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Autos Sector China auto sales (May): Moment of truth for ICE autos this summer; NEV shift continues, despite reversal of price gap with ICE
研报英文原文证据摘录
Autos Sector China auto sales (May): Moment of truth for ICE autos this summer; NEV shift continues, despite reversal of price gap with ICE
J P M O R G A N Asia Pacific Equity Research
11 June 2026
Autos Sector
China auto sales (May): Moment of truth for ICE autos
this summer; NEV shift continues, despite reversal of
price gap with ICE
China’s passenger vehicle retail sales continued to fall in May, but exports hit Japan Equity Research
a new record high for the third straight month, breaking above 800k units for
Autos & Auto Parts
the month. The shift to new energy vehicles (NEV) was evident in domestic
demand, with the NEV penetration rate rising 160bp MoM to 63%. In Akira Kishimoto AC
response to soaring export demand, major Chinese manufacturers are (81-3) 6736-8646
akira.x.kishimoto@jpmorgan.com
extending delivery dates and raising prices on some NEV models. On the other
Wencong Zhang
hand, popular internal combustion engine (ICE) models dropped out of the (81-3) 6736-8627
top sales rankings, despite deeper discounts. We assume that ICE auto sales wencong.zhang@jpmorgan.com
will fall this summer because of seasonal factors, but with the number of used JPMorgan Securities Japan Co., Ltd.
cars (mainly ICE autos) with zero recorded mileage rising again, declines in
new vehicle prices and sales volumes could become more of a concern.
• Domestic NEV penetration accelerates, price gap with ICE autos reverses:
China’s May retail sales of passenger vehicles amounted to 1,528k units (–22%
YoY), down YoY for the eighth consecutive month. Whereas retail sales were
579k units (–38% YoY) for ICE autos, demand for NEVs was solid at 849k
units (–7% YoY), and the penetration rate rose from 61% in April to 63% in
May. Major Chinese OEMs have hiked NEV prices, mainly reflecting
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