In retail, China's NEV penetration rate was 34.2 percent in March, up 6 percentage points from 28.2 percent in March 2022 and up from 31.6 percent in February.
Retail sales of new energy passenger vehicles (passenger NEVs) in China were 543,000 units in March, up 21.9 percent year-on-year and up 23.6 percent from February, according to data released by the China Passenger Car Association (CPCA) on April 10.
This is lower than the CPCA's preliminary figure of 549,000 units released on April 6, and lower than the 560,000 units it estimated in its March 25 report.
Battery electric vehicles (BEVs) continued to dominate, with 383,000 retail sales in March, accounting for 70.5 percent of all NEV retail sales. This represents a 6.4 percent year-on-year increase and a 30.1 percent increase from February.
Plug-in hybrid vehicles (PHEVs) accounted for 160,000 retail sales in March, contributing 29.5 percent of NEV retail sales, up 87.6 percent year-on-year and up 10.4 percent from February.
Retail sales of all passenger vehicles in China were 1,587,000 units in March, up 0.3 percent year-on-year and up 14.3 percent from February, according to the CPCA.
In terms of retail sales, China's NEV penetration rate was 34.2 percent in March, up 6 percentage points from 28.2 percent in March 2022 and up from 31.6 percent in February.
The penetration rate of NEVs was 54.7 percent for local brands, 33.6 percent for luxury brands and 4.2 percent for mainstream joint venture brands.
Wholesale sales of new energy passenger vehicles in China were 617,000 units in March, up 35.2 percent year-on-year and up 24.5 percent from February.
This represents a 31 percent penetration of NEVs at wholesale in March, up 6 percentage points from the 25.1 percent penetration in March 2022 and up from 30.6 percent in February.
Chinese domestic brands saw a NEV penetration of 46.4 percent at wholesale in March, compared to 36 percent for luxury brands and 3.7 percent for mainstream joint venture brands.
China exported 70,000 passenger NEVs in March, with BEVs accounting for 94.3 percent of the total.
SAIC passenger car unit exported 23,654 units, BYD 13,312 units and Tesla China 12,206 units in March.
The recent drop in the price of lithium carbonate has helped manufacturers launch more cost-effective NEV models, the CPCA said.
But at the same time, the recent price cuts by some NEV companies may trigger a wait-and-see mood among consumers, the CPCA said.
