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Car manufacturers' price cuts and promotions drove positive MoM growth in May's China new energy vehicle sales, with bullish expectations for June

iconJun 19, 2024 14:06
Source:SMM
In May, BYD's sales reached 330,000 units. At the end of May, the new Qin L model equipped with the fifth-generation DM platform was launched, sparking a surge in market enthusiasm for car purchases. BYD's sales are expected to further increase in June.

In May 2024, according to CAAM statistics, China's NEV sales are expected to reach 955,000 units (including exports), up 33% YoY. In May, the price war among NEV manufacturers continued, together with the release of new models by mainstream NEV companies, leading to an upward trend in NEV sales data. It is expected that in June, NEV sales will remain optimistic and increased MoM.

In May, BYD's sales reached 330,000 units. At the end of May, the new Qin L model equipped with the fifth-generation DM platform was launched, sparking a surge in market enthusiasm for car purchases. BYD's sales are expected to further increase in June.

Tesla's deliveries in China were around 55,000 units in May, with stable sales but significant challenges for future growth.

Geely Auto delivered 59,000 units, with Zeekr performing well and setting a new monthly delivery record.

GAC Aion's sales in May returned to 40,000 units, up 42.5% MoM, reaching the 40,000-unit mark for the first time in four months. Currently, Aion is focusing on the LFP battery route.

Li Auto Inc.'s sales in May exceeded 35,000 units, up 23.8% YoY. The Li L6, equipped with an LFP battery, was a significant driver. Additionally, the rising orders for the L6 may impact the sales of Li's ternary lithium battery models L7/L8/L9.

NIO also saw a sales peak in May, delivering 20,544 new cars, setting a new record. The sub-brand "Le Tao" L60 will officially launch in September, offering both LFP and ternary battery options. The market share of NIO's LFP models is expected to rise.

"HarmonyOS Smart Cockpit" (AITO) delivered 30,578 units in May. The pain of product iteration led to poor sales performance in May, but sales are expected to return to rapid growth in June with the delivery of new models.

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