amounted to 804,000 vehicles, surging 38.5% year on year and 18.7% month over month. NEVs accounted for 47% of the total retail volume of passenger cars in May, which rose 14 percentage points from a year ago.

To be specific, 71.2% of the passenger cars retailed by China’s indigenous brands in the last month were NEVs. Meanwhile, NEVs constituted 28.4% and 7.5% of luxury brands and mainstream joint ventures’ retail volume.

Regarding monthly domestic retail market share, mainstream indigenous brands’ NEVs held a 71% share in May, down 2.1 percentage points year-on-year. Joint venture brands’ NEVs accounted for 4.5% of the total, down 0.1 percentage points year-on-year. The market share of startup NEV makers, driven by brands like Xiaomi EV, grew by 3.5 percentage points from the previous year to 16.3%. Tesla's share was 6.4% in China last month, which dipped 0.5 percentage points year over year.

In May, a total of 94,000 NEVs were exported by automakers in China, representing a 4% decrease year-over-year and accounting for 24.8% of the total passenger car export volume. BEVs made up 78% of the total NEV exports in the last month.

For queries, please contact Michael Jiang at michaeljiang@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

SMM Events & Webinars

All