China's May passenger NEV wholesale volume estimated at 1.36 million units, up 12% year-on-year

• China's passenger NEV market showed a significant recovery in May, driven by elevated global oil prices and robust export demand.
• Major automakers, including BYD and Tesla China, recorded a strong sales rebound in May.

China's wholesale sales of new energy vehicles (NEVs) extended their growth momentum last month, signaling that the industry is accelerating its recovery from the traditional slow sales season at the start of the year.

Wholesale shipments of passenger NEVs are estimated at 1.36 million units in May, representing a 12% year-on-year increase and an 11% month-on-month rise, according to data released Tuesday by the China Passenger Car Association (CPCA).

The robust market performance was fueled by a combination of macroeconomic and industry-specific factors, notably the surge in oil prices stemming from geopolitical conflicts.

Disruptions to navigation in the Strait of Hormuz have kept global crude prices elevated, triggering two rounds of hikes in China's domestic retail fuel prices. The significant increase in operating costs for internal combustion engine (ICE) vehicles has severely suppressed consumer demand for traditional gasoline cars, the CPCA said.

Exorbitant fuel prices have accelerated the shift in domestic consumer demand from traditional gasoline cars to NEVs. Additionally, an ample number of working days in May provided a solid foundation for automakers to unleash their production capacity, according to the CPCA.

Elevated global oil prices have also sparked a surge in NEV demand in overseas markets. Chinese domestic brands have demonstrated formidable competitiveness abroad, leveraging their technological advantages in energy efficiency and outstanding cost performance.

The steady expansion of export volumes has further bolstered China's domestic NEV production and sales figures. The rapid iteration of electrification technologies by major automakers and the launch of new models have also stimulated market demand, the CPCA noted.

In the NEV sector, BYD (HKEX: 1211) maintained its absolute leadership among all manufacturers, wholesaling 376,990 passenger NEVs in May.

Geely Auto (HKEX: 0175) ranked second in the NEV market with sales of 131,037 units in May. Its total vehicle sales for the month reached 237,637 units.

Chery (HKEX: 9973) secured the third spot with wholesale NEV sales of 92,905 units in May.

Tesla (NASDAQ: TSLA) China ranked fourth, with wholesale shipments reaching 85,982 vehicles in May, the highest this year.

EV startups also demonstrated robust market performance in May. Leapmotor (HKEX: 9863) delivered 81,569 new vehicles during the month, setting yet another monthly delivery record.

Nio Inc (NYSE: NIO) delivered 37,705 vehicles in May, hitting a new high for the year.

The CPCA noted in its report that manufacturers with wholesale NEV sales exceeding 10,000 units in April accounted for 93% of the total volume in May. These top-tier companies saw their estimated sales reach 1.26 million units last month.

Based on this preliminary aggregated data structure, the CPCA projected national passenger NEV wholesale sales at 1.36 million units for May.

Wrap-up: May 2026 deliveries for major Chinese automakers

Based on the data released so far, most automakers saw a rebound in sales in May, gradually emerging from the off-season that began at the start of the year.

EV Industry

Jun 1, 2026