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In March of this year, the Chinese auto industry continued to show strong momentum, with both production and sales surpassing the one million mark for the first time. Notably, sales outperformed production, signaling a positive market trend. Over the first quarter, total auto production and sales exceeded 2.5 million units, exceeding expectations. While output growth slightly declined compared to the same period last year, sales remained stable.
March marked a significant milestone in auto sales, with total vehicle sales reaching 1.0566 million units—setting a new historical record. The sales-to-production ratio stood at 101.83%, indicating strong demand. Passenger car sales hit 70,005 units, while commercial vehicles reached 355,100 units, both hitting record highs. In particular, commercial vehicle sales surged by over 10% compared to production, making it a standout feature of the month.
Looking at the quarterly data, total auto sales for Q1 reached 2,578,700 units, marking a 21.42% year-on-year increase. Despite challenges such as inflation, rising raw material costs, and the impact of southern snowstorms, the auto sector maintained a growth rate similar to the previous year, reflecting its resilience. Commercial vehicle sales grew by 24.06%, outpacing the same period last year, while passenger car sales rose by 20.41%. The overall sales rate of 102.36% also indicated a healthy market environment.
Passenger car sales rebounded strongly in March after a sharp drop in February. Total sales for the month reached 70.05 million units, a 43.29% increase from the previous month and a 23.55% rise compared to the same period last year. Throughout the first quarter, passenger car sales totaled 1,851,100 units, up 20.41% year-on-year. SUVs and cars continued to drive growth, while MPVs and crossover models saw slower increases, below 10%.
Commercial vehicle sales experienced a dramatic surge in March, with 355,100 units sold—double the number from February and a 27.05% increase compared to the same period last year. This performance significantly contributed to the overall growth of the commercial vehicle market in Q1, which saw sales reach 727,600 units, up 24.06% year-on-year. According to the China Automobile Association, the implementation of the National III emission standard in late 2007 played a key role in the strong performance, but the outlook for the second half of the year remains crucial.
On the company level, FAW-Volkswagen made a notable jump, moving from sixth to second place in passenger car sales in March. Guangzhou Honda also improved significantly, climbing from tenth to seventh. In the commercial vehicle segment, Beiqi Foton maintained its leading position, while other companies saw varying degrees of growth.
Overall, the Chinese auto market continues to demonstrate robust performance, driven by strong consumer demand, effective policy measures, and improving economic conditions. As the year progresses, the industry is expected to maintain its upward trajectory, supported by ongoing reforms and market stability.