The Chinese new energy vehicle (NEV) market continues to show signs of recovery this month, with impressive growth in retail sales of passenger NEVs. In the period from March 1 to March 23, retail sales of Chinese passenger NEVs reached 622,000 units, marking a 30 percent year-on-year increase and a 40 percent month-on-month surge, according to data released by the China Passenger Car Association (CPCA).
The cumulative retail sales of passenger NEVs in China for the year so far have reached 2.048 million units, reflecting a significant 34 percent year-on-year growth. Similarly, wholesale sales of passenger NEVs from March 1 to March 23 saw a 35 percent year-on-year increase, totaling 670,000 units. The cumulative wholesale sales of passenger NEVs in China for the year have reached 2.389 million units, showing a substantial 44 percent year-on-year growth.
In addition to the strong performance of NEVs, retail sales of all passenger vehicles in China saw a notable increase, with 1.154 million units sold from March 1 to March 23, up by 18 percent year-on-year and 25 percent month-on-month. The retail penetration rate of NEVs in China during this period was 53.90 percent, with a year-to-date rate of 47.30 percent.
Further analysis reveals that in the first week of March (March 1-9), the average daily retail sales of passenger cars in China increased by 14 percent year-on-year and by 52 percent compared to the previous month. The second week of March (March 10-16) saw a 34 percent year-on-year increase in daily retail sales, while the third week (March 17-23) recorded an 8 percent year-on-year growth.
Wholesale sales of all passenger cars in China from March 1 to March 23 totaled 1.321 million units, a 16 percent year-on-year increase and a 33 percent month-on-month surge. The cumulative wholesale sales of passenger cars in China for the year have reached 5.186 million units, showing a 13 percent year-on-year growth.
In other industry news, BYD has set an ambitious sales target for 2025, aiming to sell 5.5 million cars, including over 800,000 units in overseas markets. This strategic move underscores the company’s commitment to expanding its global presence and solidifying its position as a key player in the automotive market.
Overall, the positive performance of the Chinese NEV market and the broader passenger vehicle segment reflect ongoing growth and recovery trends, signaling promising opportunities for the industry in the months ahead.
