3月新能源车销量跟踪：销量显著回暖，零跑首度领跑新势力

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or specific companies within it. Core Insights - March saw a significant rebound in new energy vehicle (NEV) sales in China, with wholesale sales reaching 1.14 million units, reflecting a year-on-year and month-on-month increase of 37% [8][9]. - BYD maintained its leading position with sales of 377,000 vehicles in March, marking a 25% year-on-year and 17% month-on-month increase, with Q1 cumulative sales hitting 1 million units, up 60% year-on-year [9][10]. - Leapmotor achieved a record monthly sales figure of 37,100 units in March, a 155% year-on-year and 47% month-on-month increase, becoming the top seller among emerging NEV players for the first time [10][11]. - Tesla's sales in China rebounded significantly, reaching 79,000 units in March, a 157% month-on-month increase, driven by the new Model Y's delivery ramp-up [10][11]. - Geely's NEV sales reached 120,000 units in March, with a year-on-year increase of 167% and a month-on-month increase of 22%, indicating a strong growth trajectory [9][10]. Summary by Sections Sales Performance - The China Passenger Car Association estimates that Q1 cumulative wholesale sales of NEVs totaled 2.86 million units, representing a 43% year-on-year increase [8]. - Major automakers, including BYD, Geely, and Leapmotor, reported substantial sales growth in March, indicating a robust recovery in the NEV market [9][10][11]. Company Highlights - BYD's innovative product launches and competitive pricing are expected to drive future sales growth [9]. - Leapmotor's upcoming B10 model is anticipated to enhance its sales performance due to its high cost-performance ratio [10]. - Tesla's promotional financing options are expected to support continued strong sales in April [10][11]. - Li Auto and XPeng Motors also reported significant sales increases, with XPeng achieving a 268% year-on-year growth in March [11][12]. Market Dynamics - The report suggests that March has set the tone for price competition in the automotive market, with upcoming new model launches likely to intensify this competition [13].