On April 9th, according to data released by the China Association of Automobile Manufacturers (CAAM), Chinese passenger car exports (including complete vehicles and CKD) reached 406,000 units in March, marking a 39% year-on-year increase and a 36% month-on-month increase, setting a new record for monthly export volume.
Of this total, new energy vehicles accounted for 29.3% of the exports, up 5.4 percentage points from the same period last year. Exports of domestic brands reached 341,000 units, a year-on-year increase of 33%, with a month-on-month growth of 37%. Meanwhile, exports of joint venture and luxury brands reached 65,000 units, up 110% year-on-year.
In the first three months of 2024, China's passenger car exports accumulated to 1.063 million units, up 36% year-on-year.
In terms of retail sales, 1.687 million passenger cars were sold in March, a 6.0% year-on-year increase and a 52.8% month-on-month increase. Cumulative retail sales for January to March reached 4.829 million units, up 13.1% year-on-year.
Among them, domestic brand retail sales reached 930,000 units, up 19% year-on-year, with a month-on-month growth of 51%. Domestic brands' domestic retail market share even reached 54.8%, up 6 percentage points year-on-year.
CAAM stated that domestic brands have achieved significant growth in both the new energy and export markets, while leading traditional automakers have shown outstanding performance in transformation and upgrading. Brands such as BYD, Chery Automobile, Geely Automobile, and Changan Automobile have seen noticeable increases in market share.
