China’s passenger car market retailed 1.095 million units in February

　　China News Service, Beijing, March 8 (Reporter Ruan Yulin, Yan Xiaohong) The Automobile Market Research Branch of the China Automobile Dealers Association (Passenger Car Association) released a national passenger car market analysis on the 8th, showing that China’s passenger car market retailed 1.095 million units in February. A year-on-year decrease of 21.0%; the cumulative retail sales this year were 3.133 million units, a year-on-year increase of 17.0%.

　　Analysts believe that the national passenger car market retail sales in January basically achieved the expected good start. An important reason for the month-on-month and year-on-year declines in February was the difference in pre-holiday consumption time caused by the Spring Festival factors.

　　In February, the national production of new energy passenger vehicles reached 426,000 units, a year-on-year decrease of 17.7%.

In February, the wholesale sales of new energy passenger vehicles nationwide reached 447,000 units, a year-on-year decrease of 9.7%.

In February, the national new energy vehicle market retailed 388,000 units, a year-on-year decrease of 11.6% and a month-on-month decrease of 42.1%.

In February, China exported 79,000 new energy vehicles, a year-on-year increase of 0.1% and a month-on-month decrease of 20.0%.

　　Looking forward to the national passenger car market in March, the Passenger Car Association pointed out that as all walks of life quickly returned to normal operations after the Spring Festival holiday, the month-on-month production and sales growth in March will be relatively rapid.

Recently, Shanghai and other places have launched incentive policies to replace old products with new ones, which has a very good effect on guiding consumption.

With the introduction of the national trade-in policy, the consumption potential of the market for replacement and replacement will gradually emerge, which will be beneficial to the gradual strengthening of the auto market in March.

　　Looking forward to the national passenger car market in 2024, the agency believes that the car market in 2024 will still have good room for steady growth driven by the demand for new purchases, additional purchases, and replacements.

After several years of rapid growth in new energy vehicles, 2024 is a critical year for new energy vehicle companies to gain a firm foothold.

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