China Passenger Car Association Reports 47% Domestic Retail Penetration Rate for New Energy Vehicles in May, Showing 14% Year-on-Year Increase

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According to Gamingdeputy on June 11, the China Passenger Car Association released the latest analysis of the national passenger car market in May.

Data shows that in May, the national passenger car market sold 1.71 million vehicles, down 1.9% year-on-year and up 11.4% month-on-month. So far this year, the cumulative sales volume has reached 8.073 million vehicles, up 5.7% year-on-year.

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Production: In May, passenger car production reached 1.997 million units, up 0.3% year-on-year and 0.5% month-on-month, setting a new record. In May, joint venture brand production decreased by 24% year-on-year and increased by 2% month-on-month; independent brand production increased by 18% year-on-year and 1% month-on-month.

Wholesale: In May, the national passenger car manufacturers wholesaled 2.031 million vehicles, an increase of 1.2% year-on-year and 3.9% month-on-month, setting a record high. In May, independent car companies wholesaled 1.298 million vehicles, an increase of 18% year-on-year and 4% month-on-month. Mainstream joint venture car companies wholesaled 480,000 vehicles, a decrease of 23% year-on-year and an increase of 3% month-on-month. Luxury car wholesales 260,000 vehicles, a decrease of 9% year-on-year and an increase of 5% month-on-month.

In terms of exports, this year's overall automobile exports continued the strong growth trend at the end of last year. In May, customs statistics showed that 569,000 vehicles were exported, a year-on-year increase of 30%. The export value for the month reached US$10.5 billion, a year-on-year increase of 17%.

From January to May this year, the total export of automobiles reached 2.45 million units, a year-on-year increase of 27%, and the export value of automobiles reached US$46.4 billion, a year-on-year increase of 20%. Passenger car manufacturers' statistical caliber: In May, passenger car exports (including complete vehicles and CKD) were 378,000 units, a year-on-year increase of 23% and a month-on-month decrease of 9%; from January to May, the cumulative export of passenger cars was 1.87 million units, a year-on-year increase of 34%. In May, new energy vehicles accounted for 24.8% of the total exports, a decrease of 6.8 percentage points from the same period last year.

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In terms of new energy vehicles, the production of new energy passenger vehicles reached 881,000 units in May, an increase of 31.0% year-on-year and 9.9% month-on-month; wholesale sales reached 897,000 units, an increase of 32.1% year-on-year and 13.8% month-on-month; retail sales reached 804,000 units, an increase of 38.5% year-on-year and 18.7% month-on-month. In May, the export of new energy vehicles reached 94,000 units, a decrease of 4.0% year-on-year and 18.8% month-on-month.

In May, the wholesale sales of pure electric vehicles reached 531,000 units, a year-on-year increase of 9.4% and a month-on-month increase of 14.8%; the total sales of true plug-in hybrid vehicles in May reached 276,000 units, a year-on-year increase of 84% and a month-on-month increase of 8%; the wholesale sales of extended-range vehicles in May reached 91,000 units, a year-on-year increase of 105% and a month-on-month increase of 27%. In the wholesale structure of new energy vehicles in May, pure electric vehicles accounted for 59%, true plug-in hybrid vehicles accounted for 31%, and extended-range vehicles accounted for 10%. In May 2023, pure electric vehicles accounted for 71%, true plug-in hybrid vehicles accounted for 22%, and extended-range vehicles accounted for 6%.

According to retail data, the domestic retail penetration rate of new energy vehicles in May was 47.0%, an increase of 14 percentage points from the 33% penetration rate in the same period last year. In May, the domestic retail penetration rate of new energy vehicles among independent brands was 71.2%; the penetration rate of new energy vehicles among luxury cars was 28.4%; and the penetration rate of new energy vehicles among mainstream joint venture brands was only 7.5%.

From the perspective of monthly domestic retail share, in May, the retail share of new energy vehicles of mainstream independent brands was 71%, a decrease of 2.1 percentage points year-on-year; the share of new energy vehicles of joint venture brands was 4.5%, a decrease of 0.1 percentage points year-on-year; the share of new forces was 16.3%, and brands such as Xiaomi Auto drove the share of new forces to increase by 3.5 percentage points year-on-year; Tesla's share was 6.4%, a decrease of 0.5 percentage points year-on-year.

In May this year, the number of manufacturers whose monthly wholesale sales of new energy vehicles exceeded 10,000 vehicles reached 16 (an increase of 2 from the previous month and 4 from the same period last year), accounting for 88.6% of the total new energy passenger vehicles (86.7% last month and 82.1% in the same period last year). Gamingdeputy summarizes it as follows:

  • BYD: 330,488 units

  • Tesla China: 72,573 units

  • Geely Auto: 58,673 units

  • Changan Automobile: 50,272 units

  • Chery Automobile: 39,444 units

  • Li Auto: 35,020 units

  • SERES: 34,177 units

  • SAIC-GM-Wuling: 33,870 units

  • GAC Aion: 30,420 units

  • Great Wall Motors: 24,549 units

  • NIO: 20,544

  • Leapmotor: 18,165 units

  • Dongfeng Motor: 14,709 units

  • SAIC Volkswagen: 12,393 units

  • Xpeng Motors: 11,724

  • SAIC Passenger Vehicle: 10,026 units.

In May this year, the export of new energy vehicles was 94,000 units, a year-on-year decrease of 4.0% and a month-on-month decrease of 18.8%. It accounted for 24.8% of passenger car exports, a decrease of 6.8 percentage points from the same period last year; among them, pure electric vehicles accounted for 78% of new energy exports, and A0+A00 pure electric exports accounted for 61% of domestic new energy exports. In terms of manufacturers' exports in May:

  • BYD: 37,499 units

  • Tesla China: 17,358 units

  • Chery Automobile: 7,198 units

  • SAIC Passenger Vehicle: 6,487 units

  • Great Wall Motors: 2,905 units

  • Nezha Auto: 2,764 units

  • Geely Auto: 2,501 units

  • Dongfeng Honda: 2,492 units

  • SAIC-GM-Wuling: 2,293 units

  • Xpeng Motors: 1,578 units

  • Polestar: 1,455

  • Changan Automobile: 1,450 units

  • Jiangsu Yueda Kia: 1,389 units

  • Zhimada Automobile: 1,022 units.

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