The new energy commercial vehicle market in China continues to experience significant growth, according to Interact Analysis’ Research Associate, Yvonne Zhang.
In May, a total of 21,308 buses and trucks with battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), or hybrid powertrains were registered. This represents an 82% increase compared to May 2022 and a 17% increase compared to the previous month.
The penetration rate of new energy commercial vehicles in China reached 8.9% in May, up from 5.3% in the same month the previous year. New energy light commercial vehicles accounted for the majority of sales, with over 17,000 units sold, a year-on-year increase of 133%. These vehicles made up 82% of the overall sales of new energy commercial vehicles. On the other hand, sales of new energy heavy-duty commercial vehicles, including large buses, experienced a decline of 22% year-on-year, with over 2,537 units sold.
Fuel cell commercial vehicles showed the fastest growth rate, with registration sales reaching 517 units in May, representing a year-on-year increase of over eight times and a month-on-month increase of 19%.
The top three original equipment manufacturers (OEMs) for new energy commercial vehicles in May remained the same as the previous month. Geely held the first position for the 13th consecutive month, with a market share of 29%. Among the top ten OEMs, seven of them focused on the sale of light-duty buses and trucks, with a market share of over 90% in the light-duty vehicle segment. SAIC Motor, Greelto, and New Gonow re-entered the top ten list, while SANY, Zhengzhou Yutong, and JAC dropped out.