Monthly EV Sales

The models ahead of the Nio ET7 are all traditional internal combustion engine cars, dominated by models from German luxury brands BMW, Mercedes-Benz and Audi.

From January to August, the Tesla Model Y is also the best-selling premium SUV in China with 172,418 retail sales.

The penetration of NEVs in China reached a record 27.9 percent in August, up 3.4 percentage points from 24.5 percent in July.

In terms of wholesale sales, China's new energy passenger vehicle penetration rate reached a record 30.1 percent in August, the first time it exceeded 30 percent.

Tesla China exported 42,463 vehicles in August, the highest since production began at Tesla's Shanghai plant. This means Chinese consumers received deliveries of 34,502 vehicles.

Despite China's policy of halving purchase taxes on mainstream ICEvehicles, the momentum driving growth in the NEV market is strong, the CPCA said.

BYD's flagship Han family of sedans sold 26,003 units in August, while the flagship Tang family of SUVs sold 10,815 units.

BYD's vehicle deliveries in August were impacted by power constraints and Covid outbreaks. The company is aiming for 280,000 units of monthly deliveries by the end of the year.

The delivery numbers themselves don't have any major negative surprises, but other developments are hurting stocks, including the Nvidia chip ban and the Chengdu Covid lockdown.

The AITO M5 EV will be officially launched on September 6 at Huawei's fall launch event.