China NEV Retail Sales Hit 848,000 in March, Penetration Reaches 51.5%

The China Passenger Car Association (CPCA) today released the “March 2026 China Passenger Car Market Analysis” report.

The report indicates that the March market exhibited distinct characteristics of “domestic sales under pressure while exports surged,” influenced by the combined effects of policy adjustments and post-holiday recovery.

Data shows that in March, passenger car retail sales reached 1.648 million units, down 15.0% year-on-year but up 59.4% month-on-month; production reached 2.364 million units, down 4.9% year-on-year but up 72.2% month-on-month; and wholesale deliveries from manufacturers reached 2.378 million units, down 1.6% year-on-year but up 56.6% month-on-month.

In stark contrast to the pressured domestic sales, passenger car exports (including complete vehicles and CKD kits) reached 695,000 units in March, surging 74.3% year-on-year and increasing 25.2% month-on-month, hitting a record high for any month in history.

Among these, self-owned brand exports reached 606,000 units, up 76% year-on-year, reflecting the continuously improving competitiveness of China’s automotive industry in global markets.

Specifically in the new energy vehicle sector, March retail sales reached 848,000 units, down 14.4% year-on-year but up 82.6% month-on-month, achieving a retail penetration rate of 51.5% in the overall passenger car market and breaking through the 50% threshold for the third consecutive month.

By powertrain type, March BEV retail sales were 568,000 units, down 11.7% year-on-year; PHEV retail sales were 204,000 units, down 23.5% year-on-year; and EREV retail sales were 76,000 units, down 6.0% year-on-year.

From a brand perspective, the NEV penetration rate among self-owned brands reached 73.5% in March, while luxury brands stood at 33.9% and mainstream joint venture brands only 6.2%. Self-owned brands captured 66.6% of NEV retail share, while new forces held 21.5% (up 4.4 percentage points year-on-year).

Data shows that 15 automakers achieved retail sales exceeding 20,000 units this month, with BYD leading at 194,131 units, followed by Geely Auto (96,842 units) and Changan Automobile (64,439 units).

From the wholesale perspective, March NEV production reached 1.123 million units, down 3.8% year-on-year but up 74.3% month-on-month; wholesale sales reached 1.144 million units, up 1.1% year-on-year and up 58.3% month-on-month.

Notably, the budget EV segment is facing significant pressure, with A00-class wholesale sales at only 66,000 units, plummeting 52% year-on-year and accounting for just 9% of BEV share—down 9.9 percentage points from the same period last year. In contrast, B-class EV wholesale reached 226,000 units, up 12% year-on-year and capturing 33% of BEV share, reflecting the continuous expansion of the mid-to-high-end market.

Data shows that 19 automakers achieved wholesale sales exceeding 10,000 NEV units in March, with BYD firmly in first place at 296,000 units, followed by Geely Auto at 127,000 units, Tesla China at 86,000 units, Changan Automobile at 76,000 units, and Chery Automobile at 64,000 units.

In terms of exports, March NEV exports reached 349,000 units, skyrocketing 139.9% year-on-year and increasing 29.6% month-on-month, accounting for 50.2% of total passenger car exports.

Among these, BEVs accounted for 52.3% of NEV exports (down 10.5 percentage points year-on-year), while PHEVs accounted for 44% (up 9 percentage points year-on-year), with plug-in hybrid models gradually becoming the new growth engine for exports.

Looking at specific export performance by manufacturer, the top five were: BYD Auto (116,882 units), Geely Auto (52,186 units), Chery Automobile (40,837 units), Tesla China (29,563 units), and SAIC Passenger Vehicle (20,274 units).

Regarding market performance in April, the report notes that with the approaching Beijing Auto Show and the May Day holiday, market attention will accelerate and further stimulate new purchase and replacement demand growth.