China vehicle sales jump 7.3% in May, NEVs lead the charge By Investing.com

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China vehicle sales jump 7.3% in May, NEVs lead the charge

Published Jun 08, 2023 09:52

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China vehicle sales jump 7.3% in May, NEVs lead the charge

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Data released by the China Passenger Car Association (CPCA) Thursday shows that passenger vehicle sales in China rose 7.3% in May compared to last month, as the Chinese government extended tax incentives to shore up demand amid a lagging economic recovery.

The data shows vehicle sales in May reached a total of 1.76 million units. Furthermore, sales for the period of January to May increased by 4 percent compared to the same period last year, amounting to 7.74M cars sold.

Sales of new energy vehicles (NEVs), such as electric vehicles and hybrids, rose 10% m/m in May, and accounted for 32.9% of total sales for the month, CPCA data showed.

Earlier this week, the CPCA showed that Tesla (NASDAQ:TSLA) sold 77,695 China-made vehicles in May. However, the industry body didn’t offer a breakdown of export data by auto brands.

According to state media, the government intends to prolong and enhance tax incentives for the purchase of new energy vehicles (NEVs) while exploring policies to foster the development of NEVs. These plans were revealed during cabinet discussions, as reported on Friday.

Furthermore, in mid-May, the National Development and Reform Commission along with the National Energy Administration issued guidelines aimed at expediting the establishment of electric vehicle charging infrastructure with the objective to stimulate NEV purchases in rural areas.

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China vehicle sales jump 7.3% in May, NEVs lead the charge

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