New Energy Vehicle (NEV) retail sales in China showed a significant improvement in March, following a surge in demand as the impact of factors like the Chinese New Year holiday subsided. According to preliminary data released by the China Passenger Car Association (CPCA), China’s passenger NEV retail sales reached 988,000 units in March, marking a 39 percent year-on-year increase and a 44 percent increase from February.
Cumulative retail sales of China’s passenger NEVs for the year stood at 2.414 million units, reflecting a 37 percent year-on-year growth. Wholesale sales of Chinese passenger NEVs also saw a notable increase, with 1.13 million units sold in March, up 40 percent year-on-year and 36 percent from February. The total wholesale sales for the year amounted to 2.849 million units, showing a 44 percent year-on-year rise.
In March, the retail sales of all passenger vehicles in China reached 1.889 million units, up 12 percent year-on-year and 36 percent from February. Cumulatively, the retail sales of all passenger cars in China for the year totaled 5.064 million units, demonstrating a 5 percent year-on-year increase.
The penetration of NEVs in the retail market in China stood at 52.3 percent in March and 47.67 percent year-to-date. The data also revealed that the average daily retail sales of passenger cars in China saw fluctuations throughout March, with notable increases in the second and fourth weeks.
Wholesale sales of all passenger cars in China for March reached 2.41 million units, up 10 percent year-on-year and 37 percent from February. The average daily wholesale sales of passenger cars also varied during March, with significant spikes in the first and second weeks.
Overall, China’s passenger car wholesale sales for the year amounted to 6.275 million units, showing a 12 percent increase from the same period last year. The automotive market in China continues to demonstrate resilience and growth, driven by strong demand for NEVs and passenger vehicles.
