China’s sales of New Energy Vehicles (NEVs) continue to surge as the latest data from the China Association of Automobile Manufacturers (CAAM) reveals that NEV sales in March reached 653,000 units, up 34.8% year-on-year and 24.4% higher than February. The impressive growth in NEV sales can be attributed to the strong demand for battery-electric cars (BEVs) which accounted for 490,000 units, while plug-in hybrids only made up 163,000 units, representing less than a quarter of all NEVs.
See also: China Exports Over Half a Million NEVs in 2022, with 43.3% came from Tesla China
BYD, the Chinese automaker, continues to lead the way in both NEV and BEV sales, with record-breaking sales of 207,080 NEVs in March, a 97.5% increase compared to March 2022. Tesla also performed well, selling 88,869 vehicles in China, including exports, which is 35% more than in March 2022. The Model Y was the best-selling SUV model in China, with 54,937 units sold in March, followed by BYD’s Song and Yuan Plus.
GAC Aion achieved a significant increase in sales, with 40,016 units sold in March, almost double compared to March 2022. Li Auto also showed positive development with 20,823 NEV sales in March, representing an 88.7% year-on-year increase. Nio maintained five-figure sales in March, with 10,378 units sold, while Xpeng delivered 7,002 vehicles.
See also: BYD sells record 217,816 new energy vehicles (NEVs) in October, up 168.78 % year-on-year
Overall, China sold 2.45 million vehicles in March, a 9.7% increase year-on-year, with NEVs accounting for a market share of 26.6%. The strong demand for BEVs signals a positive outlook for the NEV market in the coming months, with April sales figures expected to show continued growth.
