Data from the China Association of Automobile Manufacturers (CAAM) showed that in March auto sales in China surged by 9.7% per annum, following an increase of 13.5% per annum in February. It was the second rose in a row.
For the first three months of the year, car sales fell by 6.7% from a year earlier, reversing from a 0.2% growth in the same period of 2022.
CAAM also stated that new energy vehicle sales grew by 34.8% per annum in March. Meanwhile, from January to March, new energy vehicle sales increased by 26.2% per annum.
Yesterday, the China Passenger Car Association (CPCA) said that growth in sales of China's passenger vehicles was flat in March from a year earlier, as more price cuts by auto brands and the rollout of incentives by local governments helped to support demand. In the first three months, sales had fallen 13.4%. Sales of new energy vehicles (NEVs) rose 21.9% in March and accounted for 34% of the month's sales.