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EVs are reaching new levels of market penetration in China. Chinese retail NEV (BEV and PHEV) market share was estimated to be 63% for May, while Chinese wholesale (includes exports) reached 61%, according to CPCA, as reported in CnEVPost. We will have to wait for a more detailed breakdown. While retail EV sales were down 5% YoY in China, they were down less than the overall market and were up 15% MoM to 974,000 units in May. Wholesale (including exports) NEV sales stood at 1.36 million, up 12% YoY and 11% MoM.
These numbers represent an all-time high and a significant milestone. It also signifies further divergence from the US market, where EV adoption continues to struggle. However, China could be at a tipping point where the technology takes over the market. There are signs that this will just be the start, with new EV product introductions and market influences poised to drive share even higher.
Photo by Larry Evans
Product Transition Sets Up Next Phase
