July NEV Passenger Car Wholesale Sales Estimated at 1.47 Million Units, Up 23% YoY

On August 4, the China Passenger Car Association (CPCA) released data showing that estimated wholesale sales of new energy passenger vehicles (NEVs) in China for July 2026 reached 1.47 million units, up 23% year-over-year but down 1% month-over-month. Among these, Tesla China sold 93,579 vehicles in July. According to the data, July marked the highest year-over-year growth rate for NEV sales since the beginning of 2026, and the month-over-month decline was better than the typical seasonal trend. The CPCA noted that high oil prices have accelerated a shift in consumer preferences: rising operating costs for fuel-powered vehicles have dampened consumers’ willingness to purchase them, thereby creating additional room for NEV market expansion. Disruptions to shipping through the Strait of Hormuz have driven international oil prices upward, prompting China to raise retail refined oil prices by approximately RMB 985 per ton cumulatively since early July. Effective at 24:00 on July 31, gasoline and diesel (standard grades) prices were further increased by RMB 685 and RMB 655 per ton, respectively, translating into nationwide average retail price hikes of RMB 0.54 per liter for grade 92 gasoline and RMB 0.57 per liter for grade 95 gasoline. On the export front, elevated global oil prices have boosted worldwide demand for NEVs. Chinese automakers, leveraging core technologies offering low energy consumption and strong cost-performance advantages, have seen sustained growth in overseas orders. Major domestic automakers have also mitigated earlier supply constraints by optimizing production scheduling and supply chain systems, supporting robust wholesale performance in July. In July, wholesale NEV sales hit record highs for the month across numerous automakers, including BYD Auto, Geely Auto, Chery Automobile, Leapmotor, Tesla China, SAIC-GM-Wuling, SAIC Motor Passenger Vehicle Company, XPeng Motors, NIO, Great Wall Motor, Arcfox, SAIC General Motors, GAC Toyota, GAC Trumpchi, Changan Mazda, BAIC Manufacturing, Maxus (SAIC), and Jiangsu Yueda Kia. Based on June’s market share distribution, national NEV wholesale sales in July are estimated at approximately 1.47 million units. Collectively, automakers that reported wholesale sales exceeding 10,000 units in June achieved combined NEV sales of 1.38 million units in July.