In the first quarter, the production and sales of automobiles both increased year-on-year and reached a record high in March.

March marked a significant recovery in the Chinese automobile market, driven by favorable national policies and seasonal demand. The industry saw record-breaking production and sales figures, with both surpassing 1 million units for the first time since March of last year. This upward trend continued into the first quarter, as the sector finally reversed its decline from the previous quarter. While overall production and sales saw slight growth, sales slightly outperformed production, reflecting increased consumer confidence. Among the top contributors to the rise in vehicle output were crossover passenger cars, trucks, and sedans, with passenger cars experiencing growth above the industry average. However, commercial vehicles showed mixed performance. Although March saw strong month-on-month gains, the first-quarter results remained negative due to weak performance across most models, indicating that the outlook for this segment remains challenging. From January to March, total auto production reached 2,567,600 units, up 1.91% year-on-year, while sales hit 2,668,800, rising 3.88%. Passenger car production and sales stood at 1.875 million and 1.997 million units respectively, with growth rates of 4.45% and 7.81%. In contrast, commercial vehicle production and sales dropped by 4.38% and 6.13%, signaling continued weakness in this segment. In March alone, automobile production rose to 1,095,400 units, a 35.59% increase from February and 5.55% higher than the same period last year. Sales totaled 1,109,800 units, up 34.10% month-on-month and 5.01% year-on-year. Passenger car production reached 751,600 units, a 27.11% rise from the previous month and 5.12% higher year-on-year, while sales climbed 27.18% and 10.26% respectively. Commercial vehicle production grew 58.73% month-on-month but only 6.52% year-on-year, while sales fell 5.29% compared to March 2023. Looking at specific segments, crossover passenger cars led the way, with production and sales increasing by 37.84% and 34.78% year-on-year. SUVs, however, saw a slight drop in output, while MPVs continued to struggle, with both production and sales declining by over 15% year-on-year. On the commercial vehicle front, truck sales performed well, rising 16.95% and 11.22% year-on-year, while bus production and sales declined. Semi-trailer tractors faced sharp declines, with sales dropping nearly 75% year-on-year. Non-integrated trucks also saw modest growth, though still below pre-pandemic levels. In terms of key manufacturers, SAIC maintained its leadership in sales, followed closely by FAW, Dongfeng, and Changan. Hafei and JAC made their way into the top ten, replacing Brilliance and Geely. Among passenger car brands, SAIC-GM-Wuling and FAW-Volkswagen led the rankings, while in the commercial vehicle sector, Beiqi Foton and Dongfeng dominated. Overall, March showed a positive rebound in the automotive sector, but challenges remain, especially in the commercial vehicle segment. As the year progresses, continued policy support and improved demand will be crucial for sustained growth.

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