Winter has gone and spring has come, and China's passenger car and new energy passenger car market has begun to pick up. On March 8, the data of the Passenger Transport Federation showed that the retail sales of China's broad passenger car market reached 1.418 million in February 2023, up 10.4% year-on-year and 8.8% month-on-month. In the first two months of 2023, the retail sales of generalized passenger vehicles reached 2.719 million, down 19.7% year on year. In February, the retail sales of new energy passenger vehicles reached 439000, up 61% year-on-year and 32.8% month-on-month. In the first two months of 2023, the retail sales of new energy passenger vehicles reached 770000, up 22.8% year on year. The data of the Passenger Transport Association also showed that the main participating enterprises in the car market were also more and more active. In February, among the new energy passenger vehicle enterprises, the number of enterprises with wholesale sales of more than 10000 vehicles rose to 10. Among them, there are 191664 BYD cars, 74402 Tesla China cars (up 13% from the previous month), 30086 GAC Aian cars, 23289 SAIC passenger cars, 23283 Geely cars, 19382 Chang'an cars, 16620 ideal cars, 12157 Weilai cars, 10982 SAIC General Motors Wuling cars, and 10073 Nezha cars. The performance of self-owned brands and new energy vehicles was outstanding. "The retail sales in February achieved a positive growth of 7.5% month-on-month, which is a reasonable trend in line with expectations under the influence of comprehensive factors such as the Spring Festival. From the weekly trend, the weekly sales volume in February did not significantly exceed the retail level of the corresponding week before the Spring Festival in January, but the total sales volume in February was stronger than that in January because there was no extremely low sales factor for the Spring Festival holiday." As for the recovery of the car market, Cui Dongshu, Secretary-General of the Passenger Transport Federation, was cautiously optimistic. He pointed out that due to the early Spring Festival this year and the overdraft caused by the policy switch, the accumulative retail sales of 2.679 million vehicles in January-February decreased by 19.8% year on year. More and more Chinese consumers are more willing to choose to buy Chinese self-owned brand cars. According to the data of the Car Association, the retail sales of self-owned brand cars in February were 710000, up 29% year-on-year and 12% month-on-month. In February 2023, the domestic retail share of independent brands was 51.1%, up 7% year on year; In January-February, the cumulative share of independent brands was 50%, an increase of 5.4% compared with the same period in 2021. In February, the wholesale market share of independent brands was 53.3%, 9.8% higher than that of the same period last year. "Independent brands have gained significant growth in the new energy market and export market, and the transformation and upgrading of traditional automobile enterprises in the head has performed well, and the share of traditional automobile enterprises such as BYD, Chang'an Automobile, Geely Automobile and Chery Automobile has increased significantly," Cui Dongshu said. China's new energy vehicles are back on the rise. The report of the Passenger Transport Federation pointed out that the sales of new energy vehicles caused by the switch of new energy subsidy policy in January 2023 decreased significantly, and the new energy vehicle market was gradually adjusted in February. The domestic retail sales of new energy passenger vehicles in that month reached 439000, up 61.0% year-on-year and 32.8% month-on-month. Meanwhile, the domestic retail penetration rate of new energy vehicles in February was 31.6%, up 10% from 21.7% in February 2021. In February, the penetration rate of new energy vehicles among independent brands reached 52.9%; Luxury car
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Shanghai Securities Dairy
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