China's Passenger Vehicle Sales See Significant Growth in March

The China Passenger Car Association (CPCA) has reported a remarkable 14.4% annual increase in passenger vehicle sales for March, totaling 1.97 million units. This figure also marks a 40.1% rise from February's sales, showcasing a robust recovery and growth in the automotive sector.

New Energy Vehicles Dominate the Market

Highlighting the shift towards sustainable transportation, new energy vehicles (NEVs) accounted for 51.1% of all cars sold in March. Sales of NEVs soared by 38% compared to the previous year and 45% from February, reaching an impressive 991,000 units.

Performance of Key Automakers

Tesla Inc.'s Chinese operations experienced a downturn, with sales dropping 11.4% year-over-year to 78,828 vehicles. Additionally, the company's exports plummeted by 82.3% to 4,701 units. Conversely, BYD Auto Co. Ltd. reported a 23% increase in sales, totaling 371,419 vehicles, and a 75.1% surge in exports to 67,307 units compared to March 2024.