China January-February new car sales increased by over 11% compared to the same period last year due to strong sales of EVs etc. Sales of new energy vehicles such as EVs continued to be strong, increasing by 29.4%.
However, in China, in addition to the expansion of the EV market, price competition among automakers is intensifying due to consumers becoming more frugal, and the domestic profit environment is becoming tougher. The Automobile Manufacturers Association, which is made up of Chinese automakers, said last month's sales totaled 1,584,000 units.