China's Automotive Market Booms in March

The China Passenger Car Association (CPCA) has released an exciting report this Wednesday, 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 staggering 40.1% rise from February's figures.

New Energy Vehicles Dominate Sales

In a groundbreaking shift, new energy vehicles (NEVs) accounted for 51.1% of all car sales in March. The sector saw a 38% year-over-year and a 45% month-over-month growth, culminating in the sale of 991,000 NEVs.

Performance of Key Players

Tesla Inc.'s Chinese operations reported a slight downturn, with sales dropping 11.4% from March 2024 to 78,828 vehicles. Exports also took a hit, decreasing by 82.3% year-on-year to 4,701 units. On the other hand, BYD Auto Co. Ltd. showcased robust growth, with sales climbing 23% annually to 371,419 vehicles and exports surging 75.1% from March 2024 to 67,307 units.