The China Passenger Car Association (CPCA) announced that wholesale sales of new energy vehicles (NEVs) in China are expected to reach 1.12 million units in March this year, remaining stable year-on-year, while growing at 55.0 percent month-on-month.
The Chinese New Year holiday in 2026 was relatively late, which had a negative impact influence on the recovery of consumption in the first half of March. Later in March, trade subsidy policies, the consistent launch of new spring models and the visible effects of anti-involution measures led to a gradual improvement in end-market performance. At the same time, sharp fluctuations in international crude oil prices pushed up domestic fuel prices, resulting in an increase in NEV's share of the domestic market, which was a key driver of the recovery in NEV sales in March.
