Chang Jiang Shang Bao·2025-04-13 23:59Core Insights - The Chinese automotive market experienced significant growth in Q1 2025, with total production and sales reaching 7.561 million and 7.47 million vehicles, respectively, marking year-on-year increases of 14.5% and 11.2% [2] - The growth in the new energy vehicle (NEV) sector was particularly notable, with production and sales rising by 50.4% and 47.1% year-on-year [2][8] - The positive market performance is attributed to a series of consumer stimulus policies, enhanced consumer confidence, and a wave of new product launches [2][3] Automotive Market Performance - In the first three months of 2025, passenger vehicle production and sales totaled 6.513 million and 6.419 million units, reflecting year-on-year growth of 16.1% and 12.9% [4] - Domestic sales of passenger vehicles reached 5.241 million, up 14.5% year-on-year, while exports amounted to 1.178 million, increasing by 6.1% [4] - March 2025 saw production and sales of passenger vehicles at 2.574 million and 2.468 million, with month-on-month increases of 44.2% and 36% [4] Market Share of Domestic Brands - Domestic brands captured 68.1% of the passenger vehicle market in Q1 2025, with sales of 4.369 million units, a year-on-year increase of 28.8% [5] - In March 2025, domestic brands sold 1.629 million passenger vehicles, representing 66% of total sales, with a year-on-year growth of 22.8% [5] - The growth of domestic brands is attributed to technological innovation and improved product quality, allowing them to move up the value chain [5] Commercial Vehicle Market - The commercial vehicle sector also showed signs of recovery, with production and sales reaching 1.048 million and 1.051 million units in Q1 2025, reflecting year-on-year increases of 5.1% and 1.8% [4][6] - In March 2025, commercial vehicle production and sales were 431,000 and 447,000 units, with month-on-month increases of 35.8% and 42.8% [6] New Energy Vehicle Growth - The NEV market continued to thrive, with production and sales of 3.182 million and 3.075 million units in Q1 2025, marking year-on-year growth of 50.4% and 47.1% [8] - NEVs accounted for 41.2% of total new vehicle sales in Q1 2025, with March sales reaching 1.237 million units, a year-on-year increase of 40.1% [8] - The growth in NEVs is driven by strong demand for both pure electric and plug-in hybrid vehicles, with significant increases in sales and exports [8][9] Export Performance - Total vehicle exports reached 1.42 million units in Q1 2025, a year-on-year increase of 7.3%, with NEV exports growing by 43.9% to 441,000 units [9] - Chery and BYD led the export rankings, with Chery exporting 254,000 units and BYD 214,000 units, reflecting significant year-on-year growth [9] Future Outlook - The automotive industry is expected to maintain its growth trajectory, with a projected total sales volume of 32.9 million vehicles in 2025, representing a year-on-year increase of 4.7% [9] - NEV sales are anticipated to reach 16 million units, growing by 24.4% year-on-year, while exports are expected to hit 6.2 million units, up 5.8% [9]