China NEV sales for June expected to hit historic high

BEIJING -- China's new energy passenger vehicle market continued its robust expansion and is forecast to hit a record high in June, according to the China Passenger Car Association's forecast on Tuesday.

New energy vehicle (NEV) wholesales in China are expected to reach a record of 740,000 in June 2023, data from the association showed.

The forecast figure will mark a 10-percent increase month on month and a 30-percent jump year-on-year, said the association.

NEV retail sales are also estimated at 740,000 units nationwide for June.

With a large number of new NEV models introduced in the second quarter of this year and increasing promotions from NEV manufacturers, consumer purchasing potentials were gradually unleashed, which supported the continuous growth of NEV sales, the association said.

It also predicts that NEV sales in China will reach 8.5 million units for the whole of 2023, and the annual penetration rate of new energy vehicles is expected to reach 36 percent.