In May, the start of car trade-in subsidies and the cooling of price wars have stimulated spending among groups that were previously on the sidelines, the CPCA said.
China's new energy passenger car sales rebounded significantly in May, after seeing an unexpected drop in April.
China's wholesale sales of passenger new energy vehicles (NEVs) were estimated at 910,000 units in May, up 35 percent year-on-year and up 16 percent from April, the China Passenger Car Association (CPCA) said in a report today.
In April, manufacturers with wholesale sales of more than 10,000 passenger NEVs contributed 86.6 percent of all wholesale NEV sales, CPCA said.
The estimated sales of these carmakers in May were 790,000 units, and based on last month's structure, China's May passenger NEV wholesale sales should be at 910,000 units, the CPCA said.
In China, NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and fuel cell vehicles. Their exact numbers are expected to be announced later this month.
In April, China's passenger NEV wholesale sales came in at 788,443 units, an unexpected 3.28 percent decline from March, as weakness at the start of the year continued.
In May, China's auto trade-in subsidy policy came into effect, which, along with a cooling of the price war for new products in the auto market, stimulated spending among groups that had previously been on the sidelines, the CPCA said.
China's new energy passenger car market entered a relatively sound phase of development in May, the CPCA added.
Among major carmakers, BYD, Tesla China, and Geely were the top three in terms of wholesale sales in May, with 330,488, 72,573, and 58,673, respectively, according to the CPCA.
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