Recently, a number of domestic mainstream independent automobile enterprises have released sales data in May, many brands of new energy vehicles sales hit a record high. Independent automobile brands have made efforts to actively increase the expansion of overseas markets.
New energy vehicle market in May sales analysis
With the global emphasis on environmental protection and sustainable development, the new energy vehicle market is rapidly emerging as an important growth point for the automotive industry.2024 In May, the new energy vehicle market once again delivered an eye-catching report card, in which BYD, as the industry leader, performed particularly well.
BYD: Industry Leader
BYD's sales reached about 331,800 units in May, a year-on-year increase of 38.13%, and its cumulative sales this year totaled about 1.27 million units, a year-on-year increase of 26.8%. This achievement not only consolidates BYD's leadership in the new energy vehicle market, but also shows the strong competitiveness of its products in the market. BYD's pure electric models and plug-in hybrid models both achieved significant year-on-year growth, with plug-in hybrid models selling about 184,000 units in May and cumulative sales of about 686,000 units this year, a year-on-year increase of 35.07%.
Figure:New energy vehicles saw impressive sales figures in May
Overall market: continued growth
According to the National Development and Reform Commission, the production and sales of new energy vehicles in May 2023 completed 713,000 and 717,000 units respectively, up 53% and 60.2% year-on-year, with a market share of 30.1%. This growth rate far exceeds the traditional automobile market, showing the strong growth momentum of new energy vehicles.
Market Competition: Blossom in many ways
Apart from BYD, other new energy vehicle brands also showed remarkable market performance. Ideal Motors sold more than 30,000 units in May, while Azera Motors sold 20,000 units and set a new monthly delivery record. Xpeng and HOZON also returned to the “10,000-unit club”, while brands such as GAC EA, HIMA, ZEEKR, DEEPA, VOYAH, and Avita also achieved year-on-year growth.
Market Trend: New Energy Vehicle Penetration Rate Increases
In May, the penetration rate of domestic retail new energy vehicles reached 33.3%, up 6.7 percentage points from 26.6% in the same period last year. This data shows that new energy vehicles are gradually becoming the first choice of consumers and market acceptance is increasing.
The sales performance of the new energy vehicle market in May once again proves the booming development and huge potential of this industry. As technology continues to advance and consumers become more aware of environmental protection, the new energy vehicle market is expected to continue to grow at a high rate. The excellent performance of BYD and other brands not only sets a benchmark for the industry, but also provides impetus for the transformation of the entire automotive industry. In the future, with the introduction of more innovative technologies and products, the new energy vehicle market is expected to usher in a broader development prospect.
