China’s wholesale sales of passenger new energy vehicles (NEVs) in May are estimated at 670,000 units, up 11 percent month on month, while up 59 percent year on year, according to the China Passenger Car Association (CPCA). Meanwhile, the CPCA estimates that China’s wholesale sales of passenger NEVs in the January-May period amounted to 2.78 million units, up 46 percent year on year.
Meanwhile, the CPCA stated that passenger vehicle retail sales in China will likely reach 23.5 million units in 2023, while China’s passenger NEV retail sales may amount to 8.5 million units in the given year, with the penetration of NEV reaching 36 percent for the given period.
“The NEV market in 2023 may see a gradual rising trend amid the gradual release of enthusiasm for buying from consumers due to the increasing efforts in promotional activities,” the CPCA stated.