China NEV Penetration Hits Record 62.9% in May 2026, ICE Sales Plunge 39%

In May 2026, China's passenger vehicle retail sales fell 22.1% year-on-year to 1.51 million units. NEV retail sales reached 950,000 units, down 7.5% YoY, but penetration rose to a record 62.9%. ICE vehicle retail sales plummeted 39% YoY to 560,000 units. Pure EVs bucked the trend with 3.9% growth to 637,000 units.