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In March of this year, the Chinese automobile industry witnessed a strong performance in both production and sales. For the first time, both production and sales surpassed one million units, with sales slightly exceeding output. Over the first quarter, total auto production and sales each exceeded 2.5 million, surpassing initial expectations. While the growth in production saw a slight decline compared to the same period last year, sales remained relatively stable.
March marked a significant month for auto sales, with a total of 1.0566 million units sold—setting a new record. The sales-to-production ratio reached 101.83%, indicating a healthy demand. Passenger car sales hit 700,005 units, while commercial vehicles reached 355,100 units, both setting new highs. Notably, commercial vehicle sales outperformed production by over 10% in March, a key highlight of the month.
Looking at the quarterly data, auto sales totaled 2,578,700 units, marking a 21.42% increase. Despite challenges such as inflation, rising raw material costs, and the impact of southern snowstorms, the industry maintained growth similar to the previous year. This reflects the resilience of China’s auto sector in 2008. Commercial vehicles led the way, with a 24.06% sales increase, outpacing passenger cars, which grew by 20.41%. The overall sales rate stood at 102.36%, still a strong figure.
Passenger car sales rebounded sharply in March after a 26.15% drop in February. A total of 700,500 units were sold, representing a 43.29% rise from the previous month and a 23.55% annual increase. In the first quarter, passenger car sales reached 1,851,100 units, up 20.41% year-on-year. SUVs and sedans continued to drive growth, while MPVs and crossover models saw slower growth, below 10%.
Commercial vehicle sales experienced a dramatic surge in March, with 355,100 units sold—an increase of 27.05% compared to the same period last year and doubling from February's figures. This strong performance contributed significantly to the 24.06% year-on-year growth in commercial vehicle sales during the first quarter. The China Automobile Association attributed part of this success to the implementation of the National III emission standards, but emphasized that the second half of the year will be crucial for sustained performance.
In terms of company performance, FAW-Volkswagen made a notable jump, moving from sixth to second place in passenger car sales. Guangzhou Honda also improved significantly, rising from tenth to seventh. Among commercial vehicle manufacturers, Beiqi Foton maintained its leading market share, while other companies showed varied levels of growth.
Overall, the auto industry demonstrated resilience and momentum, driven by strong consumer demand and strategic policy support. As the year progresses, continued focus on innovation and market adaptability will be key to sustaining this positive trend.