In China, sales of New Energy Vehicles (NEVs), including battery electric, plug-in hybrid, and fuel cell electric vehicles, experienced a significant increase in May.
According to the China Passenger Car Association (CPCA), NEV sales in the domestic market reached 1.02 million units, marking a 28.2% increase compared to the same month last year.
NEV production in May totaled 1.17 million units, with the majority of these vehicles sold within the country. Overall car sales also rose, reaching 1.93 million units, a 13.3% increase year-on-year.
The growth in car sales was supported by consumer product exchange incentive programs aimed at boosting domestic consumption. The Ministry of Commerce data indicates that 4.12 million new cars were sold in the first five months of the year under these programs.
Consumers trading in their old vehicles for new ones can benefit from incentives provided by both central and local governments.