The China Passenger Car Association (CPCA) has stated that passenger vehicle retail sales in China are expected to amount to 1.7 million units in March this year, up 64.5 percent month on month, while down 12.4 percent year on year.
In particular, new energy vehicle retail sales in China are likely to reach 900,000 units, with the market penetration rate of NEVs standing at around 52.9 percent in March, standing above 50 percent again, signaling NEVs have become the primary driving force behind the market recovery, with their market share climbing week on week following the Chinese New Year holiday. The momentum is fueled by the implementation of trade-in subsidy policies and the concentrated launch of new spring models.