BYD Reclaims Monthly Sales Crown in March; Geely Tops Q1 Rankings

[Market Dynamics] BYD sold over 300,000 vehicles in March, reclaiming the monthly sales crown, while Geely secured the Q1 2026 championship thanks to its steady performance.

Core Trend: Four-Way Competition Replaces Single Dominance

BYD reported March sales of 300,222 units, up 57.9% month-over-month but down more than 20% year-over-year. Changan Automobile followed closely with over 240,000 units, surging 94% month-over-month. Both Chery and Geely exceeded 200,000 units each. Combined, these four automakers sold more than 970,000 vehicles, shifting the market landscape from "clear dominance" to a "four-way race."

Key Metrics: NEV Penetration Exceeds ICE Vehicles for the First Time

March narrow-body passenger vehicle retail sales reached approximately 1.7 million units, jumping 64.5% month-over-month. New energy vehicle (NEV) penetration hit 52.9%, surpassing internal combustion engine (ICE) vehicles for the first time. Geely exported 81,600 vehicles, a 120% year-over-year increase, highlighting overseas expansion as a critical strategy to counter domestic market saturation.