March auto market warms up, segmentation intensifies, and export boom becomes a highlight

Entering April, sales data for March 2026 and the first quarter for automakers have been revealed one after another. After a slow post–Chinese New Year recovery period, starting from the second half of March, as subsidy policies for trading in old vehicles and upgrading to new ones intensify across regions and spring new-car launches roll out, market heat gradually rises, showing a clear trend of seasonal rebound.

Overall, most automakers’ sales increased notably compared with February, but differentiation has intensified: BYD (002594.SZ) and Changan Automobile (000625.SZ) saw year-over-year declines, while Chery Automobile (09973.HK) and Great Wall Motor (601633.SH) achieved year-over-year growth. At the same time, overseas markets have become an important growth engine. From traditional groups to new-energy forces, companies are accelerating their overseas layouts—especially in Southeast Asia represented by Thailand, where Chinese brands are aggressively grabbing market share.

March auto market surges month-over-month; automakers’ sales run hot and cold

In early April, many automakers released their March sales figures one after another. For most automakers, March sales rose significantly compared with February.

Cui Dongshu, Secretary-General of the China Passenger Car Association’s Passenger Vehicle Market Information Joint Sub-Association (hereinafter referred to as “CPCA”), said in a post that the 2026 Chinese New Year fell later than usual, which means the first half of March was still in a post-holiday consumption recovery phase, and market heat recovered relatively slowly. As subsidy support for trade-in and upgrade policies gains traction across regions and spring new cars are launched one after another, the anti-“price wars” effect becomes visible, end-market heat gradually increases, and starting in the second half of the month the market enters a seasonal rebound. Consumer wait-and-see sentiment is expected to weaken. Due to recent sharp volatility in international oil prices, the adjustment magnitude of domestic fuel prices is larger. Domestic new-energy penetration continues to rise week by week, becoming an important driver of the recovery of the March passenger car market.

In detail, BYD (002594.SZ) and Changan Automobile (000625.SZ) saw year-over-year declines in March sales. In March, BYD’s sales were 300.2 thousand vehicles, down 19.2% year over year. Among them, the Dynasty & Ocean series and the Denza brand saw declines year over year, while Fangchengbao and Yangwang recorded increases year over year. Changan Automobile’s sales were 270.6 thousand vehicles, down 27.1% year over year.

In March, Chery Automobile (09973.HK) and Great Wall Motor (601633.SH) saw year-over-year growth in sales. Chery Automobile’s March sales were 240.7 thousand vehicles, up 12.1% year over year. Great Wall Motor’s March sales were 106.2 thousand vehicles, up 8.4% year over year.

With recent breakthroughs in electrification by leading automakers and the launch of some blockbuster new products, some major manufacturers in March achieved record highs for the month.

In new energy, in March, Geely Automobile (00175.HK), Chery Automobile (09973.HK), Leapmotor (09863.HK), Dongfeng Motor, Li Auto (LI.US), NIO (NIO.US), SAIC Passenger Vehicles, ARCFOX, FAW Hongqi, Dongfeng Nissan, GAC Toyota, IM Motors, SAIC-GM, BAIC Passenger Vehicles, and other manufacturers all posted excellent results in new-energy wholesale sales, with all reaching historical highs for March in recent years.

In addition, Cui Dongshu said that in March 2026, the nationwide forecast for new-energy wholesale sales of passenger car manufacturers was 1.12 million units, unchanged year over year, and up 55% month over month compared with February.

Overseas market expansion accelerates; Chinese automakers move in on Southeast Asia

One notable point is that in March and the first quarter sales, overseas sales have been a standout performance for many automakers. Whether it is new-energy forces or traditional automakers, they all view overseas markets as the next growth point.

For traditional automaker groups, whether in March or in the first quarter, overseas sales largely achieved year-over-year growth. For new-energy forces, each company is also expanding into overseas markets.

On March 19, Leapmotor’s Myanmar SKD factory’s global strategic model B10 was officially rolled off the production line. On March 20, Leapmotor’s European Innovation Center officially opened in Munich.

On March 25, XPeng Motors released its “Navigator Latin America Smart Journey three-year strategy.” XPeng announced that it officially entered the Mexico market, and launched global models XPeng G6 and XPeng G9 in Mexico. At the same time, XPeng brought forward its parts warehouse footprint in Mexico, with an area of 1,000 square meters, and built an efficient smart logistics system.

In its overseas market expansion, Southeast Asia has become the core battleground for Chinese automakers going abroad, while Thailand is especially a place fiercely contested in Southeast Asia’s new-energy vehicle market.

On March 23, the 47th Bangkok International Motor Show opened. More than 10 Chinese brand automakers appeared in a concentrated lineup. Chinese brands occupy the core areas of the exhibition halls, with a total area of over one-third; their booths and popularity surpassed those of Japanese brands. The Bangkok auto show is a core stage for Chinese automakers to move in, break through constraints, and build an ecosystem.

BYD showcased models such as Yuan PLUS (ATTO 3), Sealion 7 (Sealion 7), Yangwang U8, Denza D9, etc.; under GAC Group, GAC Trumpchi and GAC Aion; under SAIC, MG (Morris Garages) participated as an independent brand and displayed models such as IM LS6 (renamed IM6); under Great Wall Motor, multi-brand lineups including HAVAL, WEY, ORA, Tank, and others were exhibited; Chery Group exhibited with the Jaecoo and Omoda dual brands; Changan Automobile launched Thailand-exclusive new brand NEVO; under Geely Holding, Geely Automobile, Zeekr (ZEEKR), and Farizon Auto (Farizon Commercial Vehicles) participated; NIO’s Firefly made its first appearance at the Bangkok auto show……

（责任编辑：郭健东 ）

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