China Passenger Car Association: National new energy vehicle retail sales for March 1-15 reached 285,000 units, down 28% year-over-year

Caitong Finance APP learned that on March 18, according to the Passenger Car Branch, from March 1-15, retail sales of new energy passenger vehicles nationwide reached 285,000 units, down 28% year-on-year for the same period last year, but up 36% compared to the previous month same period. Year-to-date retail sales totaled 1.345 million units, down 26% year-on-year. Wholesale of new energy passenger vehicles by manufacturers nationwide was 325,000 units, down 19% year-on-year for the same period last year, but up 47% compared to the previous month same period. Year-to-date wholesale totaled 1.914 million units, down 10% year-on-year.

Passenger Vehicles: From March 1-15, retail sales of passenger vehicles nationwide were 561,000 units, down 21% year-on-year, but up 2% from the previous month same period. Year-to-date retail sales reached 3.14 million units, down 19% year-on-year. Wholesale of passenger vehicles was 648,000 units, down 20% year-on-year, but up 36% from the previous month same period. Year-to-date wholesale totaled 4.141 million units, down 12% year-on-year.

Penetration Rate: From March 1-15, the retail penetration rate of new energy vehicles in the passenger car market was 50.7%; wholesale penetration rate was 50.1%.

Production: In the first week of March, pure fuel light vehicles produced 220,000 units, down 15% year-on-year, and down 1% from the previous month. Hybrid and plug-in hybrid vehicles produced 71,000 units, down 37% year-on-year, but unchanged from the previous month.

Retail Sales Trend in the National Passenger Car Market in March 2026

In the first week of March, the average daily retail sales were 31,000 units, down 24% year-on-year and 25% from the previous month. In the second week, the average daily retail sales increased to 45,000 units, down 19% year-on-year but up 42% from the previous month.

From March 1-15, retail sales of passenger vehicles nationwide were 561,000 units, down 21% year-on-year but up 2% from the previous month. Year-to-date retail sales totaled 3.14 million units, down 19% compared to last year.

2026 is a big year. The late Spring Festival in February means the market is still in the middle of the holiday period, with a typical post-holiday recovery phase, experiencing a cold snap in early spring. Therefore, the first week of March saw relatively low sales and stable market performance. Before the festival, the market was a peak season for fuel vehicles, but after the festival, the market was relatively stable and subdued, awaiting a market rebound driven by new energy vehicles, which showed signs of recovery in the second week.

This year, raw material, oil, and chip prices have risen, and the environment remains complex with high internal competition and geopolitical instability. Oil prices have increased, negatively impacting fuel vehicle sales.

New energy vehicles are expected to launch new models throughout the year, which may boost market enthusiasm. However, from technical release to pre-sales and delivery, there is a time lag, making it difficult to see immediate impact on the terminal market in March.

Dealers are under pressure; terminal transaction prices remain relatively stable but have not met consumer expectations. Overall market activity in March is gradually recovering. The new energy vehicle market is waiting for new models and clearer market conditions, making this a challenging period.

Wholesale Sales Trend of Passenger Vehicle Manufacturers in March 2026

In the first week of March, the average daily wholesale of passenger vehicle manufacturers was 31,000 units, down 32% year-on-year and 14% from the previous month. In the second week, the average increased to 58,000 units, down 10% year-on-year but up 108% from the previous month.

From March 1-15, wholesale of passenger vehicles by manufacturers was 648,000 units, down 20% year-on-year but up 36% from the previous month. Year-to-date wholesale totaled 4.141 million units, down 12% compared to last year.

The first week’s sales were relatively sluggish, with a lower month-on-month trend compared to February. Although February’s low sales helped clear inventory, dealer survival pressure increased sharply, confidence in channels weakened, and post-holiday sales recovery was slow. Due to weak market conditions, dealers are waiting for new model launches and policy adjustments, observing market effects, which increases the pressure on manufacturers.

Sales at the start of March are generally low, but the increase in direct sales of new energy vehicles has smoothed market fluctuations. Dealer stockpiling varies greatly week to week, while direct retail is more stable. The impact of new model launches on monthly sales is significant; consumers wait for the market to stabilize before purchasing, and dealers wait for clearer competition dynamics. The market in the first week remains uncertain, but improvements are evident in the second week and beyond.

Automotive Investment and Production in January-February 2026

In 2026, the country implemented more proactive macro policies, increasing counter-cyclical and cross-cyclical adjustments, continuously expanding domestic demand and optimizing supply, leading to a steady increase in overall market demand and a good start.

In January-February 2026, fixed asset investment in the automotive industry grew by 2.6% year-on-year, higher than the 1.8% average across all industries. The added value of the automotive industry in 2025 increased by 11.5%, while in January-February 2026, it grew by 3.4%, indicating a slowdown. Automotive production in January-February was 4.02 million units, down 10% year-on-year; new energy vehicle production was 1.6 million units, down 14%, with a penetration rate of 40%. Fuel vehicle production was 2.42 million units, down 7%.

