New Energy Vehicle Sales Heat Up Over May Day Holiday as Price Hike Expectations Drive Early Orders

During the May Day holiday period in 2026, domestic automotive retail outlets saw a significant surge in customer traffic, driven by expectations of price hikes for new energy vehicles (NEVs). NEV showrooms in Beijing’s prime commercial districts experienced a sharp increase in visitors, with some stores recording over six valid orders in a single day, intensifying their customer service burden. The concurrent 19th Beijing Auto Show also reached its peak attendance, with Chinese-brand booths drawing particularly strong crowds. Some consumers even placed deposits directly via mini-programs at exhibition stands. Since the beginning of this year, more than ten NEV manufacturers have announced increases in the official recommended retail prices of their models or reductions in terminal purchase incentives, with adjustments ranging from RMB 2,000 to RMB 10,000. This trend prompted some previously hesitant buyers to accelerate their purchasing decisions and lock in orders ahead of schedule. During the May Day holiday, several brands introduced interest-subsidy programs for auto financing, eliminating additional fees for installment purchases. As a result, the total cost of buying on credit became nearly equivalent to paying in full, further boosting order volumes. Although raw material and finished tire prices have seen slight increases, intense competition in China’s passenger vehicle market has led automakers to generally maintain stable pricing, refraining—for now—from passing higher component costs onto new vehicle prices.