China Passenger Car Association: Estimated wholesale of new energy passenger vehicles by manufacturers nationwide in March is 1.12 million units, a month-on-month increase of 55%.

Zhitong Finance APP learned that on April 2, the CPCA released a quick bulletin on wholesale sales of new energy passenger cars by manufacturers for March 2026.

In the national passenger car market, the wholesale sales of new-energy passenger vehicles in which manufacturers with sales of 10,000 vehicles or more in February 2026 accounted for 93% of the total new-energy passenger car sales for that month. According to preliminary consolidated data from early March, the March sales of these manufacturers that had February new-energy sales of 10,000 vehicles or more were 9.9 million vehicles. At present, most manufacturers’ sales figures have basically already been locked in for the big numbers. Some manufacturers whose wholesale sales in February were lower due to the Spring Festival factor have shown strong performance in March. Therefore, based on last month’s structure and share ratios combined with this month’s data, the forecast wholesale sales of new-energy passenger cars nationwide for March 2026 are 11.2 million vehicles.

The Spring Festival in 2026 falls later. Affected by this, the first half of March is still in a post-holiday consumption recovery period, and market heat is recovering relatively slowly. As subsidies for trade-in of old vehicles are rolled out more vigorously in various regions and spring new cars are released one after another, the effect of “less price competition” becomes evident. Terminal enthusiasm gradually increases, and from the second half of the month, the market begins a seasonal recovery, with consumers’ wait-and-see sentiment expected to weaken. Due to the recent sharp fluctuations in international oil prices, domestic oil prices are being raised with greater力度. Domestic new energy penetration is increasing week by week, becoming an important driving force for the recovery of the passenger car market in March.

With recent breakthroughs in electrification among major automakers and the launch of some blockbuster new models, some major manufacturers in March achieved record highs for that month. In March, the new-energy wholesale sales of Geely Automobile, Chery Automobile, Leapmotor, Dongfeng Motor, Li Auto, NIO, SAIC Passenger Vehicles, ARCFOX, FAW Hongqi, Dongfeng Nissan, GAC Toyota, IM Motors, SAIC-GM, and BAIC Passenger Cars all delivered excellent performances with new historical highs for March in multiple years.

In summary, based on comprehensive preliminary monthly data from the CPCA: in March 2026, the estimated wholesale sales of new-energy passenger car manufacturers nationwide are 11.2 million vehicles, flat year-on-year, and up 55% month-on-month versus February.

(Editor: Guo Jiandong)

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