Core Viewpoint - The article discusses the recent trends and developments in the Chinese passenger car market, focusing on the "New Four Modernizations" index, which includes electrification, intelligence, and connectivity indices, highlighting the recovery and growth in the market as of March 2025 [3][12]. Group 1: New Four Modernizations Index - The New Four Modernizations Index for March 2025 is reported at 52.2, with the electrification index at 51.1, intelligence index at 4.4, and connectivity index at 25.7 [5][8]. - The electrification index has returned to above 51, indicating a positive trend in the market [8][12]. - The intelligence and connectivity indices have shown significant rebounds compared to the previous month, suggesting a recovery in these areas as well [10][12]. Group 2: Market Performance - In March 2025, the retail sales of passenger vehicles reached 1.94 million units, representing a year-on-year growth of 14.4% and a month-on-month increase of 40.2% [12]. - The retail sales of new energy vehicles (NEVs) reached 991,000 units, with a year-on-year growth of 38.0% and a month-on-month growth of 45.0% [12]. - The article notes a significant recovery in the passenger car market in March, with expectations for continued growth driven by popular models and upcoming new car launches around the Shanghai Auto Show [12]. Group 3: Index Calculation and Definition - The New Four Modernizations Index is composed of one primary index and three secondary indices, reflecting the market performance of vehicles meeting the standards of electrification, intelligence, and connectivity [14][15]. - The calculation method for the indices involves determining the market share of vehicles that meet any of the criteria for electrification, intelligence, or connectivity [14]. - Definitions for electrification, intelligence, and connectivity are provided, detailing the specific criteria that vehicles must meet to be included in the respective indices [15].

Core Viewpoint - The article discusses the "New Four Modernizations Index" for passenger vehicles in China, which aims to monitor the development of the domestic passenger car market in terms of electrification, intelligence, and connectivity, and to predict future trends based on historical data [1][6]. Summary by Sections New Four Modernizations Index - The New Four Modernizations Index consists of three sub-indices: Electrification Index, Intelligence Index, and Connectivity Index [4][8]. - As of January 2025, the overall New Four Modernizations Index is 48.0, with the Electrification Index at 41.5, the Intelligence Index at 4.3, and the Connectivity Index at 26.1 [2][9]. Recent Trends - The Electrification Index of 41.5 in January 2025 is the lowest level in the past 10 months [4]. - The Intelligence Index remains stable at 4.3 compared to the previous month [5]. - The Connectivity Index has slightly decreased compared to the previous month [9]. Market Performance - In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decline of 12.1% and a month-on-month decline of 31.9%. However, the retail sales of new energy vehicles increased by 10.5% year-on-year, totaling 744,000 units, despite a month-on-month decline of 42.9% [6]. - The overall market performance is affected by the Spring Festival holiday, leading to a noticeable decline in various indices, except for the Intelligence Index [6]. Future Outlook - The article suggests that with the launch of more significant new energy models and the performance of popular models, the indices are expected to rebound to last year's high levels and potentially set new records in the coming months [6].