Chinese automotive industry sales reports

Chinese EV Sales Surge in May, Led by BYD and Tesla Amid Price Cuts and New Models

Jun 4, 2024, 04:00 AM

Chinese electric vehicle (EV) sales have seen significant growth despite an overall slump in consumer spending. In the first five months of 2024, 26% of vehicle sales in China were pure battery-electric, with companies like BYD and Tesla leading the market. BYD sold over 1.27 million new energy vehicles (NEVs) during this period, marking a 27% increase from the previous year. The company's NEV exports reached 37,500 units in May. BYD's Dynasty line sold 172,051 vehicles in May, while the Ocean line sold 143,108 units. BYD shares hit a new high since November 2023 in Shenzhen after strong May sales. Tesla China reported strong sales with 15,000 vehicles sold in the last week of May, contributing to a total of 72,573 units sold in the month. Overall, the price cuts and new models have boosted sales for Chinese EV makers, including Nio and Zeekr, which more than doubled their deliveries in May. Additionally, registrations of China-made EVs in Europe rose by 23% year-over-year from January to April. China’s NEV wholesale volume in May was 910,000 units, up 16% from April.