EV Industry

In May, China's NEV sales reached 1,307,000 units, up 36.9 percent year-on-year, according to data from the CAAM.

China's major automakers and some new carmakers have pledged to shorten supplier payment terms amid concerns about supply chain security.

Shanghai's NEV ownership reached 1.51 million vehicles by the end of 2024, with pure electric vehicles accounting for 71 percent.

BEVs sold 607,000 units in May, up 22.6 percent year-on-year, accounting for 59.5 percent of NEV sales.

This marks the first time this year that China's NEV retail sales have returned to above 1 million units.

Morning Midas was transporting about 3,000 cars from several Chinese automakers, including Chery and Great Wall Motor, according to Bloomberg.

A car carrier departing from China and carrying EVs was abandoned after catching fire in the middle of the Pacific Ocean on Tuesday.

In May, China's passenger NEV wholesale sales are expected to reach 1.24 million units, a year-on-year increase of 38 percent and a month-on-month increase of 9 percent.

China's retail penetration of NEVs was 53.5 percent in the May 1-25 period, and 49.2 percent year-to-date.

In May, China's passenger NEV retail sales are expected to be 980,000 units, with penetration at around 52.9 percent.