- Seres Group Co., a Chinese electric vehicle maker, delivered 34,100 in May, nearly tripling its sales from the previous year.
- BYD sold 330,488 passenger vehicles in May, a 25% increase from last year.
- EVs and plug-in hybrids are expected to grow 33% to 770,000 vehicles in May, despite a 5.3% decline in overall passenger car deliveries.
Price cuts and new models propelled Chinese electric vehicle (EV) makers, including BYD and Nio, to continued sales growth in May despite an anticipated decline in overall passenger car deliveries.
Seres Group Co., in collaboration with Huawei Technologies Co. on the Aito EVs, led the surge, delivering 34,100 cars in May—nearly triple the amount from the previous year. Nio followed with a 234% increase in sales, while Zeekr Intelligent Technology Holding Ltd. reported a 115% growth.
BYD, China’s top-selling brand, sold 330,488 passenger vehicles in May, a 25% increase from last year. However, this growth rate has slowed compared to the previous year’s near 100% surge.
Chinese EV manufacturers face mounting challenges both domestically and internationally. Competition intensifies as demand for battery-powered vehicles wanes, leading to aggressive price cuts and rapid new model launches. BYD escalated the price war in February by slashing prices on many popular models, prompting others to follow suit.
Overseas expansion faces threats from trade actions such as potential tariff hikes in the European Union and a 100% import tax on Chinese EVs in the United States.
Despite these hurdles, domestic sales remain strong. According to preliminary China Passenger Car Association data, EVs and plug-in hybrids should grow 33% to 770,000 vehicles in May. This contrasts with a projected 5.3% decline in overall passenger car deliveries, partly due to the week-long Labour Day holiday in May.
The resilience of domestic sales offers some relief as Chinese EV makers navigate an increasingly competitive and challenging market.