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Chinese NEV Share Hits 63%. What’s Next?
EVs are reaching new levels of market penetration in China. Chinese retail NEV (BEV and PHEV) market was estimated to be 63% for May, while Chinese wholesale (includes exports) reached 61%, according to CPCA, as reported in CnEVPost.
Summary
EVs are reaching new levels of market penetration in China. Chinese retail NEV (BEV and PHEV) market was estimated to be 63% for May, while Chinese wholesale (includes exports) reached 61%, according to CPCA, as reported in CnEVPost. We will have to wait for a more detailed breakdown. While retail EV sales were down 5% YoY in China, they were down less than the overall market and were up 15% MoM to 974,000 units in May.
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