CPCA

The preliminary figure was below the CPCA's previous estimate of around 580,000 units, suggesting that the market performed below expectations in the last week of May.

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.

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

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.

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

From January to April, the Model Y sold 121,407 units, making it the second-best-selling new energy SUV in China during this period.

China's NEV penetration at retail was 32.3 percent in April, up 6.6 percentage points from 25.7 percent in April 2022 but lower than 34.2 percent in March.

China's retail sales of passenger NEVs in April were 529,000 units, up 87 percent year-on-year, but down 3 percent from March, according to the CPCA.

China's auto industry price war faded in April, easing consumer wait-and-see sentiment and releasing suppressed demand, the CPCA said.