China’s new energy vehicle (NEV) market experienced a remarkable recovery in March, following two consecutive months of decline. According to data released by the China Association of Automobile Manufacturers (CAAM), NEV sales in China reached 1,237,000 units last month, marking a 40.1 percent year-on-year increase and a 38.7 percent month-on-month surge.
The rebound in March’s performance comes as the slow season for Chinese auto sales at the beginning of the year comes to an end. Specifically, battery electric vehicle (BEV) sales in March totaled 806,000 units, representing a 42.5 percent year-on-year increase and a 48.2 percent month-on-month increase.
Moreover, plug-in hybrid electric vehicle (PHEV) sales also saw significant growth in March, with 431,000 units sold, up 35.8 percent year-on-year and 23.9 percent from February.
In terms of overall vehicle sales, China recorded a total of 2,915,000 units in March, up 8.2 percent year-on-year and 37.0 percent from February. Notably, NEVs accounted for 42.4 percent of total vehicle sales in March, up from 32.8 percent a year earlier and 41.9 percent in February.
When excluding exports, domestic NEV sales in March amounted to 1,079,000 units, showing a 42.3 percent year-on-year increase and a 41.9 percent month-on-month increase. On the export front, 507,000 vehicles were exported from China in March, up 1.0 percent year-on-year and 14.9 percent from February.
Of these exports, NEVs reached a record high of 158,000 units, reflecting a 26.8 percent year-on-year increase and a 20.1 percent month-on-month increase. Specifically, BEV exports totaled 103,000 units in March, up 2.5 percent year-on-year and 26.4 percent from February, while PHEV exports stood at 55,000 units, up 130 percent year-on-year and 10 percent from February.
The data also revealed that Tesla climbed to the third position in China’s NEV market in March, up from seventh place in February, as its local deliveries improved.
Overall, the robust performance of China’s NEV market in March signals a positive trajectory for the industry, with both domestic sales and exports showing steady growth. This growth is a testament to the increasing demand for electric vehicles in the Chinese market, driven by government incentives and a growing awareness of environmental sustainability.
