Automakers’ sales rise in March _China.org.cn

This photo taken on Jan. 15, 2024 shows the first voyage ceremony of the vehicle transporter “BYD EXPLORER NO.1” at the Xiaomo International Shipping Port in south China’s Guangdong Province. (Xinhua)

Most automakers reported rising sales in China in March, fueled by the popularity of new energy vehicles (EVs, or NEVs) and fierce competition that analysts expect will continue throughout the year.

Manufacturer BYD regained the title of the car manufacturer with the most sales in March. The return after a two-month break is due to the large number of working days in March compared to February, when the week-long Spring Festival took place, as well as the introduction of cheap models that began in February. BYD delivered 302,500 vehicles last month – 46.06 percent more than last year. This brought the Warren Buffett-backed automaker’s sales to 626,300 units in the first quarter, an increase of 13.44 percent compared to the same period in 2023.

Chery, which was the top seller in February, delivered 181,585 vehicles in March, up 45.3 percent compared to the same month in 2023. In the first quarter, sales rose more than 60 percent to 529,604 units compared to the same period last year.

Sales of Geely Auto, which includes the Geely names as well as Lynk & Co and Zeekr, rose 39 percent to 150,800 vehicles in March compared to the same month last year. In the first quarter, the automaker delivered a total of 475,700 vehicles to buyers – 49 percent more than the previous year.

Electric vehicles and foreign markets are also driving Great Wall Motor’s (GWM) operations. As China’s largest SUV manufacturer, GWM sold 100,276 vehicles in March, an 11 percent year-on-year increase. Shipments in the first quarter reached 275,333 units – an increase of 25.11 percent compared to the same quarter of 2023. In foreign markets, GWM sold 92,778 vehicles in the first quarter – 78.51 percent more than last year and a third of the total number of exported products. automatically generating this quarter.

Among startups, Aito, developed by Huawei and Seres, topped the list in March. It delivered 31,727 vehicles this month, 33 percent more than February.

Aito’s popularity stems from its relationship with Huawei, which provides the best solutions for driver assistance systems.

Li Auto followed with 28,984 units. This corresponds to an increase of 39.4 percent.

Nio, known for its customer loyalty and battery swapping technology, sold 11,866 units in March – 14.3 percent more than last year and 45.9 percent more than February.

The China Passenger Car Association estimates that a total of 820,000 electric vehicles were sold in March, an increase of 33 percent year-on-year and 84 percent month-on-month.

In addition, the authorities are creating beneficial policy measures to increase car sales. Earlier this month, for example, China’s central bank and the National Financial Supervisory Authority issued a plan to reduce loan terms for the purchase of private cars.

In March, the State Council published a business promotion plan. Automakers such as Nio and Chery and local authorities in many cities have offered subsidies of up to thousands of yuan per car to encourage drivers to order.