Domestic NEV Passenger Car Wholesale Sales Estimated at 1.36 Million Units in May, Up Over 11% YoY and MoM

In May 2024, domestic automakers' estimated wholesale sales of new energy passenger vehicles reached 1.36 million units, marking a double-digit year-over-year and month-over-month increase of over 11%. Meanwhile, disruptions to shipping through the Strait of Hormuz triggered two rounds of increases in China's retail refined oil prices during the same period, with cumulative hikes nearing RMB 400 per ton. This raised operating costs for fuel-powered vehicles, dampening consumer demand for conventional internal combustion engine cars and putting downward pressure on the overall auto market, making new energy vehicles the primary driver of growth.