The China Passenger Car Association (CPCA) has released preliminary data indicating that the estimated wholesale sales of new energy passenger vehicles by manufacturers across China reached 1.51 million units in June 2026. This represents a robust 22% increase compared to the same period last year and a 12% rise from May, achieving double-digit growth both year-over-year and sequentially. This performance signals a clear recovery trajectory for the new energy vehicle (NEV) sector following a period of adjustment.

This growth rate significantly outpaces the overall passenger vehicle market during the same timeframe, solidifying NEVs as the primary engine driving market expansion. The strong growth in the new energy passenger vehicle segment is primarily driven by three interconnected factors: a favorable cost comparison with oil, supply-side optimization, and booming exports.

Firstly, persistently high oil prices are accelerating the shift in consumer preferences. Influenced by disruptions to shipping through the Strait of Hormuz, domestic retail prices for refined oil products have remained elevated, substantially increasing the operating costs for traditional internal combustion engine vehicles and directly dampening consumer interest in them. In this context, end-user demand is rapidly pivoting towards new energy models, providing a solid and sustained boost to NEV sales.

Secondly, automakers are optimizing production schedules and ramping up capacity. Major manufacturers are actively steering their production lines from conventional vehicles towards new energy models. This strategic shift contributed to a sequential wholesale sales increase of over 10% in June, demonstrating a significantly faster response from the supply side.

Thirdly, overseas markets are experiencing explosive growth. With international oil prices at high levels, foreign consumers' demand for energy-efficient and cost-effective new energy vehicles has surged. Chinese brands, leveraging mature electrification technology and a distinct cost advantage, are effectively displacing traditional fuel vehicles in international markets. The steady expansion of exports is, in turn, further bolstering domestic production and sales volumes.

Benefiting from leading automakers' accelerated electrification strategies and favorable consumer conditions, several major manufacturers achieved record-high NEV wholesale sales for the month of June, underscoring the tangible results of the domestic industry's transition to electrification.

BYD COMPANY (HKG: 01211), GEELY AUTO (HKG: 00175), Chery Auto, Leapmotor, SAIC-GM-Wuling, SAIC Motor Passenger Vehicle, NIO, XPeng, Dongfeng Motor, Arcfox, GAC Toyota, GAC Motor, SAIC General Motors, IM Motors (Zhiji), Changan Mazda, BAW, Dongfeng Sokon, Jiangsu Yueda Kia, and Beijing Hyundai all reported their best-ever June performance for new energy wholesale sales this month.

These automakers span domestic brands, joint ventures, and new entrants, indicating that the transition to electrification has evolved from a path taken by a few pioneers to a consensus across the entire industry. The pace of technological iteration and new model launches is accelerating, leading to continuously improving market performance.

Manufacturers that achieved monthly NEV wholesale sales exceeding 10,000 units in May 2026 collectively accounted for approximately 93% of the total new energy passenger vehicle sales in June. Based on preliminary July compilation data, the June sales for these manufacturers reached 1.41 million units. As the sales figures for most manufacturers are largely confirmed at this stage, the national NEV wholesale sales for June are estimated at 1.51 million units by applying the structural share from May to the June data.

In summary, according to preliminary monthly CPCA data synthesis, the estimated national wholesale sales of new energy vehicles by passenger car manufacturers for June 2026 stand at 1.51 million units, reflecting a 22% year-on-year increase and a 12% month-on-month rise.