China's passenger vehicle sales remained stagnant in March 2023 with a 13.4% fall in sales for the first three months from a year prior, but new energy vehicles showed promise.
Auto sales in China showed little growth in March compared to the same period last year, Passenger vehicle sales stagnated at 1.61 million units, while sales for the first three months fell by 13.4% to 4.33 million.
BYD maintained a significant lead in the NEV segment with a 35.5% market share, with Tesla coming in second place with 14% of NEV sales in China. The coronavirus pandemic took a major toll on the auto industry, with China imposing strict COVID-19 lockdowns across major cities in April 2022. The pandemic has contributed to falling sales figures for traditional internal combustion engine vehicles.
Local authorities who view the auto industry as a key pillar of the economy have rolled out buyer subsidies to encourage demand, some of which have extended to auto manufacturers to spur manufacturing.Research shows that 672,000 units were sold in January 2023, almost half of December 2022's sales and just a 3% year-on-year increase from January 2022. Among all passenger cars, the market share of EVs tumbled to 14% in January, notably down from the 23% seen in December.
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