In March, according to estimates from the China Association of Automobile Manufacturers, wholesale sales of new energy passenger vehicles in China reached 820,000 units, a year-on-year increase of 33% and a month on month increase of 84%.

The China Association of Automobile Manufacturers stated that due to the rapid resumption of normal operations in various industries after the Spring Festival holiday, the month on month production and sales growth of passenger cars in March was relatively rapid.

The China Association of Automobile Manufacturers (CAAM) pointed out that after the Spring Festival, it is an important time for the launch of new products. Due to the recent low to medium prices of lithium carbonate and other products, it is beneficial for manufacturers to launch more cost-effective new energy vehicle models. Many manufacturers have launched a large number of new cars, and some models have also implemented strong price adjustments, gradually resolving the consumer wait-and-see atmosphere. Under the directional promotion of national consumption promotion policies, many provinces and cities have introduced corresponding consumption promotion policies, and the comprehensive launch of offline activities such as auto shows has also accelerated the gathering of popularity.

Q1 Tesla overtakes BYD, returns to global pure electricity sales crown

In March, BYD sold a total of 302,459 cars, a year-on-year increase of 46%. Among them, the sales of passenger cars were 301,631 units, a significant increase of 147.8% compared to the previous quarter, and the cumulative sales in the first quarter exceeded 620,000 units.

Specifically, let's take a look at the sales situation of BYD's various brands. The Dynasty and Ocean series sold a total of 286,712 units in March, a significant increase of 151.4% compared to the previous month. BYD and Mercedes Benz's joint venture brand, DENZA, once again crossed the 10,000 vehicle mark, selling a total of 10,279 vehicles in March, a month on month increase of 123.6%. In the high-end series, FANG CHENG BAO sold 3,550 units in March, an increase of 53.7% compared to the previous month; Yangwang, 1,090 units were sold, a month on month increase of 39.7%.

In terms of overseas exports, BYD exported a total of 38,434 passenger cars in March, a year-on-year increase of 65%.

According to a report released by JPMorgan Chase on March 29th, BYD Chairman Wang Chuanfu and executives recently conducted a performance roadshow. During the roadshow, BYD management set the company's global long-term sales target at 10 million vehicles, half of which are overseas. And it was mentioned that from the second half of 2024 to 2026, BYD's overseas production capacity will begin to climb, with a total production capacity of 700,000 to 800,000 vehicles in the initial stage. As of now, BYD has entered 78 countries and regions worldwide, and has invested in building factories in overseas regions such as Brazil, Hungary, and Thailand.

On the Tesla side, its global delivery volume in the first quarter was 386,810 vehicles, a year-on-year decrease of 8.5%, far below the market's expectation of 449,080 vehicles. Tesla produced 433,371 vehicles in the first quarter, which was also lower than the expected 453,000 vehicles.

Tesla stated that part of the reason for the decline in sales is that the production of the new Model 3 at the company's Fremont factory is still in its early stages, as well as the shipping diversion caused by the Red Sea conflict and the factory shutdown caused by the arson attack at the Berlin factory.

This is the first time since 2020 that Tesla's delivery volume has declined in the first quarter, causing Tesla's stock price to suffer another decline. On Monday (April 2), it fell 4.9% and closed at $166.63.

The good news is that in the Chinese market, Tesla's delivery data for March performed well. According to the data from the China Association of Automobile Manufacturers, Tesla China sold a total of 89,064 cars in March, with a month on month rebound and an increase of 47.8%.

Moreover, Tesla has regained the title of global pure electric sales champion from BYD. In the first quarter of this year, BYD delivered approximately 300,114 pure electric vehicles (BEVs), a year-on-year increase of 36%, but a month on month decrease of 43%. In contrast, Tesla delivered 386810 pure electric vehicles.

"National team" brand performance steady

According to official data, Geely's car sales in March were 150800 units, a 39% increase from the same period last year. Among them, the sales of pure electric vehicles reached 28,400 units, a year-on-year increase of 14%.

Geely's mid to high end brand,ZEEKR, performed well in March, delivering a total of 13,012 vehicles, a year-on-year increase of 95% and a month on month increase of 73%. In the first quarter of this year, ZEEKR delivered a total of 33,059 vehicles, a year-on-year increase of 117%.

It is worth noting that the all-new ZEEKR 001, which was just launched at the end of February, exceeded 30,000 units in its first month. ZEEKR stated that it will accelerate the production speed of the vehicle in the future.

