Surge in Passenger Vehicle Sales

The China Passenger Car Association (CPCA) reported a significant increase in passenger vehicle sales for March, with figures reaching 1.97 million units. This represents a 14.4% rise compared to the same period last year and a 40.1% increase from February.

New Energy Vehicles Dominate

Highlighting the shift towards sustainable transportation, 51.1% of the cars sold were new energy vehicles (NEVs). Sales of NEVs soared by 38% year-over-year and 45% month-over-month, totaling 991,000 units.

Performance of Key Players

Tesla Inc. experienced a downturn in its Chinese operations, with sales dropping 11.4% from March 2024 to 78,828 vehicles. Its exports also saw a dramatic decrease of 82.3% year-on-year, amounting to 4,701 units. In contrast, BYD Auto Co. Ltd. showcased robust growth, with sales climbing 23% annually to 371,419 vehicles and exports jumping 75.1% to 67,307 units.