乘联分会·2025-06-04 08:38Core Viewpoint - The May 2025 new energy passenger vehicle market is expected to perform well due to improved external trade conditions and the implementation of local consumption promotion policies, despite having fewer working days compared to May 2024 [1][2]. Group 1: Market Performance - In May 2025, the market is projected to see strong performance driven by the "two new" policies and local consumption incentives, with significant participation in offline events like auto shows [1]. - As of May 31, 2025, the number of applications for the vehicle trade-in subsidy reached 4.12 million, with an estimated 1.23 million applications in May, marking a 13% increase from April [1]. - Approximately 70% of private car buyers benefited from the trade-in policy, indicating a shift towards consumption upgrades, while first-time buyers dropped to 30% [1]. Group 2: Company Performance - Several automakers, including Geely, Leap Motor, FAW Bestune, Arcfox, Dongfeng Nissan, and Changan Mazda, achieved record high sales in new energy vehicles in May [1]. - Companies like Changan, Xpeng, Great Wall, NIO, and GAC Toyota reported their top three monthly sales performances, showcasing strong results from many second-tier manufacturers [1]. - According to data from the China Passenger Car Association, manufacturers with wholesale sales exceeding 10,000 units accounted for 90% of the total new energy vehicle sales in April 2025, with May's estimated wholesale sales reaching 1.24 million units, a 38% year-on-year increase and a 9% month-on-month increase [2].