On April 9, the China Passenger Car Association (CPCA) reported that retail sales of passenger vehicles in China amounted to 1.94 million units in March, marking a robust 14.4% increase year-on-year and a significant 40.2% jump month-on-month. Cumulatively, retail sales for the year have reached 5.127 million units, up 6.0% compared to the same period last year. The domestic auto market has demonstrated a consistent pattern of low sales at the beginning of the year followed by a surge. Notably, the retail sales volume in March 2023 was just shy of the all-time high of 1.98 million units recorded in March 2018, positioning it among the highest for any March in recent years.

This positive performance can be attributed to the effective implementation of the country's dual-new policy, which has helped mitigate the intensity of price wars and foster a healthier competitive environment within the industry. Consequently, the year-on-year retail growth rate in March 2023 soared to its highest level in nearly a decade, reversing the trend of subdued retail growth observed in previous Marches.