In March, the production and sales of passenger cars were booming, and the performance of new energy vehicles was outstanding

In March 2024, the continent produced 2.21 million passenger vehicles in the broad sense, up 5.1% year-on-year and 77.4% month-on-month, and sold 3.917 million passenger cars in the broad sense, of which 1.709 million were retail, up 5.7% year-on-year and 53% month-on-month, and 2.208 million units were wholesale, up 9.9% year-on-year and 67.6% month-on-month.

In addition, the wholesale sales of new energy passenger vehicles reached 810,000 units in March 2024, up 31.1% year-on-year and 81.3% month-on-month. Retail sales of new energy vehicles in March totaled 709,000 units, up 29.5% y/y and 82.5% m/m. NEV exports in March totaled 120,000 units, reflecting a 70.9% y/y increase and a 52.8% m/m increase.

Source: Photo.com

The production and sales of passenger cars are booming, and the production and wholesale have reached a new high

On April 9, 2024, the China Passenger Car Association released the "Analysis of the National Passenger Car Market in March 2024". According to the disclosure, in March 2024, the mainland's generalized passenger car production was 2.21 million units, a year-on-year increase of 5.1% and a month-on-month increase of 77.4%, and the sales of generalized passenger cars were 3.917 million units, of which 1.709 million were retail, a year-on-year increase of 5.7% and a month-on-month increase of 53%, and wholesale was 2.208 million units, a year-on-year increase of 9.9% and a month-on-month increase of 67.6%.

In terms of passenger car production in the narrow sense, passenger car production in March 2024 was 2.192 million units, up 5.3% y/y and 77.5% m/m. Passenger car production in March was 30,000 units higher than the 2018 record high of 2.16 million units.

Among them, the production of luxury brands decreased by 2% year-on-year and increased by 53% month-on-month, the production of joint venture brands decreased by 16% year-on-year and increased by 83% month-on-month, while the production of domestic brands increased by 21% year-on-year and 82% month-on-month.

In terms of retail sales of passenger cars in the narrow sense, in March 2024, the passenger car market retailed 1.687 million units, up 6.0% year-on-year and 52.8% month-on-month, and the cumulative retail sales from January to March were 4.829 million units, up 13.1% year-on-year.

The important reason for the high growth in March was the post-holiday consumption recovery brought about by the Spring Festival. The price war after the Spring Festival heated up rapidly, followed by the formation of an obvious consumption wait-and-see phenomenon, coupled with the attention to some new cars and the expectation of the trade-in policy, the auto market in March showed a slow start.

In March, the retail sales of own-brand brands were 930,000 units, up 19% year-on-year and 51% month-on-month. The domestic retail share of domestic brands was 54.8% in the month, up 6 percentage points year-on-year, and the cumulative share of domestic brands in 2024 was 55%, up 5.4 percentage points year-on-year. In March, the wholesale market share of independent brands was 59.3%, an increase of 6.4 percentage points over the same period last year.

In terms of passenger car wholesale in the narrow sense, passenger car manufacturers nationwide wholesaled 2.189 million units in March, up 10.1% year-on-year and 68.0% month-on-month. As a result of market stabilization and export promotion, automakers' sales in March were 70,000 units higher than the record high of 2.12 million units in March 2018.

In March, the wholesale of independent automakers was 1.296 million units, a year-on-year increase of 23% and a month-on-month increase of 66%. Wholesales of major joint ventures totaled 580,000 units, down 9% y/y and up 78% m/m. The wholesale of luxury cars was 310,000 units, up 6% year-on-year and 60% month-on-month.

In March, there were 17 models with wholesale sales of more than 20,000 passenger cars (5 in the previous month), BYD Song: 78,490 units, Model Y: 57,586 units, BYD Qin: 40,569 units, BYD Seagull: 34,830 units, Model 3: 31,478 units, BYD Destroyer 05: 28,964 units, Sylphy: 28,501 units, Tiggo 8: 27,259 units, Suteng: 25,653 units, Changan CS75: 24,878 units, Tiggo 7: 22,588 units, BYD Dolphin: 21,048 units, BYD Yuan: 20,996 units, Mercedes-Benz C-Class: 20,700 units, Fenglander: 20,189 units, BYD Han: 20,013 units, Lavida: 20,001 units.

New energy vehicles performed well

It is worth noting that the production of new energy passenger vehicles in March was 788,000 units, a year-on-year increase of 25.2% and a month-on-month increase of 84.9%. In March, the wholesale sales of new energy passenger vehicles reached 810,000 units, a year-on-year increase of 31.1% and a month-on-month increase of 81.3%. Retail sales of new energy vehicles in March totaled 709,000 units, up 29.5% y/y and 82.5% m/m. NEV exports in March totaled 120,000 units, reflecting a 70.9% y/y increase and a 52.8% m/m increase.

