China's homegrown PV retail sales soar 66.4% YoY in March 2021

Shanghai (Gasgoo)- In March 2021, around 1.796 million locally-produced PVs (referring to cars, MPVs, SUVs and minibuses) were handed over to consumers in China, representing a year-on-year surge of 66.4%, according to the China Passenger Car Association (CPCA).

For the first quarter of 2021 (Q1), PV retail sales in China amounted to 5.178 million units, soaring 68.7% year on year, the highest-ever growth rate for the corresponding period since the CPCA did relevant statistical works in 2005.

The association said the robust hike in Q1 PV deliveries was mainly due to the year-ago low sales, which plunged 40.8% as the result of the coronavirus-induced impact. In addition, the growing new energy vehicle sales also partly contributed to the quarterly increase.

The retail sales of luxury cars in March reached nearly 270,000 units, surging 86% year on year and leaping 60% month on month. Compared to March 2019, the volume also showed a hike of 51%. The strong rising movement reflected the robust demands of replacing old cars with premium ones.

Last month, the retail sales of Chinese indigenous brands shot up 66% over a year ago to around 650,000 units, while slid 12% compared to March 2019. According to the CPCA, local brands accounted for 37.1% of the domestic PV retail sales in March, 0.3 percentage points lower than that of the prior-year period.

“Leading Chinese local brands have made evident headways in products, marketing, services and other areas, thus such brands as Changan, Hongqi, Great Wall Motor, Chery and NIO boasted high growth rate in recent monthly sales,” said the CPCA.

FAW-VW was the champion by Mar. PV retail sales, for the third month in a row taking this honor. Compared to Feb., SAIC-GM and SGMW moved up three and one spot respectively to the runner-up and second runner-up places. Honda's two joint ventures in China were ranked ninth and tenth by March deliveries, occupying the places that belonged to GAC Toyota and FAW-Toyota in February.

As to wholesale performance, automakers in China sold 1.87 million PVs in March, which zoomed up 82.6% from a year earlier, while leapt 62.4% from the previous month. The year-to-date PV wholesales totaled 5.065 million units, up by 76.6% year on year.

Among the top 10 automakers by March PV wholesales, there were three China's indigenous brands, namely Changan Auto, Geely Auto and Great Wall Motor. The first place was still taken by FAW-VW. Compared to the previous month, SAIC VW, SGMW and Dongfeng Honda climbed three, four and two spots respectively to the fourth, fifth and eighth places.