Preface
China's retail sales of new energy passenger vehicles resumed growth from a year earlier, thanks to consumers' high demand for such products and local governments' efforts to stimulate auto consumption.
Retail sales of new energy passenger vehicles, which include electric and plug-in hybrids, grew 30.5% on an annual basis, and surged 82.5% on a monthly basis, according to data from the China Passenger Car Association (CPCA). In the first quarter, NEV sales climbed 34.7% from a year earlier to 1.77 million units.
Around 120,000 new energy passenger vehicles were exported in the month, soaring 70.9% from the same period last year, accounting for 29.7% of the country's total passenger vehicle exports.
In this article, Infoturbo provides an overview of March NEV sales in the Chinese auto market. Take a look!
Contents
OVERVIEW I: NEV SALES & PRODUCTION SURGE ON AN ANNUAL BASIS IN MARCH AND Q1
In March, China's passenger NEV market embraced double-digit growth from the same period last year. Compared with the previous month, retail sales and production soared 82.5% and 84.9%, respectively. From January to March, the market maintained its double-digit growth despite sluggish sales in February. Exports of China's passenger NEVs in March surged 70.9% YoY and 52.8% MoM to 120,000 units, accounting for 29.7% of the country's total passenger car exports, up 5.6 percentage points from the same period last year and 3.3 percentage points from the previous month.
In March, both battery electric vehicles (BEVs) and plug-in hybrid EVs (PHEVs) welcomed double-digit sales growth over the same period last year. In the first quarter, the niche segments maintained a sound growth momentum, playing an important role in stabilizing automobile consumption. China's passenger NEV penetration rate at retail was 42.3% in March, up 8.3 percentage points from a year earlier and 7.1 percentage points over the previous month.
Changan climbed from 6th to 3rd, while SERES slid from 5th to 8th despite having the highest YoY growth rate;
Chery returned to the list, while NIO was dropped;
Only Tesla China and GAC AION suffered sales declines.
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1. SALES ANALYSIS OF CHINESE NEV MARKET IN FEBRUARY 2024
2. SALES ANALYSIS OF CHINESE NEV MARKET IN JANUARY 2024
