China’s new energy vehicle (NEV) market in March saw a significant uptick in sales, marking a notable rebound from the slow season that followed the Chinese New Year holiday. According to data released by the China Passenger Car Association (CPCA), retail sales of passenger NEVs in China from March 1-9 totaled 204,000 units, reflecting a 44 percent increase from the same period last year and a substantial 116 percent surge from the previous month.
The surge in sales during this period can be attributed to a low base caused by the Chinese New Year holiday in February. This year, the Chinese New Year holiday fell on January 28-February 4, whereas last year it was observed from February 10-17. This difference in timing contributed to the significant increase in sales figures for March.
Cumulative retail sales of passenger NEVs in China so far this year have reached 1.63 million units, marking a 36 percent year-on-year increase. Wholesale sales for the same period totaled 214,000 units, up 53 percent from last year and 112 percent from the previous month. The wholesale sales figures for the year stand at 1.933 million units, representing a 49 percent increase from the same period last year.
Overall retail sales of all passenger vehicles in China during March 1-9 reached 364,000 units, up 14 percent from the same period last year and 52 percent from the previous month. The cumulative retail sales of all passenger vehicles in China for the year stand at 3.539 million units, showing a 2 percent year-on-year increase.
NEV penetration at retail in China stood at 56.04 percent from March 1-9 and 46.05 percent year-to-date. The average daily retail sales of passenger cars during this period were 40,406 units, while wholesale sales of all passenger cars totaled 403,000 units, up 26 percent from the same period last year. The average daily wholesale sales of passenger cars were 44,822 units.
Cumulative wholesale sales of passenger cars in China for the year stand at 4,268,000 units, showing a 14 percent increase compared to the same period last year. The data table for China NEV sales in March 1-9 provides a comprehensive overview of the market performance during this period.
In conclusion, the Chinese NEV market has shown robust growth in March, with strong sales performance indicating a positive outlook for the industry. The rebound in sales post the Chinese New Year holiday highlights the resilience and potential for further expansion in the NEV sector in China.