In terms of wholesale, the wholesale penetration rate of NEV manufacturers was 37% in March, an increase of 6 percentage points from 31% in March 2023. In March, the penetration rate of own-brand NEVs was 51.1%, and that of luxury vehicles was 33.6%.

In March, the wholesale sales of pure electric vehicles were 504,000 units, up 10.6% year-on-year and 89.0% month-on-month, and the overall sales of true plug-in hybrids in March were 229,000 units, up 84% year-on-year and 92% month-on-month. In March, the wholesale of extended-range vehicles was 76,000 units, up 103% y/y and 26% m/m.

In terms of retail sales, the domestic retail penetration rate of NEVs in March was 41.6%, an increase of 7.6 percentage points from 34% in the same period last year. In March, the penetration rate of NEVs among domestic brands was 63.3%, among luxury cars was 28.4%, and the penetration rate of NEVs among major joint venture brands was only 7.4%.

In terms of monthly domestic retail sales, the retail share of mainstream domestic brand NEVs in March was 62%, up 3.4 percentage points year-on-year, the share of joint venture brand NEVs was 4.5%, down 0.7 percentage points year-on-year, the share of new forces was 11.6%, up 2 percentage points year-on-year, and Tesla's share was 7.7%, down 4.7 percentage points year-on-year.

NEV passenger vehicle exports in March totaled 120,000 units, up 70.9% y/y and 52.8% m/m, accounting for 29.7% of passenger vehicle exports, up 5.6 percentage points y/y.

In March, BYD Auto exported 38,434 units, Tesla China 26,666 units, SAIC Motor Passenger Vehicle 18,612 units, Chery Automobile 5,403 units, Nezha Automobile 4,188 units, BMW Brilliance Brilliance 3,196 units, Geely Automobile 2,989 units, Changan Automobile 2,399 units, GAC Trumpchi 2,377 units, GAC Aion 2,367 units, Great Wall Motor 2,162 units, SAIC-GM-Wuling 2,028 units, Polestar Motors 1,494 units, Smart Motor Motors 1,413 units, 1,322 JAC and 911 Xpeng Motors.

The overall trend of new energy passenger vehicle companies is strong

In March 2024, BYD's pure electric and plug-in hybrid dual drives consolidated its leading position in new energy for its own brands, and the extended-range electric vehicles represented by Celis Automobile, Li Auto, Changan Automobile, and Leapmotor performed particularly strongly.

In terms of product launches, 13 manufacturers (up 4 month-on-month and 2 year-on-year) had monthly wholesale sales of NEVs exceeding 10,000 units, accounting for 86.7% of the total NEV passenger vehicles (76.6% in the previous month and 80.6% in the same period last year).

Among them: 301631 BYD, 89,064 Tesla China, 45,381 Changan Automobile, 44,791 Geely Automobile, 34,398 SAIC-GM-Wuling, 28,984 Li Auto, 27,856 GAC Aion, 27,004 Celis Automobile, 24,097 SAIC Passenger Cars, 23,740 Chery Automobile, 21,813 Great Wall Motors, 14,567 Leapmotor Motors, and 11,866 NIO Motors.

BYD (002594. SZ) disclosed that the company's total installed capacity of new energy vehicle power batteries and energy storage batteries in March 2024 will be about 11.762GWh, and the cumulative installed capacity in 2024 will be about 29.736GWh.

From January to March 2024, BYD produced 612315 new energy vehicles, up 7.96% year-on-year, including 610,450 passenger cars, up 8.44% year-on-year, and sold 626263 new energy vehicles, up 13.44% year-on-year, including 624398 passenger cars, up 13.96% year-on-year.

In March 2024, BYD produced 296253 new energy vehicles, including 295425 passenger cars, and sold 302459 new energy vehicles, including 301631 passenger cars.

Changan Automobile(000625. SZ) said that from January to March 2024, the company sold 692113 vehicles, an increase of 13.87% year-on-year, 588,830 self-owned brand sales, an increase of 13.57% year-on-year, 437301 independent passenger car sales, an increase of 10.43% year-on-year, and 108951 overseas sales of self-owned brands, an increase of 80.10% year-on-year.

The sales volume of self-owned brand new energy vehicles in March was 52,999 units, an increase of 47.49% year-on-year, and the cumulative sales volume in the first three months of 2024 was 128806 units, an increase of 52.36% year-on-year.

Cialis (601127. SH) from January to March 2024, it produced 97,758 new energy vehicles, a year-on-year increase of 325.22%, of which 86,830 were Sailis Automobile, up 595.25% year-on-year, and 94,825 new energy vehicles were sold, up 374.77% year-on-year, of which 84,065 passenger cars were electric, up 620.10% year-on-year.