- China passenger NEV retail sales stood at 784,000 units in March, down 21% year-on-year but up 69% from February.
- China's broader passenger car market recorded retail sales of 1.657 million units in March, as the market experienced a slow recovery following a late Chinese New Year holiday in February.
China saw significant month-on-month growth in new energy vehicle (NEV) retail sales in March, despite a double-digit decline compared to the same period last year.
Retail sales of passenger NEVs in China stood at 784,000 units in March, down 21% from a year earlier but up 69% from the previous month, preliminary data released Friday by the China Passenger Car Association (CPCA) showed.
For the year to date period, cumulative retail sales of passenger NEVs in China totaled 1.844 million units, a 24% decrease compared to the same period last year.
Wholesale shipments of passenger NEVs in China were 1.126 million units in March, flat against the previous year but up 56% from the previous month.
Year-to-date cumulative wholesale shipments of passenger NEVs stood at 2.716 million units, down 5% year-on-year.
Retail sales of all passenger vehicles in China totaled 1.657 million units in March, falling 15% from March last year but surging 60% from the previous month.
Year-to-date retail sales of all passenger vehicles amounted to 4.236 million units, down 17% year-on-year, according to the CPCA's preliminary figures.
This translates to an NEV retail penetration rate of 47.3% in China's passenger vehicle market for March.
The year-on-year sales decline was primarily due to a holiday shift. The 2026 Chinese New Year holiday fell in late February, meaning the first week of March was still in the early stages of a normal post-holiday recovery, the CPCA said.
In addition, automakers are facing a more complex environment, including rising prices for raw materials and chips, as well as climbing oil prices driven by international geopolitical turbulence.
These negative factors have had a particularly adverse impact on the traditional internal combustion engine (ICE) vehicle market, the CPCA noted.
Dealers are currently under immense pressure, and while retail transaction prices remain relatively stable, overall market sentiment is gradually recovering.
The Chinese NEV market is awaiting new products and greater clarity on market conditions and is currently enduring its most challenging period, according to the CPCA.
From March 1-8, average daily retail sales of passenger vehicles in China were 30,866 units, down 24% year-on-year and down 25% compared to the same period last month.
From March 9-15, average daily retail sales of passenger vehicles were 44,903 units, down 19% year-on-year but up 42% from the same period last month.
From March 16-22, average daily retail sales of passenger vehicles were 51,766 units, down 6% year-on-year but up 64% from the same period last month.
From March 23-31, average daily retail sales of passenger vehicles were 81,520 units, down 13% year-on-year but up 86% from the same period last month.
In March, overall wholesale shipments by Chinese passenger vehicle manufacturers totaled 2.32 million units, down 4% from March last year but up 53% from February.
From March 1-8, average daily wholesale shipments of passenger vehicles were 30,606 units, down 32% year-on-year and down 14% from the same period last month.
From March 9-15, average daily wholesale shipments of passenger vehicles were 57,568 units, down 10% year-on-year but up 108% from the same period last month.
From March 16-22, average daily wholesale shipments of passenger vehicles were 63,235 units, down 2% year-on-year but up 129% from the same period last month.
From March 23-31, average daily wholesale shipments of passenger vehicles were 136,573 units, up 6% year-on-year but down 3% from the same period last month.
