China EV Sales in May Outperform; BYD Exports Surge

Overview

Based on May EV sales data, this report highlights that the China EV market performed well-above expectations, with BYD achieving strong domestic and overseas sales growth, and the industry showing robust demand with price and volume both advancing.

Core views

China EV total批发量 in May rose +12% MoM (+7% YoY), outperforming expectations. BYD sold 3.835 million units in May (YoY +0%, MoM +19%); overseas sales reached 1.606 million units (MoM +19%); cumulative overseas sales in May totaled 6.169 million units (YoY +65%). By segment, BEVs totaled 1.987 million units in May (YoY -3%, MoM +27%) representing 52.7% of New Energy Passenger Vehicles; PHEVs totaled 1.783 million units (YoY +3%, MoM +13%). Other companies posted strong gains: NIO +62% YoY and +28% MoM; ZERO+RUN +81% YoY and +14% MoM; Jiexiu +82% YoY and +8% MoM, all well-above average.

Analysis framework

The report applies an industry supply-demand framework, contrasting May industry totals with company performance to assess market demand and corporate competitiveness. The core logic is that industry-level sales outperformance, combined with strong domestic and overseas growth for leading firms, validate continued demand-side optimism for EVs.

Methodology notes

• Industry / Industrial Analysis FrameworkSupply and Demand Framework

  EV industry demand performance

  By comparing industry-level sales with company-level performance, the report evaluates whether demand is outperforming and thereby assesses corporate competitiveness and industry cyclical strength.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• BYD (1211.HK)

  Both domestic and overseas sales outperformed

  Strengths

  Overseas sales +65% YoY, +19% MoM

  Weaknesses

  Domestic sales YoY flat

  Comparison

  Outperformed industry average

  Risks

  Exposure to overseas policy risks

• NIO

  Sales significantly outperformed

  Strengths

  YoY +62%, MoM +28%

  Comparison

  Outperformed industry average

• ZERO+RUN (9863.HK)

  Sales significantly outperformed

  Strengths

  YoY +81%, MoM +14%

  Comparison

  Outperformed industry average

• Xiaoxiang (XPEV)

  Sales lineally improved

  Weaknesses

  YoY -4%, MoM +4%

  Comparison

  In line with industry average

• Jiexiu (9868.HK)

  Sales significantly outperformed

  Strengths

  YoY +82%, MoM +8%

  Comparison

  Outperformed industry average

Key data

• China EV total批发量+12% MoM (+7% YoY)Outperformed expectations
• BYD sales in May3.835 million unitsYoY +0%, MoM +19%
• BYD overseas sales in May1.606 million unitsMoM +19%
• Cumulative overseas sales in May6.169 million unitsYoY +65%
• BEV sales in May1.987 million unitsYoY -3%, MoM +27%
• PHEV sales in May1.783 million unitsYoY +3%, MoM +13%

Impact & implications

China EVs outperformed, with strong and accelerating BYD exports expected to continue benefiting from global EV demand expansion. Outperformance by leading firms validates industry cyclical strength, positively impacting relevant supply chain and industry sector stocks.