On April 11, the Association of Passenger Vehicles released the news that the retail sales of the passenger car market reached 1.579 million units in March 2022, down 10.5% year-on-year and 25.6% month-on-month. From January to March, the cumulative retail sales were 4.915 million units, down 4.5% year-on-year and 230,000 units year-on-year, and the overall trend was lower than expected.
Wholesale sales of new energy passenger vehicles reached 455,000 units in March, up 122.4% year-on-year and 43.6% month-on-month, close to the previous year. From January to March, the wholesale number of new energy passenger vehicles was 1.190 million units, an increase of 145.4% year-on-year. Retail sales of new energy passenger cars reached 445,000 units in March, up 137.6% year-on-year and 63.1% month-on-month, both better than the march trend of the calendar year. From January to March, domestic retail sales of new energy passenger cars were 1.070 million units, up 146.6% year-on-year.
The trend of new energy vehicles and traditional fuel vehicles in March has a certain contrast, and the purchase of production materials in March drives the demand for traditional car exchange, releasing the popularity of automobiles and upgrading consumption; the strong growth of new energy vehicles in the spring influenza season, the safe travel of the second car of the family is of great significance, echoing the further recognition and adaptation of urban residents to new energy models in short-distance travel.
In terms of the new energy vehicle market, affected by the price increase, the order performance before the price increase is hot, and the overall order is sufficient. Overall, although the domestic epidemic still has local sporadic cases, especially in megacities such as Shenzhen and Shanghai, the relatively mild epidemic prevention measures in most areas at that time had no obvious impact on residents' travel and car purchase consumption, which promoted the sales of new energy vehicles.
In March, 750,000 self-owned brand retail units were sold, up 17% year-on-year and 37% month-on-month. The domestic retail share of independent brands in March was 48.2%, an increase of 11.5 percentage points year-on-year, and the cumulative share from January to March was 48%, an increase of 9.7 percentage points compared with the same period in 2021. The wholesale market share of independent brands in March was 48.4%, an increase of 9 percentage points over the same period last year, and the cumulative share of independent brands from January to March was 46%, an increase of 5.1 percentage points compared with the same period in 2021. Independence in the new energy market has achieved a significant increase, the performance of head enterprises is differentiated, and traditional car brands such as Changan Automobile and BYD have shown high growth year-on-year.
In terms of exports, passenger car exports (including vehicles and CKDs) under the statistical caliber of the Association of Passenger Vehicles in March were 107,000 units, an increase of 14% year-on-year and a decrease of 20% month-on-month. The instability of the external environment and the small number of European exports have affected the exports of car companies. New energy vehicles accounted for 10.7% of total exports in March. In March, the export of independent brands reached 95,000 units, an increase of 24% year-on-year, and the growth rate slowed down; the export of joint ventures and luxury brands reached 12,000 units, down 30% year-on-year.
In terms of production, passenger car production in March was 1.823 million units, down 0.3% year-on-year and up 22.0% month-on-month. Among them, the production of luxury brands fell by 31% year-on-year and 8% month-on-month; the production of joint venture brands fell by 10% year-on-year and increased by 17% month-on-month; and the production of independent brands increased by 23% year-on-year and 36% month-on-month. (Source: Shanghai Securities News, China Securities Network)
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