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

Published: Jun 19, 2024 14:06
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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
Lithium Battery Exports Surge 63% in Jan-Feb 2026, Prices Stabilize After Sharp Drops
15 hours ago
Lithium Battery Exports Surge 63% in Jan-Feb 2026, Prices Stabilize After Sharp Drops
Read More
Lithium Battery Exports Surge 63% in Jan-Feb 2026, Prices Stabilize After Sharp Drops
Lithium Battery Exports Surge 63% in Jan-Feb 2026, Prices Stabilize After Sharp Drops
According to data from the CPCA, lithium battery exports reached 926,000 mt in January-February 2026, up 63%, while export value rose 43% to $14.2 billion. The export price of lithium-ion batteries fell from $27,300/mt in 2023 and $20,100/mt in 2024 to $15,700/mt, and further to $15,300/mt in 2026. The average price in 2026 declined only 10% YoY, a marked improvement from the 26% drop in 2024 and the 22% drop in 2025.
15 hours ago
【SMM Analysis】Zhongke Liquid Sunshine (Shawan) Green Hydrogen Zero‑Carbon Project Commences Construction
17 hours ago
【SMM Analysis】Zhongke Liquid Sunshine (Shawan) Green Hydrogen Zero‑Carbon Project Commences Construction
Read More
【SMM Analysis】Zhongke Liquid Sunshine (Shawan) Green Hydrogen Zero‑Carbon Project Commences Construction
【SMM Analysis】Zhongke Liquid Sunshine (Shawan) Green Hydrogen Zero‑Carbon Project Commences Construction
17 hours ago
1 Billion m²/Year Dry-Process Separator Project For Lithium/Sodium Batteries Lands In Nanning
21 hours ago
1 Billion m²/Year Dry-Process Separator Project For Lithium/Sodium Batteries Lands In Nanning
Read More
1 Billion m²/Year Dry-Process Separator Project For Lithium/Sodium Batteries Lands In Nanning
1 Billion m²/Year Dry-Process Separator Project For Lithium/Sodium Batteries Lands In Nanning
Recently, Nanning Urban Construction Investment Group and Huahui New Material Technology Co., Ltd. signed an agreement for the lithium/sodium battery dry-process separator intelligent manufacturing project. The total investment for the project is approximately 500 million yuan. It plans to build a new production line with an annual capacity of 1 billion square meters of dry-process separators for lithium/sodium batteries. The project will introduce Guangxi's first new-generation dry-process uniaxial stretching and 4.2-meter-wide biaxial stretching battery separator production line. It is expected that upon reaching full capacity, the annual output value will be approximately 800 million yuan, creating 170 jobs, and establishing the first battery base film production base in Guangxi.
21 hours ago