New Energy Vehicle Startups Show Widening Sales Divergence in May

[Market Report] New energy vehicle (NEV) penetration rate surged to 62.5%, with Leapmotor setting a new record by delivering over 80,000 units in a single month.

Key Developments: Leapmotor Pulls Far Ahead, Solidifying the New EV Startup Hierarchy

Leapmotor delivered 81,569 vehicles in May, a year-over-year surge of 81%, becoming the first NEV startup to exceed 80,000 monthly deliveries. NIO followed closely with 37,700 units, while Li Auto, XPeng, Xiaomi, and Aito clustered tightly within the 30,000–35,000-unit range.

Key Metrics: Penetration Rate Exceeds 62% for the First Time

The China Passenger Car Association (CPCA) forecasts that May’s NEV retail sales reached approximately 950,000 units, pushing the market penetration rate to 62.5%, up 1.1 percentage points from April. In contrast, retail sales of internal combustion engine (ICE) vehicles plummeted by more than 30% year-over-year during the same period.

Strategic Foundation: Homegrown Brand Portfolios Achieve Full-Scale Volume Ramp-Up

Legacy automakers such as BYD, Geely, and Changan have collectively accelerated their NEV brand strategies. Synergies across their multi-brand portfolios are rapidly materializing, driving the market’s transition from "policy-driven" to "market-driven" growth.