EV Industry

China's NEV penetration at retail stood at 46.88 percent in May and 40.26 percent year-to-date, according to preliminary data from the CPCA.

In May, the start of car trade-in subsidies and the cooling of price wars have stimulated spending among groups that were previously on the sidelines, the CPCA said.

The new variant of the Jiyue 01 has a CLTC range of 720 kilometers and a starting price of RMB 249,900 ($34,510), which sits in the middle of the two previously available variants.

China's retail penetration of NEVs stood at 47.51 percent in May 1-26, and 39.93 percent year-to-date.

China's overall passenger vehicle retail sales in May is expected to be around 1.65 million units, down 5.3 percent year-on-year, the CPCA said.

China's retail penetration of NEVs stood at 45.78 percent in the May 1-19 period, and 39.4 percent year-to-date.

China's retail penetration of NEVs was 43.11 percent in May 1-12, and 38.87 percent year-to-date.

Xiaomi EV plans to increase its daily production time from 8 hours to 16 hours starting in June, with monthly production capacity expected to rise to nearly 20,000 units, according to local media.

Excluding exports, domestic NEV sales in April were 736,000 units, up 37.31 percent year-on-year but down 2.9 percent from March.

The NEV segment fared better than the overall automotive market, while PHEVs outperformed BEVs.