EV Industry

Dramatic changes in the external environment, especially additional tariffs that exceeded expectations, have taken a toll on consumer sentiment, the CPCA said.

Onvo and Firefly -- Nio's two sub-brands, Xiaomi EV and BYD Fang Cheng Bao, will be attending the Shanghai auto show for the first time.

China NEV retail sales were lower at the beginning of the month compared to the same period last month, partly due to a public holiday.

March's performance ended the previous two months of sequential declines, as the slow season for Chinese auto sales at the beginning of the year winds down.

China's passenger NEV retail sales rose 45.0 percent in March from February, ending two consecutive months of sequential declines.

As of press time, BYD was down 11.15 percent, Nio 11.30 percent, Xpeng 11.40 percent and Li Auto 10.82 percent.

China's NEV retail penetration was 52.3 percent in March and 47.67 percent year-to-date.

China's wholesale sales of passenger NEVs were estimated at 1.14 million units in February, up 37 percent year-on-year and up 37 percent from February.

China's NEV retail penetration rate was 53.90 percent in March 1-23, and 47.30 percent year to date.

CPCA expects China's March NEV retail sales to rebound to 1 million units, with penetration rising to 54.1 percent.