Macquarie: China EV sales dip 7.5% in May as market share climbs to 63%

Investing.com -- China's new energy vehicle sales declined 7.5% year-over-year in May 2026 to 950,000 units, according to preliminary data cited by Macquarie analysts. The drop represents a slight worsening from April's 6.9% decline, though NEV share of retail sales increased to 63%.

Overseas markets continued to drive growth for Chinese mass-market EV manufacturers. BYD saw export sales surge 80% year-over-year in May, while Geely's overseas sales jumped 184% during the same period.

BYD's domestic sales showed sequential improvement, rising 19% month-over-month following the Beijing Auto Show. The company plans to introduce Flash Charging technology and enhanced smart driving features in upcoming models.

Geely's Zeekr and Lynk brands posted combined growth of 18% year-over-year, led by the Zeekr 9X and 8X models. Galaxy brand sales declined 10% month-over-month.

Among premium EV makers, NIO reported the strongest performance with deliveries rising 62% year-over-year and 28% month-over-month. The company began deliveries of its Onvo L80 and updated L90 models, with ES9 deliveries scheduled to start in June.

XPeng sales remained relatively flat, increasing 4% month-over-month in May. Li Auto's May deliveries decreased 2% month-over-month, with management indicating continued pressure on product mix and margins.

Macquarie noted that rising input costs continue to pressure margins across the industry despite signs of sequential improvement. The firm ranks Geely highest among Chinese EV manufacturers, followed by BYD, NIO, XPeng and Li Auto.

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