According to the automobile market analysis conducted by the China Passenger Car Association (CPCA), retail sales of passenger cars in China were 1.657 million units in March this year, down 15.0 percent year on year and up 60.0 percent month on month.
Retail sales of passenger cars in China were estimated to be 4.236 million units between January and March this year, which is 17.0 percent less than the same period last year. This is the bleakest quarterly report in the last decade, excluding the Covid-19 black swan event in 2020.
According to the CPCA, retail sales of NEVs in China were estimated at 784,000 units in March, down 21.0 percent year-on-year and up 69.0 percent month-on-month. NEV retail sales in China are likely to reach 1,844 units in the first three months of this year, down 24.0 percent year-on-year, with NEV market share falling from a peak in the fourth quarter of last year to 47.3 percent in the first quarter of this year.
