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.
In February, the national production of new energy passenger vehicles reached 426,000 units. China exported 79,000 new energy vehicles, a year- on-year increase of 0.1% and a month-on -month decrease of 20.0%.. The Passenger Car Association 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.