In March, the ZEEKR frequently went out to sea. On March 14th, the ZEEKR 001 and ZEEKR X officially began sales in the United Arab Emirates and Saudi Arabia. The first two pop-up stores of ZEEKR have now opened in Saudi Arabia and the United Arab Emirates, and the first space store will open in both countries in April this year. On March 25th, the right-hand drive ZEEKR X, together with the ZEEKR 009 and 007, made a heavyweight debut at the Bangkok International Auto Show in Thailand, marking the official launch of the ZEEKR in the Southeast Asian market. Based in Thailand, ZEEKR has stated that it will gradually enter countries such as the Philippines, Laos, and Myanmar, and gradually begin delivery in mainstream right-hand drive markets such as Singapore, Hong Kong, and Macao.

Although Geely's performance in March was decent, according to data from the China Association of Automobile Manufacturers, Geely's sales were surpassed by Chang'an Automobile in March, falling out of the top three.

According to official data, Chang'an Automobile's independent brand new energy sales in March were 52,900 vehicles, exceeding 47% year-on-year; The sales volume in the first quarter was 128,800 units, a year-on-year increase of over 52%.

Among them, as a brand new pure electric brand under Chang'an Automobile, DEEPAL Automobile delivered a total of 13,048 units in March, an increase from 9,994 units in February, but there is still some distance from 17,042 units in January. In the first quarter, DEEPAL Automobile delivered a total of 40,084 new cars.

Regarding the delivery data for March, Deng Chenghao, CEO of DEEPAL Automobile, said, "The market is gradually recovering, but it has not yet met expectations. We will continue to work hard in April."

In addition, GAC Aion disclosed that its global sales in March reached 32,530 vehicles, a month on month increase of 95.1%. SAIC Group disclosed that its sales of new energy vehicles reached 85,000 units during the same period, a year-on-year increase of 30%.

The "new car-building forces" began to divide.

In March, AITO delivered 31,727 new cars across the entire lineup, once again winning the monthly sales championship of new force brands in the Chinese market, and winning the sales championship of new force brands in China for three consecutive months with a leading advantage.

Among them, the sales of the AITO New M7 have continued to grow steadily, with a monthly delivery of 24,598 new vehicles and a cumulative delivery volume of over 120,000 vehicles on the market, continuously topping the sales of new force models in China. AITO M9 delivered 6,243 new cars in a single month, ranking first in sales of Chinese new forces with a price of over 500,000 yuan.

Behind AITO is Ideal. In March, Li Automobile delivered 28,984 new cars, a year-on-year increase of 39.2%. In the first quarter of 2024, a total of 80,400 vehicles were delivered, a year-on-year increase of 52.9%. As of March 31, 2024, Li Automobile has delivered a total of 713,764 vehicles, becoming the first Chinese new energy vehicle company to achieve the milestone of delivering a total of 700,000 vehicles.

In terms of Leapmotor cars, a total of 14,567 vehicles were delivered in March, a year-on-year increase of over 136%. In the first quarter of this year, a total of 33,410 units were delivered. According to the official statement, as the new car effect of the Leapmotor C10 becomes increasingly apparent, in March, Leapmotor Automobile has been holding onto the third place in sales of new forces for several consecutive weeks, firmly standing at the forefront of new forces and demonstrating strong development momentum.

In addition, the official also revealed that Leapmotor Motors will debut at the 2024 Beijing Auto Show with a heavyweight new product. The auto show will be held from April 25th to May 4th, 2024 at the Shunyi Hall of the China International Exhibition Center in Beijing.

On March 25th, Leapmotor Motors released its 2023 full year financial report. Leapmotor Automobile's annual revenue reached 16.75 billion yuan, a year-on-year increase of 35.2%, maintaining a high growth trend for five consecutive years and reaching a historic high. The gross profit margin of Leapmotor also turned positive for the first time in 2023, although still pitifully low at only 0.5%, it has significantly improved compared to -15.4% in 2022. In terms of cash flow, Leapmotor stated that the company has a relatively abundant cash flow of 19.39 billion yuan in hand.

NIO Motors performed well in March, delivering a total of 11,866 new cars, a year-on-year increase of 14.3% and a month on month increase of 45.9%. In the first quarter of 2024, NIO delivered a total of 30,053 new cars.

NIO also stated that the 2024 model switch has been basically completed, and the new car has arrived at the store. In April, NIO's intelligent cockpit and intelligent driving will undergo a major upgrade.

Among the new forces, both XPENG Motors and NETA Motors performed poorly in March.

XPENG Motors delivered a total of 9,026 new cars in March, a month on month increase of 99% and a year-on-year increase of 29%. Among them, the XPENG X9 delivered 3,946 vehicles, with a cumulative delivery of nearly 8,000 vehicles in three months of launch. In the first quarter, XPENG Motors delivered a total of 21,821 new cars, a year-on-year increase of 20%.

