China’s new energy vehicle (NEV) market showed significant growth in February, with passenger NEV wholesale sales reaching an estimated 1.14 million units. This marked a 37 percent increase compared to the same period last year and a 37 percent increase from January. The China Passenger Car Association (CPCA) reported these figures, indicating a positive trend in the market.
The first quarter saw a total of 2.86 million units of passenger NEVs sold in China, representing a 43 percent year-on-year increase. The CPCA highlighted the performance of manufacturers with sales exceeding 10,000 units, accounting for 91.6 percent of all NEV wholesale sales in February.
Looking ahead, the CPCA projected that these leading carmakers would collectively sell 1 million units in March. Based on this forecast, China’s wholesale sales of passenger NEVs in March are expected to reach 1.14 million units. The association also noted that the exact breakdown of NEVs – including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles – would be disclosed later this month.
Following the conclusion of the Chinese New Year holiday, industrial operations resumed normalcy, leading to increased consumption in March. Various provinces and cities implemented policies to stimulate consumption, while offline events such as auto shows contributed to a thriving auto market during the month.
Among the major carmakers, BYD, Geely, Tesla, SAIC-GM-Wuling, and Chery recorded significant wholesale NEV sales figures. BYD reported selling 377,420 NEVs in March, including both passenger and commercial vehicles. Nio, Li Auto, and Xpeng also delivered impressive sales numbers in March, indicating a strong performance for the EV sector.
In a related development, Tesla’s China sales for the first quarter reached 172,754 vehicles, showing a decline compared to the previous year. Despite this, the company remains a key player in the Chinese NEV market.
Overall, China’s NEV market continues to demonstrate resilience and growth, with both domestic and international manufacturers contributing to the sector’s success. The positive momentum seen in February and March bodes well for the industry’s future prospects.
