China sees record-breaking NEV sales of 1.11 million in June, marking the peak this year.
In a significant development for the electric vehicle (EV) market in China, Tesla's June retail sales rebounded to 61,484 units, marking the second highest sales figure this year. This surge comes amidst a broader trend of increased EV adoption in the country.
The month of June saw a total of 1.241 million units of new energy vehicles (NEVs) being wholesaled, a 27.0% year-on-year increase and a 1.6% month-on-month growth. The penetration rate of NEVs in wholesale sales reached 49.8%, up 4.6 percentage points year-on-year but down 2.8 percentage points from May.
Battery electric vehicles (BEVs) continued to dominate the market, accounting for 661,000 units in June, a 33.1% year-on-year increase. BEVs also made up 59.5% of total NEV retail sales, maintaining the same percentage as in May. PHEVs and EREVs combined for 450,000 units sold, a 23.7% year-on-year increase and an 8.7% increase from May.
Interestingly, BEVs accounted for 63 percent of NEV exports in June, down from 76 percent in the same period last year. The A0-class and A00-class BEVs accounted for 49% of NEV exports, up from 31% in the same period last year. Meanwhile, 198,000 passenger NEVs were exported from China, up 116.6% year-on-year but down 1.0% from May, accounting for 41.1% of passenger vehicle exports.
The domestic Chinese brands led the retail sales of NEVs, with a penetration rate of 75.4%, followed by luxury brands at 30.3% and mainstream joint-venture brands at 5.3%. In particular, China's passenger NEV retail sales reached 1.111 million units, a 29.7% increase year-on-year and an 8.2% increase month-on-month.
While specific rankings of the top-selling BEV brands in China for June 2022 are not yet available, it is known that BYD Auto was a leading brand in China's EV market in 2022, with a strong presence in the domestic BEV segment. Other prominent players in the Chinese BEV market include brands like Wuling, XPeng, and NIO, although their rankings for June 2022 are not detailed in the current search results.
In the PHEV segment, excluding EREVs, retail sales reached 334,000 units in June, a 32.4% year-on-year increase and a 12.3% sequential increase. EREVs accounted for 116,000 units sold, a 7.8% year-on-year increase but a 0.3% decrease from May.
As the EV market in China continues to grow, it is expected that competition among brands will intensify, with consumers benefiting from increased choice and competitive pricing. The surge in sales figures for Tesla and the broader EV market in China is a testament to the growing acceptance and adoption of electric vehicles in the country.
- Tesla's EV sales in China reached a significant 61,484 units in June, marking the second highest figure this year, indicating a rebound in retail sales.
- In June, the total wholesale of new energy vehicles (NEVs) in China increased by 27.0% year-on-year, with a total of 1.241 million units sold.
- Battery electric vehicles (BEVs) continued to dominate the Chinese EV market, accounting for 661,000 units in June with a year-on-year increase of 33.1%.
- BEVs also made up 59.5% of total NEV retail sales in China, demonstrating their continued dominance in the market.
- While specific rankings for the top-selling BEV brands in China for June 2022 are yet to be revealed, BYD Auto held a strong position in the domestic BEV segment.
- The growth of the EV market in China is expected to lead to increased competition among brands, resulting in more options and competitive pricing for consumers.
- The surge in sales figures for Tesla and the broader EV market in China is a clear indication of the growing acceptance and adoption of electric vehicles in the country, demonstrating a shift towards green and sustainable transportation solutions.
