Summary of Latest Developments in China's EV Market

In May 2024, China's EV market witnessed significant growth, with top electric vehicle makers, including NIO and XPeng, reporting increases in deliveries due to effective promotional campaigns and competitive pricing NIO notably outshined with a staggering 233.8% increase in year-over-year deliveries, totaling 20,544 vehicles This figure comprised of 12,164 premium smart electric SUVs and 8,380 premium smart electric sedans, pushing NIO's cumulative deliveries to 515,811. Meanwhile, other top Chinese EV makers also saw deliveries surge by up to 36% compared to the previous month, showcasing the robust consumer demand in the electric vehicle sector.