Record Sales in March

The China Passenger Car Association (CPCA) announced a significant uptick in passenger vehicle sales for March, with figures reaching 1.97 million units. This marks a 14.4% increase from the previous year and a 40.1% surge compared to February.

New Energy Vehicles Dominate

Highlighting the shift towards sustainable transportation, new energy vehicles (NEVs) accounted for 51.1% of total sales. NEV sales themselves saw a remarkable 38% year-over-year growth, alongside a 45% month-over-month increase, totaling 991,000 units sold.

Performance of Key Players

Tesla Inc. reported a dip in its Chinese sales by 11.4% from March 2024, selling 78,828 vehicles, with exports plummeting by 82.3%. In contrast, BYD Auto Co. Ltd. experienced a 23% annual sales growth, reaching 371,419 vehicles, and a 75.1% increase in exports.