Social retail sales of consumer goods in January-February totaled 8.6079 trillion yuan, up 2.8% year-on-year. Automotive consumption accounted for 625.2 billion yuan, down 7%; other consumer goods retail sales reached 7.9827 trillion yuan, up 3.7%.

The external environment remains complex and severe, with rising unilateralism and protectionism disrupting supply chains. The domestic economic recovery is still unstable, with insufficient effective demand and lack of market vitality, posing challenges to industry growth.

Due to lower subsidies for passenger car replacement in 2025 compared to commercial vehicles, retail growth driven by commercial vehicle subsidies remains strong, while passenger vehicle sales decline. Consumer pressure on passenger vehicles remains high. Future policies such as tax reductions for car buyers, rural promotion of new energy vehicles, simplified licensing for C7 economy electric cars, larger tax incentives for pure electric vehicles with under 200 km range, and encouraging marriage and childbirth through car purchases are expected to stimulate demand and economic growth.

February 2026 Pickup Truck Market Analysis

Pickup truck production and sales show typical slowdown due to Spring Festival effects. In February 2026, pickup sales were 41,000 units, down 13.2% year-on-year. From January to February, sales totaled 91,000 units, up 5.3%, reaching a five-year high. Production in February was 42,000 units, down 3.1%; January-February production was 94,000 units, up 13.7%.

Great Wall Motors continues to lead the pickup segment domestically and internationally, with steady performance. Export growth supports brands like GWM, SAIC Maxus, JAC Motors, Changan, and Zhengzhou Nissan. In the domestic retail market, brands such as GWM, JMC, Zhengzhou Nissan, Radar, and Jiangxi Isuzu perform well, maintaining China’s “one super, many strong” pickup market pattern.

Pickup Export: In February 2026, exports were 23,000 units, up 15% year-on-year but down 14% month-on-month. January-February exports totaled 50,000 units, up 30% year-on-year, maintaining a high export share. In 2024, pickup exports accounted for 45% of total sales; in 2025, 50%; and in February 2026, 56%. Many Chinese new pickup brands are growing strongly through exports, boosting China’s autonomous pickup exports.

New Energy Pickup: In February 2026, new energy pickups totaled 5,000 units, down 6% year-on-year and 9% month-on-month. January-February saw 11,000 units, up 5% year-on-year. The early-year slowdown is influenced by Spring Festival effects. As electric and passenger-oriented pickups develop, market space is gradually improving.

Among new energy pickups sold in February 2026: Zhengzhou Nissan sold 1,535 units, BYD exported 1,445 units, Geely Radar electric pickups sold 1,363 units, Changan extended-range pickups 475 units, with other brands also contributing. As the domestic new energy pickup market starts to grow, the market is being cultivated, and China’s pickup industry is expected to develop faster to meet domestic and international demand.

February 2026 Average Price of Passenger Vehicles Rises by 15,000 Yuan

The relationship between market price and volume is generally inverse: active markets with widespread adoption tend to have lower average prices. In 2021, the retail average price of passenger vehicles was 165,000 yuan, rising to 184,000 yuan in 2024. In 2025, the average price was 170,000 yuan, a decrease of 14,000 yuan from 2024. As of February 2026, the average price is 180,000 yuan, an increase of 15,000 yuan from the same period last year, but sales volume has declined significantly.

Luxury cars averaged 358,000 yuan in 2025, down 18,000 yuan from 2024; in February 2026, the average was 344,000 yuan, down 14,000 yuan. Joint venture brands averaged 172,000 yuan in 2025, down 7,000 yuan from 2024; in February 2026, the average was 173,000 yuan, up 2,000 yuan. New forces averaged 241,000 yuan in 2025, down 40,000 yuan; in February 2026, the average was 259,000 yuan, up 33,000 yuan. Domestic brands averaged 122,000 yuan in 2025, down 12,000 yuan; in February 2026, the average was 127,000 yuan, up 10,000 yuan.

Prices of conventional fuel vehicles continue to rise, with market contraction most evident in the low- and mid-end segments, while high-end vehicles decline more slowly. From 2021’s 166,000 yuan to 2024’s 188,000 yuan, the trend is upward. In 2025, with rapid decline in high-end fuel vehicles, the average price dropped to 182,000 yuan; in February 2026, it is 173,000 yuan, reflecting a gradual stabilization of the purchasing group.

Meanwhile, the average price of new energy vehicles has recently decreased from 184,000 yuan in 2023 to 180,000 yuan in 2024, then to 160,000 yuan in 2025, showing a clear downward trend. In February 2026, the average price is 188,000 yuan, an increase of 37,000 yuan, with volume decreasing and prices rising, indicating structural changes in consumer preferences for new energy vehicles.

China’s vehicle penetration remains low at 254 vehicles per 1,000 people, but vehicle adoption is a key future trend. The low-cost advantage of electrification is driving continuous price reductions. After the phase-out of vehicle purchase tax exemptions, upgrades in tax-free technology for new energy vehicles and the need to update models with short ranges and high power consumption will pose challenges. The sharp decline in A00-class electric vehicle sales in February has pushed up average prices, and 2026 faces significant sales pressure.