Major EV Companies Of China Saw Rise In Sales Of EVs in May 2023

According to the executive director of the International Energy Agency (IEA), the electric vehicles sector is rapidly growing and enhancing the global energy economy, bringing about a new change in the car manufacturing industry. The rise in demand for electric vehicles is directly proportional to oil demand worldwide. Thus, the increase in EVs will reduce oil usage by at least 5 barrels a day by 2030. The growing market of electric vehicles is concentrated in China, Europe, and the United States, and China is the largest center for EVs 60 percent of the total electric car sales globally is happening there, followed by Europe and the United States, bringing the second and third largest markets, respectively. 

The major EV companies in China saw a great deal of EV sales in May 2023, but the case was different with NIO to have faced a decline in sales of EVs with 8 percent down from April; the company delivered only 6,155 vehicles. Also, Tesla's Shanghai gigafactory manufactured up to 75,842 Model 3 and Model Y's in May 2023.