China's New Energy Vehicles Sold 580,000 Units in May... Penetration Rate at 33.5%

China's passenger car sales in May increased by more than 27% year-on-year, driven by strong sales of new energy vehicles.

On the 24th, the China Passenger Car Association (CPCA) announced that retail sales of passenger cars in China reached 1.73 million units in May, up 27.7% compared to the same month last year.

[Image source=Yonhap News]

Among these, sales of new energy vehicles reached 580,000 units, an increase of 60.9% during the same period. The penetration rate is approximately 33.5%. In comparison, South Korea recorded a nationwide average penetration rate of 1.3% last year.

The CPCA attributed the strong sales performance to recent large-scale motor shows and discount promotions. According to a survey by the Passenger Federation, the overall market discount rate for passenger cars as of mid-May was about 16.9%.

In the first quarter, China surpassed Japan to become the world's largest automobile exporter. According to the Korea Automobile Mobility Industry Association, China exported 994,000 vehicles produced domestically in the first quarter, surpassing Japan's 954,000 units for the first time. Most of the vehicles exported by China were passenger cars, totaling 826,000 units, while commercial vehicles such as buses accounted for 168,000 units. Based on production, China also ranked first in the world last year by manufacturing 27 million units.

This content was produced with the assistance of AI translation services.