China's NEV market stopped falling and rebounded in March, with sales of model A00 occupying half of the market share

SHANGHAI, Apr 21 (SMM) – Sales of new energy passenger vehicles with Compulsory Traffic Insurance were 188,000 units in March, up 99.1% month-on-month and 288.4% year-on-year. The market recovered sharply. Sales base was lower amid CNY and Covid-19 last year.

With the guidance of double points and other policies, major auto companies continued to increase their weight in the NEV sector, launch star models, improve product distribution, coupled with rising acceptance by consumers.

Hongguang Mini, Model 3 and Model Y sold 29,900, 24,500 and 10,100 units, ranking the top three. The production capacity of Model Y was well released, with sales exceeding 10,000 units. ORA R1 surged by 111% in March and overtook BYD Han to rank the fourth place. Among the top ten models this month, A00-class models occupy 5 seats, with sales accounted for 27.5% of the total sales for the month.

With the launch of a new round of NEVs entering the rural area, the short- and medium-distance demand in the small and medium-sized cities has been further developed, and the A00-class models may once again usher in a substantial increase in demand.