Tesla, Nio To See China Bounceback? Data Shows June NEV Sales Likely Hit Record High

China’s new energy vehicle (NEV) retail sales are expected to reach a record high in June as key automakers emerge from intensive COVID-19 curbs, CnEVpost reported, citing the China Passenger Car Association (CPCA).

What Happened: NEV retail sales are expected to cross 500,000 units in June as sales picked up better than industry expectations. 

China’s NEV sales reached 420,000 units in May and mostly bounced back to March levels, before stringent coronavirus restrictions came into effect. 

Analysts have mirrored the CPCA’s views. CITIC Securities last week reportedly estimated China’s NEV sales to be in the range of 543,000 units to between 553,000 units in June. 

China's NEV retail wholesales reached 505,000 units in December last year.

See Also: Tesla Bounces Back With Strong May Sales In China, Clocking 2000% Sequential Rise

Why It Matters: A full effect of the relaxation in COVID-linked norms are expected to begin reflecting further down the year and will be more pronounced in the fourth quarter.

BYD Co BYDDY, Nio Inc NIO, Tesla Inc TSLA and others have been competing with each other in the world’s biggest NEV market. 

Photo via B.Zhou on Shutterstock