EV Industry

As of June 4, China's NEV ownership had exceeded 15 million units, achieving the goal of its 14th five-year plan ahead of schedule, an academician said.

From January to May, China's wholesale sales of passenger NEVs are expected to be 2.78 million units, up 46 percent year-on-year, the CPCA said.

In the first four weeks of May, retail sales of all passenger vehicles in China were 1,392,000 units, up 19 percent year-on-year but down 6 percent from the same period last month, according to the CPCA.

Evergrande NEV will accelerate production and deliveries of the Hengchi 5 and advance the development and production of subsequent models, an executive said.

Retail penetration of NEVs in China was 35.6 percent in the first three weeks of May.

Hesai began trading on the Nasdaq on February 9 and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.

Passenger vehicle sales in China are expected to be around 1.73 million units in May, up 27.7 percent year-on-year and up 6.6 percent from April, the CPCA said.

Shanghai, home to Tesla's China factory and Nio's global headquarters, has seen NEV penetration reach about 50 percent.

Discounts on passenger cars in China continued to expand in April, but the industry is seeing some positive changes heading into May.

As price wars fade and consumer wait-and-see sentiment eases, pent-up demand has been released, the CPCA said.