Chinese retail sales of passenger vehicles rose by 14.4% year over year to 1.94 million units, according to data from the China Passenger Car Association (CPAC). In the first quarter of 2025, retail sales of passenger vehicles rose by 6.0% to 5.127 million units. In March, retail sales of passenger new-energy vehicles (NEVs) increased by 38.0% year over year to 991,000 units, taking year-to-date (YTD) volumes to 2.42 million units, up by 36.4% year over year. With NEV volume setting a new monthly record for March, the NEV penetration rate also topped 50%, reaching 51.1% in the passenger vehicle retail market.
中国乘用车协会（CPAC）数据显示，中国乘用车零售销量同比增长 14.4%至 194 万辆。2025 年第一季度，乘用车零售销量增长 6.0%至 512.7 万辆。3 月份，新能源乘用车（NEV）零售销量同比增长 38.0%至 99.1 万辆，年初至今（YTD）销量达 242 万辆，同比增长 36.4%。随着新能源车销量在 3 月创下月度新高，新能源车渗透率也首次突破 50%，在乘用车零售市场中达到 51.1%。

By powertrain types, retail sales of battery electric vehicles (BEVs), the largest sub-segment of the Chinese NEV market, rose by 50.6% year over year to 646,000 units. Sales of plug-in hybrid electric vehicles (PHEVs) reached 268,000 units, up by 24.6% year over year. Sales of range-extended electric vehicles (REEVs) moderately gained by 4.1% year over year to 77,000 units. In the first quarter of 2025, BEV sales were at 1.492 million units, up by 45.2% year over year. PHEV sales were 714,000 units, up by 33.7% year over year. Sales of REEVs reached 214,000 units, up by 0.7% year over year.
按动力类型划分，中国新能源汽车市场最大的细分领域——纯电动汽车（BEV）零售销量同比增长 50.6%，达 64.6 万辆；插电式混合动力汽车（PHEV）销量为 26.8 万辆，同比增长 24.6%；增程式电动车（REEV）销量小幅增长 4.1%，达 7.7 万辆。2025 年第一季度，BEV 销量达 149.2 万辆，同比增长 45.2%；PHEV 销量为 71.4 万辆，同比增长 33.7%；REEV 销量达 21.4 万辆，同比微增 0.7%。

Sales in March were led by BYD and Geely Auto. BYD’s sales rose by 11.5% year over year to 290,000 units. Geely Auto came in second place with sales of 195,000 units, up by 70.5% year over year. The third and fourth places were taken by FAW VW and Chery. Sales of FAW VW fell by 7.8% year over year to 130,000 units, while those of Chery jumped by 58.6% year over year to 119,000 units. Changan Auto, which came in fifth place, posted 111,000 units of sales in March, up by 7.2% year over year. The Chinese automaker outsold SAIC VW in March, with the latter selling 91,000 units, up by 4.7% year over year. They were followed by SAIC-GM-Wuling (81,000 units), Tesla China (74,000 units), FAW Toyota (71,000 units) and GAC Toyota (66,000 units).
3 月销量由比亚迪和吉利汽车领跑。比亚迪销量同比增长 11.5%至 29 万辆。吉利汽车以 19.5 万辆的销量位居第二，同比增长 70.5%。第三、四位分别由一汽大众和奇瑞占据。一汽大众销量同比下降 7.8%至 13 万辆，而奇瑞销量同比激增 58.6%至 11.9 万辆。排名第五的长安汽车 3 月销售 11.1 万辆，同比增长 7.2%。这家中国车企当月销量超越上汽大众，后者销售 9.1 万辆，同比增长 4.7%。紧随其后的是上汽通用五菱（8.1 万辆）、特斯拉中国（7.4 万辆）、一汽丰田（7.1 万辆）和广汽丰田（6.6 万辆）。

The CPCA’s export data shows that passenger NEV exports rose by 6.4% year over year in March to 143,000 units. Passenger NEV exports accounted for 36.6% of total passenger vehicle exports last month.
乘联会出口数据显示，3 月新能源乘用车出口同比增长 6.4%至 14.3 万辆。上月新能源乘用车出口占乘用车总出口量的 36.6%。

Outlook and implications
展望与影响

Chinese retail passenger vehicle sales continued to improve in March with demand lifted by automakers’ intensive sale campaigns, the arrival of new models and government trade-in subsidies. The sales share of NEVs reached 51% in March, reflecting the strengthening of consumer demand for BEVs, PHEVs and REEVs. The market is well paced to reach an even higher penetration rate of NEVs this year, with major Chinese automakers expanding their NEV product lineups. In the BEV market, sales were helped by increased deliveries of high-volume models. Tesla kicked off production of the refreshed Model Y in China in late February. Helped by the arrival of the new model, Tesla’s retail volumes jumped by 18.8% year over year to 74,000 units. Chinese automakers Xiaomi and Xpeng contributed to the segment’s strong growth in March, with both companies posting record delivery volumes. In the PHEV segment, BYD and Geely remained the segment’s two leading players, with both offering a diverse range of PHEVs across several brands. The strong consumer uptake of PHEVs and REEVs has encouraged global carmakers including VW and GM to fasten the rollout of China-specific hybrid powertrain models. GM is reportedly leveraging its Chinese partner SAIC’s technology to develop a new product lineup of NEVs to catch up with BYD. In 2025, GM’s Chinese vehicle lineup will also be expanded to include a new Buick model featuring a REEV powertrain. Sales in the REEV segment, however, expanded moderately in March and stayed flat on a yearly basis in the first quarter of 2025. S&P Global Mobility’s March light-vehicle sales forecast expects China’s passenger vehicle sales to increase by 4.1% year over year to 23.89 million units in 2025. The market is expected to expand by 2% in 2026 to 24.41 million units.
3 月中国零售乘用车销量持续改善，得益于车企密集促销活动、新车型上市及政府以旧换新补贴政策推动需求增长。当月新能源汽车（NEV）销量占比达 51%，反映出消费者对纯电动车（BEV）、插电混动车（PHEV）和增程式电动车（REEV）需求增强。随着中国主要车企扩大新能源产品阵容，今年 NEV 渗透率有望再创新高。纯电市场方面，热销车型交付量提升带动销量增长，特斯拉 2 月底在华启动改款 Model Y 生产，新车效应助推其零售量同比激增 18.8%至 7.4 万辆。中国车企小米和 Xpeng 为 3 月该细分市场强劲增长作出贡献，两家公司均创下交付量新高。插混领域，比亚迪和吉利保持领先地位，旗下多品牌提供丰富 PHEV 产品线。PHEV 与 REEV 的强劲市场表现促使大众、通用等全球车企加速推出中国特供混动车型。 据报道，通用汽车正利用其中方合作伙伴上汽集团的技术开发新的新能源汽车产品线，以追赶比亚迪。到 2025 年，通用在华车型阵容还将新增一款搭载增程式电动动力系统的别克车型。不过，增程式电动车细分市场销量在 3 月仅温和增长，2025 年一季度同比持平。标普全球移动 3 月轻型车销量预测显示，2025 年中国乘用车销量预计同比增长 4.1%至 2389 万辆。预计 2026 年市场将增长 2%，达到 2441 万辆。