In the January-May period this year, production and sales of automotive vehicles in China amounted to 10.687 million units and 10.617 million units, both increasing by 11.1 percent year on year, according to the China Association of Automobile Manufacturers (CAAM).
In the first five months, production and sales of new energy vehicles (NEVs) totaled 3.005 million units and 2.94 million units, up 45.1 percent and 46.8 percent year on year, with the market share of NEVs reaching 27.7 percent in the given period.
In May alone, production and sales of automotive vehicles in China totaled 2.333 million units and 2.382 million units, up 9.4 percent and 10.3 percent month on month, while rising by 21.1 percent and 27.9 percent year on year, respectively. In the given month, production and sales of new energy vehicles amounted to 713,000 units and 717,000 units, up 11.41 percent and 12.74 percent month on month, respectively, while up 53 percent and 60.2 percent year on year, with the market share reaching 30.1 percent in the given month.
In addition, in May, China’s vehicle exports volume amounted to 389,000 units, up 3.4 percent month on month, while rising by 58.7 percent year on year.
As for the second half of the current year, the demand for NEVs may improve further amid China’s issuance of stimulus policies, which will provide support for the expansion of NEV consumption.