Data published by the China Association of Automobile Manufacturers (CAAM) showed that in March vehicle sales increased by 70.2% compared to February and by 9.9% per annum, reaching 2.694 million units. In February, vehicle sales decreased by 19.9% per annum. Meanwhile, during the first quarter of the year, vehicle sales advanced by 10.6%.
CAAM also said that in March, sales of new energy vehicles (NEV) increased by 85.1% over the month and by 35.3% per annum, to 883,000 units. NEVs include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles. After the Spring Festival, companies' production and business activities accelerated, and the manufacturing sentiment expanded significantly, CAAM said.
China's BEV sales in March increased by 92.5% m/m and 15.5% per annum, to 566,000 units, while PHEV sales increased by 73.2% per month and 95.1% per annum, to 317,000 units. Fuel cell vehicle sales in March were 200 units, down 52.2% per annum.
The data also showed that in March, car exports from China increased by 33% on a monthly basis and by 37.9% per annum, amounting to 502,000 units.