The numbers
The China Association of Automobile Manufacturers published March 2026 sales data on Friday: 1.84 million NEV units sold (51% mix), total vehicle sales 3.62 million (+8.2% YoY). Both prints are records for the month of March.
The composition
- BEV (battery electric): 1.12 million units (61% of NEV)
- PHEV (plug-in hybrid): 0.56 million units (30%)
- EREV (extended range): 0.16 million units (9%)
- Total NEV mix: 51% (vs 41% March 2025)
The market continues to bifurcate. Tesla, BYD, and the legacy joint-venture brands all posted YoY gains; smaller domestic brands (Aiways, WM Motor) saw further share losses.
The policy backdrop
- Consumer goods replacement subsidy: expanded to include NEV trade-ins (March 2026)
- VAT exemption for NEV purchases: extended through end-2027
- Charging infrastructure capex: CNY 28 billion in Q1 2026
The NEV cycle is now a self-sustaining structural story. — UBS, autos research
Watch list
- Q1 2026 listed automaker earnings (begins late April)
- April 2026 monthly data (May 11)
- The 2026 NEV credit policy review (Q3 2026)
