China Total Vehicle Sales

China's vehicle sales grew by 8.2% year-on-year to 2.915 million units in March 2025, easing sharply from a 34.4% surge in the previous month, due to a low base effect last year when the Lunar New Year holiday fell in February, according to data from the China Association of Automobile Manufacturers (CAAM). New energy vehicles (NEVs) jumped by 40.1% in March to 1.237 million units, the first increase in three months and accounting for 42.4% of total new vehicle sales last month. On a monthly basis, total car sales surged by 36.9% in March. For 2025, car sales are expected to grow by 4.7% to reach 32.9 million units, with NEVs predicted to grow by 24.4% to 16 million units. Last year, total vehicle sales rose by 4.5% to 31.436 million units, slowing sharply from a 12% jump in 2023.