According to the latest figures released by the CPCA Sub-branch, retail sales of passenger vehicles (narrowly defined) soared to 1.937 million units in March, marking a robust year-on-year growth of 14.3% and a significant month-on-month increase of 39.9%, setting a new benchmark for recent years. Notably, new energy vehicles (NEVs) shone brightly, accounting for 991,000 units sold during the month, pushing the market penetration rate to 51.2%. This suggests a post-holiday recovery trend in the market structure. In the first quarter, total sales of passenger vehicles (narrowly defined) amounted to 5.117 million units, representing a year-on-year increase of 5.8%. Sales of NEVs hit 2.419 million units, experiencing a year-on-year surge of 36.4% and maintaining a penetration rate of 47.3%. Looking ahead, it is anticipated that retail sales of passenger vehicles (narrowly defined) in April will approximate 1.75 million units, indicating a year-on-year growth of 14.4% but a month-on-month decline of 9.8%. Meanwhile, retail sales of NEVs are projected to reach 900,000 units, with the penetration rate anticipated to climb further to 51.4%.