The car market in China has remained stable in March this year, with retail deliveries of almost 1.6 million vehicles being reported. The Passenger Car Association (PCA) announced this based on preliminary data. This number is almost unchanged compared to the previous year. However, it signifies a further recovery from the previous month’s sales figures, which had picked up speed again in February.
One notable trend in China’s automotive market is the growing popularity of alternative drives. Sales of hybrid and electric cars have continued to surge, with around 5% more sold in March this year than the previous year. As per PCA figures, around 549,000 units of these eco-friendly vehicles were sold in March. This marks a significant increase of 27% over February sales.
Despite this positive trend in hybrid and electric vehicles, the total vehicle sales for the year reported by PCA shows that the manufacturer has sold almost 4.3 million fewer vehicles since the beginning of the year. This figure represents a decline of about 13% compared to the same period last year.
China is considered the largest car market globally, and thus, the most important single market for major German manufacturers such as Volkswagen, which was inclusive of Audi and Porsche, BMW, and Mercedes-Benz.
The automotive market in China is slowly but steadily gaining its momentum as the world tries to recover from the pandemic.
