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Investing.com -- Chinese auto sales experienced a significant rise in March, driven by ongoing government subsidies and reduced price competition.
Passenger car retail sales increased 14.4% from the previous year, reaching 1.94 million vehicles, according to data released by the China Passenger Car Association (CPCA) on Wednesday. This marks the fastest growth rate for March in a decade, a month traditionally associated with slower sales in the industry.
Compared to February, passenger car sales saw a 40% increase. The car industry is expected to continue benefiting from the Chinese government's trade-in program aimed at boosting consumption. Additionally, a less aggressive price war in the sector this year compared to 2024 has further supported sales.
The sales of electric vehicles also remained strong. Retail sales of new-energy cars, a category that includes battery electric vehicles (BEVs) and plug-in hybrids, climbed 38% to 991,000 units, according to the CPCA.
However, exports of passenger cars experienced a decrease, falling 8% to 391,000 units in March. On the other hand, exports of new-energy vehicles (NEVs) saw a 6.4% increase, reaching 143,000 units.
U.S. electric vehicle giant Tesla (NASDAQ:TSLA), Inc. faced challenges in the Chinese market, reporting an 11% drop in monthly sales to 78,828 units in March, and exporting 4,701 units, as per the data shared by the CPCA.
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