- The CPCA expects China's NEV retail sales to rebound to 1 million units in March, with penetration rising to 54.1 percent.
- Overall retail sales of passenger cars in March are expected to be around 1.85 million units, a year-on-year increase of 9.1 percent and a month-on-month increase of 33.7 percent.
China's new energy vehicle (NEV) sales are expected to rebound significantly this month as the impact of the Chinese New Year holiday wears off.
In March, China's passenger NEV retail sales are expected to reach 1 million units, with the penetration rate rising back to 54.1 percent, according to a report by the China Passenger Car Association (CPCA) on March 21.
This estimate represents an increase of 45.77 percent compared to 686,000 units in February and an increase of 39.18 percent compared to 718,498 units in the same period last year.
The Chinese auto market has significant seasonal characteristics, with sales typically lower at the beginning of the year, mainly due to factors including the Chinese New Year holiday and the fading of car purchase incentives at the end of last year.
Based on preliminary estimates, China's overall retail sales of passenger cars in March were about 1.85 million units, a year-on-year increase of 9.1 percent, and an increase of 33.7 percent from the previous month, according to the CPCA.
The passenger car manufacturers which contributed 80 percent of retail sales set a retail target for this month that increased by 8.5 percent year-on-year, according to the CPCA.
The discount rate of the overall car market in the middle of March was about 23.4 percent, which was basically the same as the end of February, said the CPCA.
In the first week of March, the average daily retail sales of passenger cars in China were 40,400 units, a year-on-year increase of 13.9 percent and an increase of 52.3 percent compared to the same period last month.
In the second week, the average daily retail sales of passenger cars were 58,300 units, a year-on-year increase of 34.3 percent and an increase of 19.3 percent compared to the same period last month.
In the third week, the average daily retail sales of passenger cars are expected to be 62,900 units, a year-on-year increase of 24.6 percent and an increase of 28.2 percent compared to the same period last month, according to the CPCA.
Retail sales of passenger cars in the fourth week are expected to average 79,800 units per day, a year-on-year decrease of 10.1 percent and a month-on-month decrease of 13.5 percent.
China NEV retail at 427,000 in Mar 1-16, up 63% from same period last month
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