On March 28th, XPENG Motors announced its official entry into the German market and launched two models, the XPENG G9 and the XPENG P7. The company stated that it will also enter other European markets, including France, Italy, and the United Kingdom, in the future. In addition, XPENG Motors officially revealed that its new brand will soon make its debut at the Beijing Auto Show in April.

NETA Automobile delivered 8,317 units of its entire lineup in March, a year-on-year decrease of 17.55% and a month on month increase of 36.7%, but still failed to cross the 10,000 vehicle mark. In the first quarter of this year, NETA delivered a total of 24400 vehicles, a year-on-year decrease of 6.65%.

Last week, 360 founder Zhou Hongyi publicly criticized NETA Motors during a live broadcast and demanded that NETA executives learn from Xiaomi Motors and Lei Jun. On March 31st, Zhang Yong, CEO of NETA Motors, responded: "Accept Old Zhou's criticism and learn from Lei Jun in marketing."

Zhang Yong also stated that the NETA X, NETA GT, and NETA S are worth relaunching and releasing in the second half of the year."Tell the brand story well, tell the product highlights well. "The official stated that the NETA L will be launched in April and delivered as soon as it is launched.

In addition, NETA Automobile also warned that its Tongxiang factory is undergoing renovation and expansion projects, which will have a significant impact on production in March and April. It is expected to gradually increase production capacity from mid to late April, with an annual production capacity of 200,000 units.

A number of car companies set off a wave of price cuts to "welcome" Xiaomi into the bureau.

In March, the Chinese car industry was quite lively, with the most eye-catching being the official launch of the Xiaomi SU7.

According to official information from Xiaomi Motors, after the Xiaomi SU7 started online ordering, the number of orders exceeded 50,000 within 27 minutes and reached 88,898 within 24 hours. In addition, both rounds of the official "founding version" Xiaomi SU7 launched by Xiaomi have sold out in one second. Offline, Xiaomi's store traffic has skyrocketed, and many people have flocked to offline stores to witness the charm of the Xiaomi SU7, which stands in stark contrast to the stores of other car companies.

On April 3rd, Xiaomi Group Chairman Lei Jun revealed at the first delivery ceremony of Xiaomi's car factory store in Beijing that the current Xiaomi SU7 has exceeded 100,000 orders and the number of lock orders has exceeded 40,000.

Morgan Stanley also released a research report optimistic about Xiaomi. The bank pointed out that Xiaomi's first electric vehicle has optimistic sales performance, and if the company can continue to lead the industry in advanced driving assistance systems (ADAS) and intelligent cabin functions, the bank believes that Xiaomi is likely to become a disruptive force with huge growth potential.

The Xiaomi SU7 was officially launched on March 29th. Within two days of its launch, several competitors announced price reductions for their vehicles, sparking a new wave of price reductions.

On March 31st, Geely Automobile launched a limited time discount for April. The benefits include exchanging old cars for new ones at Geely in April, resulting in a reduction of 53,000 yuan. The Geely facelift starts at 29,900 yuan, and the maximum interest free loan for the facelift is 100,000 yuan.

Subsequently, multiple car companies concentrated on releasing price reduction information or promotional activities on April 1st.

The App shows that the price of the entry-level M7 model, the M7 Plus large five seater rear wheel drive version, has been reduced by 20,000 to 229,800 yuan.

XPENG announced that the 2024 XPENG G9 will enjoy intelligent driving subsidies upon purchase, with a current limited time reduction of up to 20,000 yuan, starting from 243,900 yuan.In addition, NIO also stated that in response to the call of the State Council's "Action Plan for Promoting Large scale Equipment Renewal and Consumer Goods Exchange for New", it will introduce a subsidy of up to 1 billion yuan for the replacement of gasoline vehicles. Starting from April 1st, gasoline vehicle users who replace NIO's 2024 new car will receive an additional 10,000 yuan subsidy from the optional installation fund.

In addition, car companies such as Chery Automobile, SAIC Volkswagen, FAW Toyota, and FAW Volkswagen also announced price reductions or promotional activities on April 1st.

Of course, there are also those who go against the current, such as Tesla. On April 1st, according to Tesla China's official website, multiple versions of Model Y have all increased in price by 5000 yuan. After the price increase, the rear wheel drive version of Model Y is priced at 263,900 yuan, the long range version of Model Y is priced at 304,900 yuan, and the high-performance version of Model Y is priced at 368,900 yuan. On the same day, Tesla's official Weibo account also announced that the Starry Sky Grey car paint, originally priced at 12,000 yuan, is available as a free optional model 3/Y.