Joint Association: In March, the narrow definition of passenger car retail is expected to be 1.7 million units, and new energy vehicles are expected to be 900,000 units.

According to the Passenger Car Branch of China Association of Automobile Manufacturers, the passenger car market in February 2026 showed a significant seasonal decline due to the long Chinese New Year holiday. Data from the Passenger Car Market Information Joint Committee of China Automobile Distribution Association shows that in February, narrow-definition passenger car retail sales reached 1.034 million units, a year-on-year decrease of 25.4% and a month-on-month decrease of 33.1%. New energy passenger car retail sales were 464,000 units, a year-on-year decrease of 32.0%, with a penetration rate of 44.9%. As the first quarter comes to an end, most manufacturers have a neutral to optimistic outlook on sales expectations for March. The latest research results show that the top manufacturers, accounting for over 70% of the total market sales, have increased their retail targets by more than 60% compared to the previous month. Based on this preliminary estimate, the narrow-definition passenger car retail market size in March is expected to be around 1.7 million units, an increase of 64.5% month-on-month but a decrease of 12.4% year-on-year. It is estimated that the retail volume of new energy vehicles will be around 900,000 units, with a penetration rate of approximately 52.9%.