China's May EV sales hit all-time high

China's new energy vehicle (NEV) production and sales once again set new monthly records in May.

The country produced 217,000 NEVs in May, up by 150pc from a year earlier and by 0.5pc from April, China's automotive manufacturers association (CAAM) data show.

NEV sales in May were 217,000 vehicles, up by 160pc on the previous year and by 5.3pc from a month earlier.

Total NEV production during January-May reached 967,000, up by 220pc from a year earlier, with sales up by 220pc on the year to 938,000.

China's NEV market recovered rapidly from the Covid-19 pandemic in the second half of last year. The market has grown steadily this year bolstered by the government's supportive measures, including the extension of NEV subsidies to the end of 2022.

The country's state council last year announced a 15-year development plan that aims for NEVs to account for 20pc of the country's total vehicles sales by 2025. China's sales of new energy passenger cars accounted for 47pc of global total sales of 1.39mn units during January-April, according to China Passenger Car Association secretary-general Cui Dongshu.

The rise in China's NEV sales is in contrast to a fall in the country's total automotive sales, which in May fell by 1.7pc from a year earlier to 1.65mn, CAAM data show, partly because car manufacturers slowed output in response to a continuing and prolonged shortage of semiconductors.

China&#39;s NEV production and sales units Type 21-May Y-o-y &#177; % M-o-m &#177; % Jan-May 21 &#177; % Total production 217,000 150.0 0.5 967,000 220.0 Pure-electric 181,000 180.0 -0.5 818,000 260.0 Plug-in hybrids 36,000 67.8 5.9 149,000 110.0 Fuel-cell 38 -41.5 5.6 188 -47.3 Total sales 217,000 160.0 5.3 950,000 220.0 Pure-electric 181,000 170.0 5.8 794,000 250.0 Plug-in hybrids 39,000 120.0 11.4 156,000 130.0 Fuel-cell 39 -90.0 2.6 207 -44.1 — CAAM

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