CPCA estimates China's May NEV wholesale to grow 38% year-on-year to 1.24 million - CnEVPost

China's overall new energy vehicle (NEV) sales continued to grow last month.

In May, China's passenger NEV wholesale sales are expected to reach 1.24 million units, up 38 percent year-on-year and 9 percent month-on-month, according to a report released today by the China Passenger Car Association (CPCA).

In April, manufacturers with passenger NEV wholesale sales exceeding 10,000 units accounted for 90 percent of the month's total NEV wholesale sales, CPCA said.

Preliminary figures for these manufacturers' passenger NEV sales in May totaled 1.13 million units. Based on last month's sales structure, China's passenger NEV wholesale sales in May are expected to reach 1.24 million units, the CPCA said.

In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles. Their specific figures are expected to be released later this month.

China's local governments have introduced policies to promote car purchases, and offline events such as auto shows have also contributed to the positive trend in the car market in May, according to the CPCA.

In the first five months of the year, China's NEV wholesale sales are estimated to have reached 5.22 million units, up 41 percent year-on-year, according to the CPCA.

Among major automakers, BYD (HKG: 1211, OTCMKTS: BYDDY) had 376,930 NEV wholesale sales, Geely 138,021, Changan 88,264, SAIC-GM-Wuling 65,390, and Tesla (NASDAQ: TSLA) 61,662.

Data released earlier this month by BYD showed that it sold 382,476 NEVs in May, up 15.27 percent year-on-year and 0.63 percent month-on-month.

Its passenger NEVs sold 376,930 units in May, up 14.05 percent year-on-year and up 1.16 percent month-on-month.

In January-May, China imported 180,000 cars, down 33 percent year-on-year, marking a rare sharp decline for January-May in recent years.

The updated Electra E5 has a starting price of RMB 169,900 ($23,640), and Buick promises zero self-ignition for the model.

The penetration rate of NEVs in retail sales was 57 percent from June 1 to 15, and 49.98 percent year-to-date.

The updated IM LS7 is 5,049 mm long and can accelerate from 0 to 100 km/h in 3.9 seconds.

Anji Soundness began its maiden voyage today and will sail to Europe after loading vehicles at Chinese ports.