China's Automotive Market Accelerates in March

The China Passenger Car Association (CPCA) has released a report highlighting a significant uptick in passenger vehicle sales for March. With a total of 1.97 million units sold, the market experienced a 14.4% increase compared to the same period last year and a 40.1% rise from February.

New Energy Vehicles Dominate Sales

An impressive 51.1% of all vehicles sold were New Energy Vehicles (NEVs), showcasing a 38% year-over-year and 45% month-over-month growth, totaling 991,000 units.

Performance of Key Players

Tesla Inc. reported a decline in its Chinese sales by 11.4% from March 2024, with exports plummeting by 82.3% year-on-year. In contrast, BYD Auto Co. Ltd. saw a 23% increase in sales and a 75.1% surge in exports compared to the previous year.