Tesla, Nio set to get better in China as NEV gross sales soar in June

Of China New energy vehicle (NEV) retail sales are expected to hit a record high in June as key automakers exit the intensive COVID-19 curbs, CnEVpost reportquote China Passenger Car Association (CPCA).

What happened: NEV retail sales are expected to surpass 500,000 units in June as sales outperformed industry expectations.

China’s NEV sales hit 420,000 units in May and most rebounded to March levels, before strict coronavirus restrictions took effect.

Analysts have reflected CPCA’s view. CITIC Securities Last week, the report estimated China’s NEV sales to range from 543,000 units to 553,000 units in June.

China’s retail sales of NEVs reached 505,000 units last December.

See more: Tesla recovered with strong May sales in China, posting 2000% sequential gains

Why is it important: The full effect of the easing of COVID-related norms is expected to begin to reflect more deeply during the year and will become more apparent in the fourth quarter.

WORLD Co WILL, Nio Inc. NIO, Tesla Inc TSLA and others have been competing with each other in the world’s largest NEV market.

Last photo B.Zhou on Shutterstock

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