By Li Panpan

(JW Insights) Apr 12 -- The retail sales of passenger cars in China reached 1.587 million in March, up 0.3% year on year and 14.3% month on month, said data from the China Passenger Car Association (CPCA) released on April 10.

China produced 2.079 million passenger cars in March, a year-on-year increase of 13.8% and a month-on-month increase of 24.9%. Among them, joint venture production decreased by 8% year-on-year, while independent brands production increased by 23% year-on-year.

The wholesale of new energy passenger vehicles in March reached 617,000 units, up 35.2% year-on-year and 24.5% month-on-month, with Tesla China registering 88,000. Retail sales of those cars in China reached 543,000 in March, a year-on-year increase of 21.9%.

In March, 70,000 new energy passenger vehicles were exported, of which pure electric vehicles accounted for 94.3%.

The gross profit margin of new energy vehicle brands improved in March. Tesla China registered a gross profit of 26%, exceeding 20% for three consecutive years.