March sales figures have been released, revealing the performance of various automakers. What highlights can be observed in the new energy vehicle (NEV) camp and leading domestic brands? How will brand momentum unfold in the second quarter?
NEV Sector: Li Auto Counterattacks, XPeng Under Pressure, NIO Intensifies Refreshes Li Auto delivered over 41,000 vehicles in March, with cumulative sales exceeding 95,000 units in the first quarter. Despite seasonal slowdowns and competitive pressures, Li Auto maintained slight year-over-year growth, securing a leading position among NEV makers. The company is preparing to launch the new-generation Li L9 and its top-tier L9 Livis variant in the second quarter, positioned as a large six-seat flagship emphasizing embodied intelligence. On the technology front, Li Auto began rolling out its VLA model OTA update on March 31, with full deployment starting in April, and plans to deploy automated charging robots in Q2.
NIO delivered 35,486 vehicles in March, surging 136.0% year-over-year and 70.6% month-over-month. Cumulative deliveries surpassed 83,000 units in Q1, up 98.3% annually. The new ES8 contributed nearly half of the sales, securing the top spot in the large SUV and premium (400,000 RMB+) segments for three consecutive months. On April 2, NIO refreshed its "5566" model matrix (ES6/EC6/ET5/ET5T), upgrading autonomous driving and comfort features across the lineup to bolster competitiveness in the 300,000 RMB segment. The flagship SUV ES9 will debut in April and launch in late May, while the Ledao L80 is set for release in April-May, with the 2026 Ledao L90 featuring lidar-enhanced autonomous driving to be unveiled in late April.
XPeng delivered 27,415 vehicles in March, an 80% monthly increase, but cumulative Q1 sales reached 62,000 units, down approximately 33% year-over-year. The company faced challenges during a product transition phase amid intense market competition. Starting in April, XPeng will fully deploy its 2026 refreshed models (G6, P7+, G7, G9) equipped with second-generation VLA autonomous driving. The 2026 MONA M03 was relaunched on April 2, with upcoming key models including the large six-seat flagship GX (expected at the Beijing Auto Show) and the coupe SUV MONA D03 (anticipated in Q2).
Xiaomi delivered over 20,000 vehicles in March, with cumulative Q1 sales nearing 80,000 units. Strong performances from the SU7 and YU7 helped maintain stable deliveries despite the traditionally slow season. The new SU7, launched on March 19, has already delivered 7,000 units, with full-scale deliveries commencing in April. In May, Xiaomi will introduce high-performance YU7 GT/Ultra variants, followed by its first extended-range flagship, the Kunlun N3 (YU9), in late June to early July, filling the gap in the six-seat family extended-range segment. Technologically, Xiaomi will deploy its XLA autonomous driving model OTA update in May and advance 600kW liquid-cooled ultra-fast charging station deployment alongside automated charging robot pilots in Q2.
Domestic Leaders: BYD and Geely Diversify, Changan Rebounds, Chery Aggressively Expands BYD sold over 300,000 vehicles in March, including nearly 120,000 overseas. Cumulative Q1 sales exceeded 700,000 units, though slightly down year-over-year. Notably, overseas sales accounted for nearly 320,000 units, approaching 50% of the total. Following its 2026 earnings call, BYD raised its annual export target from 1.3 million to 1.5 million units, after surpassing 1 million overseas sales in 2025. With factories operational in Thailand and Brazil, and new facilities in Hungary and Turkey commencing production this year, BYD has established a global production network covering ASEAN, South America, and Europe. Domestically, models featuring second-generation Blade batteries and megawatt-level flash charging technology are rapidly expanding, including the Fang Cheng Bao Titan 3 Flash Charging Edition, Song Ultra EV, 2026 Yuan PLUS, Sea Lion 05/06, and Seal 07 EV. Premium models like the Yangwang U7, 2026 U8, and new Denza Z9 GT will gradually launch in Q2. Under its "Flash Charging China" strategy, BYD aims to build 20,000 flash charging stations by year-end, creating an unparalleled ecosystem. While BYD has not officially disclosed its 2026 total target, analysts普遍 predict annual sales exceeding 5 million units.
Geely sold over 233,000 vehicles in March, with Q1 sales surpassing 700,000 units, setting a record for the period. The Geely brand contributed over 550,000 units, Lynk & Co exceeded 81,000, and Zeekr surpassed 77,000. Adhering to a "fuel and electric simultaneous advancement" strategy, Geely's China Star series continued iterations, achieving 311,000 sales. Beyond stabilizing its premium lineup, the Boyue REV entered the A+ extended-range segment. Notably, Geely will hold an i-HEV intelligent hybrid technology发布会 on April 13. NEV sales accounted for 369,000 units (42% of total) in Q1, with Galaxy contributing 239,000. Upcoming models include the Galaxy M7 targeting the mainstream SUV market and the Warship 700 aimed at the NEV off-road segment. Geely's strategy often involves deliberate timing followed by aggressive value propositions, positioning it as a disruptor and volume leader. Overseas sales exceeded 200,000 units in Q1, with March exports reaching 81,000, showing rapid growth. Geely's full-year 2026 target is 3.45 million vehicles, with an export goal of 640,000 (challenge target: 750,000).
Chery sold 240,000 vehicles in March, up 12.1% year-over-year, with Q1 cumulative sales exceeding 600,000 units. Overseas exports dominated, nearing 400,000 units, a 53.9% increase. In NEVs, Chery sold over 160,000 units in Q1. Technologically, previously announced initiatives like the Falcon platform and Lingxi smart cockpit are being implemented, while Rhino battery and Xunlong fast-charging technologies are expanding across its 50,000-500,000 RMB product range. Chery's premium aspirations were highlighted by the global debut of the FREELANDER brand, positioned as a "global luxury NEV technology brand," complementing its existing Exeed, Jaecoo, and other upscale marques.
Chongqing Changan Automobile Co.,Ltd. concluded the quarter with strong results: March 2026 sales hit 270,000 vehicles, up 78% monthly, including 89,600 NEVs (a 112% increase) and overseas sales surpassing 100,000 units for the first time (up 60%). By brand, Chang'an Qiyuan sold 36,875 units in March (up 102% monthly), and Deepal Auto reached 31,742 (up 88%). The Chang'an Gravity series exceeded 100,000 monthly sales, with CS75 and Yidong series each surpassing 20,000 units. The company also launched its Blue Whale super-hybrid technology, targeting 2L/100km fuel efficiency to solidify its ICE foundation. With its Brazil plant operational and the establishment of Tianshu Intelligent Robot Company, Chang'an continues to advance steadily under its three core initiatives: "Shangri-La, Big Dipper, and Embracing the World."
In summary, the industry appears to be moving beyond price wars into a more intense value competition focused on technology and ecosystem development. The battle is now domestic and international, ultimately playing out as a contest for consumer mindshare. A packed March of product launches sets the stage for the Beijing Auto Show in April, which will define the competitive landscape for Q2.
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