Many carmakers saw their March sales rise in China, fueled by the popularity of new energy vehicles (NEVs) and amid fierce competition that analysts expect to continue throughout the year. BYD reclaimed the title of best-selling car maker in March. The comeback after a hiatus of two months was due to the increased number of working days in March compared with February, which included the weeklong Spring Festival holiday this year, and also the launch of cheaper models that started in February. BYD delivered 302,500 vehicles last month, up 46.06% year-on-year. They brought the Q1 sales of the carmaker backed by Warren Buffett to 626,300 units, a 13.44% rise from the same period of 2023. Chery, which was the sales champion in February, delivered 181,585 vehicles in March, which marked a 45.3% rise from the same month of 2023. Its Q1 sales rose more than 60% year-on-year to 529,604 units. The carmaker, based in Wuhu, Anhui province, has been accelerating its transition toward electrification, especially in the segment of plug-in hybrids that has seen faster growth than pure electric vehicles.
Geely Auto, which owns namesake Geely as well as Lynk & Co and Zeekr, saw its March sales grow 39% year-on-year to 150,800 units. The carmaker delivered 475,700 vehicles to buyers in Q1, up 49% year-on-year, with 87,000 sold outside China. NEVs and overseas markets are also driving up Great Wall Motors' performance. As China’s largest pickup and SUV maker, GWM sold 100,276 vehicles in March, up 11% year-on-year. Its Q1 deliveries stood at 275,333 units, up 25.11% from the same quarter of 2023. Though the growth figures were not as impressive as other major carmakers, a breakdown shows that GWM’s NEV sales soared 66.34% year-on-year to 21,882 units in March. Their deliveries surged 112.82% year-on-year to 59,182 units from January to March. In overseas markets, GWM’s Q1 sales stood at 92,778 units, up 78.51% year-on-year and accounting for a third of the carmaker’s total deliveries in the quarter. At a Thailand auto show in late March, the carmaker showcased models from its marques including Poer, Haval, Tank and Ora. GWM is the first Chinese automaker to produce NEVs in the country. In addition to the Thai market, the company is considering exports to other Southeast Asian countries.
Of the startups, Aito codeveloped by Huawei and Seres sat atop the list in March. It delivered 31,727 vehicles that month, up 33% from February. Aito’s popularity comes primarily from its bond with Huawei, which boasts leading driving-assist solutions. Li Auto followed with 28,984 units. That represented a 39.4% rise, but fell short of the start-up’s goal of monthly sales returnimg to 50,000 units, primarily because of negative comments over the styling of its electric Mega MPV. Nio, known for its customer loyalty and battery-swapping technology, sold 11,866 units in March, up 14.3% year-on-year and 45.9% from February. The startup has been cutting its prices and also plans to roll out models under its more affordable brand Onvo.
The China Passenger Car Association (CPCA) estimates that wholesale NEV sales would reach 820,000 units in March, up 33% year-on-year and 84% month-on-month. Cui Dongshu, Secretary General of the Association, expects price competition to continue throughout this year as the focus is shifting from electric powertrains to smart driving features. In addition, authorities are coming up with favorable policies to boost vehicle sales. Earlier this month, the country’s central bank and the National Financial Regulatory Administration released a plan to relax the loan ratios for personal vehicle purchases, the China Daily reports.
