?China's NEV sales rise with positive outlook for June

By Wang Yiming
0 Comment(s)Print E-mail China.org.cn, June 9, 2022
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A new energy vehicle produced by China's leading NEV manufacturer BYD on display at the China Import and Export Fair in Guangzhou, Guangdong province, Oct. 15, 2021. [Photo/Xinhua]

Several new energy vehicle (NEV) makers in China have recently released production and sales figures for May, indicating a steady rise in sales of NEVs. 

According to the China Automobile Dealers Association last week, the latest Automobile Consumption Index in May 2022 reached 79.2. The industry body expects that automobile sales will continue to increase in June as China's recent COVID-19 outbreak wanes. 

On June 2, BYD released its production and sales report for May 2022, showing that the company produced around 118,100 NEVs, up nearly 10% over the previous month and 270.24% on a yearly basis. Its sales of NEVs reached 114,900 units, an increase of 8.4% month-on-month and 250.44% year-on-year. 

It is worth noting that BYD's monthly sales of NEVs have exceeded 100,000 units for three consecutive months. 

With a total market value of around $131 billion as of Wednesday, BYD has become the world's third most valuable automaker by market cap, after Tesla and Toyota, according to figures from Companies Market Cap. 

In addition, Chinese electric-car maker Li Auto delivered 11,496 of its Li One sports utility vehicles in May, up by 175.9% month-on-month and 165.9% year-on-year. Electric vehicle startup Leapmotor also delivered a record 10,069 vehicles in May, representing a 10.8% increase from April. 

Based on the weekly data reported by key enterprises, the China Association of Automobile Manufacturers on June 3 calculated that the sales volume of the automobile industry in May was expected to be 1.77 million units, an increase of 49.59% over the previous month. 

Since the beginning of this year, affected by COVID-19 and other factors, the growth of automobile consumption in China has been under pressure. 

In particular, the supply and demand of automobiles fell sharply in April, with retail sales of automobiles above designated size down by 31.6% year-on-year, Vice Minister of Commerce Sheng Qiuping said at a press conference on May 31. 

A package of measures was rolled out recently to stabilize the economy and stimulate bulk consumption of items such as automobiles, which boosted auto consumption, Sheng said, adding that the Ministry of Commerce will continue supporting the purchase and use of NEVs.

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