China’s electric vehicle (EV) market witnessed a substantial surge in March, with sales of electric cars and plug-in hybrids rising by 85% compared to February. This significant increase was attributed to the typical seasonal phenomenon of a slow start to the year followed by a rebound.
According to data from the China Association of Automobile Manufacturers (CAAM), sales of new energy vehicles (NEV) in China reached approximately 883,000 units in March. This represents a 35.3% increase compared to the same period last year and an impressive 85.1% increase compared to February 2024. The strong performance in March was expected, as consumer buying patterns tend to be subdued in January and around the Chinese New Year, which fell in the short month of February this year.
Breaking down the NEV sales, battery electric cars accounted for 566,000 units, marking a 15.5% increase from the previous year and a significant 92.5% increase from February. Plug-in hybrids saw even greater growth, with 317,000 units sold, representing a 95.1% increase compared to last year and a 73.2% increase compared to February. Meanwhile, fuel cell electric vehicles (FCEVs) accounted for 200 sales, indicating that fuel cell drives currently play a minor role in the Chinese passenger car market.
Overall, the Chinese automotive market saw the sale of 2.69 million vehicles in March, a 9.9% increase from the previous year and a remarkable 70.2% increase from February. NEVs accounted for 32.8% of these sales, up from 30.1% in February and in line with the average for 2023 as a whole, which stood at 31.6%.
BYD emerged as the top-selling manufacturer of both NEVs and battery electric vehicles (BEVs) in March. The company sold 302,459 NEVs, a 147% increase from March 2023 and a 122% increase from February 2024. Tesla, on the other hand, sold 89,064 vehicles manufactured in China in March, a figure almost identical to March 2023 and 48% higher than in February.
Other notable performers in March include Geely, which recorded 94,900 EV sales, including BEVs, PHEVs, and hybrids. Changan sold 52,999 NEVs, while Dongfeng sold 21,856 NEVs. Great Wall Motor also saw strong sales, with 21,882 NEV units sold. Nio led among startups with 11,866 BEVs sold, followed by Xpeng with 9,026 pure electric vehicles.
The surge in EV sales in March underscores the continued momentum of the electric vehicle market in China, driven by government incentives, increasing consumer demand, and a growing focus on sustainable mobility.
