National Association of Passenger Vehicles: With the introduction of subsidies for trading in old vehicles across the country and the launch of new cars in spring, the anti-insular effect is beginning to show.

China Automobile Association: The Spring Festival in 2026 falls on a later date, resulting in a slower recovery in market activity in the first half of March as consumers are still in the post-holiday spending repair period. With various regions promoting subsidies for trading in old vehicles and new cars being launched in the spring, the anti-excessive competition effect is evident, gradually increasing consumer demand. Towards the end of the month, the market is expected to see a seasonal rebound, with consumers' wait-and-see sentiment easing. Due to recent sharp fluctuations in international oil prices, domestic fuel prices have increased significantly, resulting in a rise in the penetration rate of new energy vehicles domestically each week, becoming an important driver for the recovery of the passenger vehicle market in March.