The latest industry data indicates that in May 2026, domestic manufacturers' estimated wholesale volume for new energy passenger vehicles reached 1.36 million units. This represents a year-on-year and month-on-month increase of over 11%, achieving double-digit growth in both measures and signaling an initial recovery trend in the new energy sector.

Due to disruptions in navigation through the Strait of Hormuz, domestic refined oil retail prices have undergone two rounds of increases. This has significantly raised the cost of operating fuel-powered vehicles, suppressing consumer demand for traditional internal combustion engine cars. While the overall vehicle market faces pressure and remains relatively weak, new energy vehicles have emerged as the core growth driver.

The simultaneous strength in both production and sales of new energy vehicles this round is driven by multiple factors. Firstly, persistently high oil prices are forcing a shift in domestic consumer demand from fuel vehicles to new energy alternatives. This is coupled with automakers optimizing production schedules and improving supply efficiency, which collectively pushed the month-on-month increase in May's new energy wholesale volume to 7%.

Secondly, with the Dragon Boat Festival holiday falling in June, May had a full complement of working days for vehicle production, ensuring manufacturers could fully utilize their capacity.

Thirdly, high international oil prices have spurred a surge in overseas demand for new energy vehicles. Domestic brands' new energy models, leveraging their technological advantages in low energy consumption and outstanding cost-effectiveness, demonstrate strong competitiveness compared to fuel vehicles in international markets. This has led to a steady expansion in export volumes, further supporting domestic new energy production and sales.

Benefiting from leading automakers' iterations in electrification technology and the concentrated launch of several major new models, multiple mainstream manufacturers achieved record-high new energy wholesale sales for the month of May, highlighting the effectiveness of domestic automakers' electrification transition.

Manufacturers including BYD Company Limited (SZ: 002594), CHERY AUTO (HKEX: 09973), Tesla China, LEAPMOTOR (HKEX: 09863), SAIC-GM-Wuling, SAIC Motor Passenger Vehicle, NIO, Arcfox, SAIC General Motors, Dongfeng Nissan, GAC Toyota, IM Motors, Changan Mazda, GAC Trumpchi, BAW, SAIC Maxus, and Beijing Hyundai all reported their best-ever May performance for new energy wholesale volume this month.

Manufacturers with new energy wholesale sales exceeding 10,000 units in April 2024 collectively accounted for 93% of the total new energy passenger vehicle sales in May. Preliminary aggregated data for June shows that these manufacturers, which sold over 10,000 new energy units in April, achieved sales of 1.26 million units in May.

As the sales figures for most manufacturers are now largely finalized, the estimated national new energy passenger vehicle wholesale volume for May is calculated to be 1.36 million units, based on April's market share structure combined with May's data.

In summary, based on preliminary monthly industry data synthesis: the estimated national new energy passenger vehicle wholesale volume for May 2026 is 1.36 million units, representing a 12% year-on-year increase and an 11% month-on-month increase.