Key facts
- Electric vehicle sales in China fell 7.5% in May.
- Electric vehicles captured a record 63% market share in China in May.
- NIO delivered 37,705 vehicles in May, a 62.3% year-over-year increase.
- NIO's year-to-date deliveries reached 150,526 vehicles, up 68.7% year-over-year.
- Tesla delivered 85,982 vehicles from its Shanghai plant in May, a 39.4% year-over-year increase.
- Tesla has achieved seven consecutive months of sales growth in China.
- GAC reported 28,386 proprietary brand exports in May, a 140% year-over-year increase.
- GAC's year-to-date exports reached 98,861 units, up 135%.
- Macau's gaming revenue increased by 7% in May.
- Morgan Stanley predicts AI funding could reach 15% of credit deals.
Electric vehicle sales in China experienced a 7.5% decline in May, though the market share for EVs reached a record 63%. This downturn occurs amidst heightened competition and overcapacity within the sector, despite previous boosts from new models and subsidies. NIO reported robust delivery figures for May, with 37,705 vehicles delivered, marking a 62.3% increase year-over-year and a 28.4% rise month-over-month. These deliveries comprised 20,013 NIO brand vehicles, 12,029 ONVO brand vehicles, and 5,663 FIREFLY brand vehicles. Year-to-date, NIO's deliveries have reached 150,526 vehicles, a 68.7% increase compared to the previous year. The company has projected Q2 deliveries to be between 110,000 and 115,000 vehicles. Tesla's performance in China also showed strength, with its Shanghai plant delivering 85,982 Model 3 and Model Y vehicles in May. This represents a 39.4% year-over-year increase and marks the seventh consecutive month of sales growth for Tesla in China, a crucial market. The company is navigating intense competition from domestic rivals while facing investor scrutiny on its AI and robotics advancements. GAC announced a substantial 140% year-on-year increase in exports for its proprietary brands in May, reaching 28,386 units. Cumulative exports for the year to date have climbed 135% to 98,861 units. In a separate economic indicator, Macau's gaming revenue saw a 7% increase in May, continuing a double-digit growth trend for the year 2026. Separately, Anish Shah of Morgan Stanley predicts that artificial intelligence development spending could significantly boost debt issuance, potentially accounting for 15% of all credit sales. These insights were shared at the Bloomberg Global Credit Forum on June 3. NIO is noted for demonstrating strength as an auto stock amidst an ongoing price war, strategically positioning itself within the competitive automotive landscape.