Passenger Link Branch: Domestic car companies' estimated sales volume of new energy passenger vehicles reached 1.47 million vehicles in July, up 23% year on year

The Zhitong Finance App learned that on August 4, the Passenger Link Branch released an update on the wholesale sales volume of new energy passenger car manufacturers for July 2026. In July 2026, the domestic NEV passenger vehicle market ushered in a remarkable recovery. According to comprehensive monthly data estimates, the estimated sales volume of NEV passenger vehicles reached 1.47 million units in the same month, up 23% year on year and 1% month on month, achieving the highest growth rate in each month of 2026, and the month-on-month decline was better than the seasonal index, marking the initial signs of recovery in the domestic NEV sector. On the other hand, looking at the overall car market, the general market trend is weak. New energy vehicles have become a core growth highlight in the domestic passenger car market, and the pattern of differentiation between the new and used energy models continues to intensify.

The traditional fuel vehicle market continues to weaken due to high fuel prices, which is an important external favorable factor for new energy vehicles to buck the trend. This month, due to another blockage of navigation in the Strait of Hormuz, international oil prices fluctuated and increased, and domestic retail prices for refined oil products ushered in two rounds of increases. Since the beginning of July, the cumulative increase has been close to 985 yuan/ton, which has directly led to a significant rise in the cost of fuel vehicles used by people. Continued rising car maintenance and vehicle usage costs have greatly suppressed consumers' desire to buy fuel vehicles. Consumer demand for traditional fuel vehicles continues to shrink, making overall car market growth weak, freeing up more room for growth in the NEV passenger car market.

From the domestic consumer side, the price of refined oil products continues to operate at a high level, forcing the automobile consumer demand structure to upgrade and switch. More and more consumers are giving priority to new energy models with lower vehicle costs. At the same time, mainstream domestic car companies continued to optimize production schedules, upgrade supply chain systems, and improve vehicle supply efficiency, effectively mitigating previous supply shortfalls, driving the steady month-on-month trend of a 2% decline in wholesale sales of new energy passenger vehicles in July, and continued to unleash the vitality of the domestic terminal consumer market.

From the perspective of overseas exports, high international oil prices have spawned an explosive increase in global demand for new energy vehicle purchases. With mature low energy consumption core technology and high product cost performance, domestic independent NEV companies have a strong competitive advantage over traditional fuel vehicles in overseas markets. Overseas orders continue to grow and export scale is steadily expanding, further boosting domestic NEV production and sales data and becoming an important source of incremental growth in the July market.

Judging from the performance of market players, the results of the electrification transformation of leading car companies continue to be implemented, and new product iterations drive increased market vitality. In July, BYD Auto, Geely Auto, Chery Auto, Zero Sports Auto, Tesla China, SAIC-GM-Wuling, SAIC Passenger Vehicle, Xiaopeng Motor, NIO Auto, Great Wall Motor, Jihu Auto, SAIC GM, GAC Toyota, GAC Trumpchi, Changan Mazda, Beijing Automobile Factory, SAIC Chase, Jiangsu Yueda Kia, etc., all hit a record high in July, becoming the core support for the industry's recovery.

Based on preliminary data compiled for July, passenger car companies with wholesale sales of 10,000 vehicles or more by manufacturers in June totaled 1.38 million new energy vehicles in July. Based on the June share, the wholesale sales volume of new energy passenger vehicles nationwide was about 1.47 million units in July, up 23% year on year and down 1% month on month.