March auto market warms up, segmentation intensifies, and export boom becomes a highlight

Entering April, sales data for March 2026 and the first quarter by automakers have been announced one after another. After a slow recovery period following the Spring Festival, from the second half of March, as various regions stepped up incentives under their trade-in-for-upgrades subsidy policies and spring new models rolled out, the heat in the auto market gradually increased, showing a clear seasonal rebound trend.

Overall, the sales of most automakers rose significantly compared with February, but the gap widened: BYD (002594.SZ) and Changan Automobile (000625.SZ) saw year-over-year declines, while Chery Automobile (09973.HK) and Great Wall Motor (601633.SH) achieved year-over-year growth. At the same time, overseas markets have become an important growth driver. From traditional groups to new-energy challengers, companies are accelerating their deployments, especially in Southeast Asian markets represented by Thailand, where Chinese brands are strongly grabbing market share.

March auto market surges month over month; automaker sales run hot and cold

At the beginning of April, many automakers released their March sales figures. For most automakers, March sales rose noticeably compared with February.

In a post, Li Chunshu, Secretary-General of the Passenger Car Market Information Joint Branch of the China Association of Automobile Circulation (hereinafter “CAAM”), said that since the 2026 Spring Festival fell later, the first half of March was still in the post-holiday consumption recovery period, and market enthusiasm recovered relatively slowly. As trade-in-for-upgrades subsidies gained traction across regions and spring new vehicles were launched one after another, the effects of avoiding price wars became apparent, terminal enthusiasm gradually increased, and from the second half of the month the market started a seasonal rebound. Consumer wait-and-see sentiment is expected to weaken. Due to recent dramatic fluctuations in international oil prices, domestic oil prices have been raised significantly. Domestic new-energy penetration improves week by week, becoming an important driving force behind the recovery of the March passenger car market.

Specifically, BYD (002594.SZ) and Changan Automobile (000625.SZ) saw year-over-year declines in March sales. In March, BYD’s sales were 300,200 units, down 19.2% year over year. Among them, the Wangchao & Ocean series and the Denza brand saw some declines year over year, while Fangchengbao and Yangwang increased year over year. Changan Automobile’s sales were 270,600 units, down 27.1% year over year.

In March, Chery Automobile (09973.HK) and Great Wall Motor (601633.SH) recorded year-over-year growth in sales. Chery Automobile’s March sales were 240,700 units, up 12.1% year over year. Great Wall Motor’s March sales were 106,200 units, up 8.4% year over year.

With recent breakthroughs in electrification among leading automakers and the launch of some blockbuster new products, March drove some leading manufacturers to reach historical highs for the month.

In the new-energy segment, in March, Geely Automobile (00175.HK), Chery Automobile (09973.HK), Leapmotor (09863.HK), Dongfeng Motor, Li Auto (LI.US), NIO (NIO.US), SAIC Passenger Vehicle, ARCFOX, FAW Hongqi, Dongfeng Nissan, GAC Toyota, IM Motors, SAIC-GM, BAIC Passenger Vehicle and other manufacturers’ new-energy wholesale sales all achieved excellent performance, with all setting historical highs for the month of March in recent years.

In addition, Cui Dongshu said that in March 2026, the nationwide new-energy wholesale sales by passenger-car manufacturers are estimated at 1.12 million units, flat year over year, and up 55% month over month compared with February.

Overseas market expansion accelerates; Chinese automakers move in on Southeast Asia

One point worth noting is that in March and in the first quarter sales, overseas sales became a standout performance for many automakers. Whether it is new-energy automakers or traditional auto groups, they all view overseas markets as the next growth point.

For traditional auto groups, overseas sales in both March and the first quarter mostly achieved year-over-year growth. In the new-energy segment, companies are also expanding overseas markets.

On March 19, Leapmotor’s global-strategy model B10 at its SKD factory in Myanmar was officially rolled off the production line. On March 20, Leapmotor’s European innovation center in Munich officially opened.

On March 25, XPeng Motors released its “Leading the Way: Three-Year Strategy for Latin America.” XPeng announced it has officially entered the Mexico market and launched global models XPeng G6 and XPeng G9 in Mexico. At the same time, XPeng advanced by setting up a parts warehouse with an area of 1,000 square meters in Mexico and building an efficient smart logistics system.

In terms of overseas market deployment, Southeast Asia has become the core base for Chinese automakers to go abroad, while Thailand is especially a battleground for new-energy vehicle markets in Southeast Asia.

On March 23, the 47th Bangkok International Motor Show opened, with more than 10 Chinese brand automakers appearing together. Chinese brands occupied the core area of the exhibition hall, totaling more than one-third of the total floor space; their booths and popularity surpassed those of Japanese brands. The Bangkok auto show is the main stage where Chinese automakers move in, break through, and build an ecosystem.

BYD brought models such as Yuan PLUS (ATTO 3), Sealion 7 (Sealion 7), Yangwang U8, and Denza D9 to the show; GAC Group’s GAC Trumpchi and GAC Aion; SAIC’s MG (MG) appeared as an independent brand, showcasing models such as IM LS6 (renamed IM6); Great Wall Motor brought a multi-brand lineup including Haval, WEY, Ora, and Tank; Chery Group displayed two brands, Jaecoo and Omoda; Changan Automobile launched its Thailand-exclusive new brand NEVO; Geely Holding brought Geely Automobile, Zeekr (ZEEKR), and Farizon Auto; NIO’s Firefly made its first appearance at the Bangkok auto show……

(Editor: Guo Jiandong ）

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