China HDT Monthly Chartbook: Record EV Penetration, Record Exports

Research evidence excerpt

China HDT Monthly Chartbook: Record EV Penetration, Record Exports

ASIA-PACIFIC excl. Japan | Autos & Auto

Parts EquityJulyResearch20, 2026

Exhibit 1 - Electric HDT sales accounted forChina HDT Monthly Chartbook: Record EV

44.8% of total HDT sales in Jun-26

50000 60%

45000Penetration, Record Exports 40000 44.8% 50%

30000 40%

20% 15000Exports and electrification continued to reshape HDT market in Jun-26. 25000 30%

10000 10%

0 0%China HDT wholesales rose 19.2% YoY to 116.6k units, taking 1H26 2022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-092024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-032026-042026-052026-06

BEV HDT Monthly Sales Fuel Cell HDT Monthly Sales PHEV HDT Monthly Sales NEV HDT Penetration (RHS)volumes to 660.9k (+22.6% YoY). NEV HDT sales surged 108% YoY to 37.4k .

Source: CBIRC, Jefferies

units, lifting penetration to a record 44.8%, while exports reached an all-time

high of 45.2k units (+54.2% YoY), accounting for 38.7% of industry sales. Exhibit 2 - The price spread between diesel & LNG narrowed to RMB1.4k per ton in Jul, as

We expect Jul wholesales of around 105k units (+15% YoY), with exports the price of diesel/LNG fell to 7.1k/5.7k per

remaining the key growth driver. ton

NEV penetration reached a fresh record of 44.8% in Jun-26, while exports accounted for

an all-time high of 38.7% of industry sales. HDT wholesales rose 19.2% YoY to 116.6k

units, supported by record exports of 45.2k units (+54.2% YoY), while domestic sales grew

a modest 4.2% YoY to 71.5k units. NEV HDT sales climbed to 37.4k units (+107.7% YoY), .