The China Passenger Car Association (CPCA) has announced that the wholesale sales of new energy vehicles (NEVs) in China are expected to amount to 1.12 million units in March this year, remaining stable year on year, while up 55.0 percent month on month.
The Chinese New Year holiday in 2026 was relatively late, which exerted a negative impact on the recovery of consumption in the first half of March. Later in March, the trade-in subsidies policy, new spring models being launched successively, and the visible effects of anti-involution measures drove a gradual improvement in end-market activities. At the same time, the sharp fluctuations in international crude oil prices pushed up domestic fuel prices, resulting in a rising share of NEVs in the domestic market, which served as a key driver for the recovery of NEV sales in March.