March EV Report Card: BYD Breaks 300,000 Units Monthly, Nio Surges 136% YoY, Tesla Faces Q1 Pressure

March delivery data for China's electric vehicle market has been released en masse, with leading automakers generally recording year-on-year growth. BYD firmly holds the top position in the industry with a monthly volume exceeding 300,000 units, while Nio, XPeng, and ZEEKR show impressive growth rates, continuing the momentum of domestic market expansion.

Nio delivered 35,486 units in March, a year-on-year surge of 136%. In the first quarter, cumulative deliveries reached 83,465 units, up 98.3% year-on-year, exceeding the upper end of the company's previous earnings delivery guidance. BYD sold 300,200 new energy passenger vehicles and pickups in March, with overseas sales reaching 119,600 units. The cumulative sales of new energy vehicles have now surpassed 15.8 million units.

Geely NEV delivered 127,000 units, a year-on-year increase of 6%; Li Auto delivered 41,000 units; ZEEKR delivered 29,000 units, with year-on-year and sequential growth of 90% and 23%, respectively; XPeng delivered 27,000 units, an 80% increase sequentially.

The aforementioned data reflects the continuous evolution of the competitive landscape in China's new energy market: mainstream brands have further strengthened their economies of scale, while some second-tier brands have achieved phased rebounds through new product cycles. Simultaneously, according to Reuters, Tesla's first-quarter deliveries are expected to decline by approximately 12% sequentially, with uneven demand and intensified competition acting as a dual drag.

Nio's First Quarter Deliveries Nearly Double, Flagship New Car Poised for Launch

Nio's single-month deliveries in March reached 35,486 units, a year-on-year increase of 136% and a sequential increase of 70.6%. Cumulative deliveries in the first quarter reached 83,465 units, a year-on-year increase of 98.3%. By brand structure, the Nio main brand delivered 22,490 units in March, a year-on-year increase of 120.1%; the ONVO brand delivered 6,877 units, a year-on-year increase of 42.7%; and the Firefly brand delivered 6,119 units, a sequential increase of 130.3%. As of now, Nio's cumulative deliveries have exceeded 1.08 million units.

Nio also announced that the product technology launch event for its flagship SUV ES9 will be held on April 9th. The company positions the ES9 as "the most technologically advanced SUV in the world this year" and "a milestone work marking the transition from quantity to quality in Nio's technology," with the market watching to see if it can continue the brand's current delivery momentum.

XPeng's March Sequential Increase of 80%, BYD Leads Industry in Scale

XPeng delivered 27,415 new vehicles in March, an 80% increase sequentially. Cumulative deliveries in the first quarter reached 62,682 units. The significant sequential rebound from the previous month indicates that its new product delivery pace is accelerating.

BYD sold 300,200 units in March, continuing to hold the top spot in China's new energy sales rankings. Among these, overseas sales of passenger vehicles and pickups reached 119,600 units, with the export scale continuing to expand. Cumulative new energy vehicle sales have exceeded 15.8 million units.

Li Auto and Seres Show Steady Growth, Geely on Par with Last Year

Li Auto delivered 41,053 vehicles in March, a year-on-year increase of 12%. Cumulative deliveries reached 1.635 million units, maintaining a steady growth trend.

Seres' new energy vehicle sales in March were 22,706 units, a year-on-year increase of 20.74%. Sales of its Seres Auto brand reached 20,234 units, a substantial year-on-year increase of 47.74%, showing relatively outstanding growth.

Geely Automobile's total vehicle sales in March were 233,031 units, largely in line with the same period last year, as growth momentum has been somewhat limited in an increasingly competitive market. Geely NEV delivered 127,000 units in March.

Deepal Global Sales Reach 31,742 Units in March, Up 30% Year-on-Year

Deepal announced its global sales for March, totaling 31,742 units, a 30% year-on-year increase and an 87.8% sequential increase.

Among these, Deepal S05 achieved global sales of 17,586 units in March. Since its launch, its average monthly sales have exceeded 10,000 units, with cumulative global sales surpassing 190,000 units. Deepal S07's cumulative global sales reached 300,000 units, with a sequential increase of 157% in March. Deepal L06 sold 5,135 units in March, a 170% increase sequentially.

ZEEKR Delivers 29,318 New Vehicles in March, Up 90% and 23% YoY and Sequentially

ZEEKR's March delivery figures have been released: new vehicle deliveries reached 29,318 units, up 90% and 23% year-on-year and sequentially, respectively. From January to March, a total of 77,037 units were delivered, an 86% year-on-year increase. As of now, ZEEKR's cumulative global deliveries are close to 720,000 units.

VOYAH Automobile Delivers 15,019 Units in March, Up 50% Year-on-Year

VOYAH Automobile delivered 15,019 vehicles in March, a 50% year-on-year increase and an 80% sequential increase.

In March, the 200,000th VOYAH Dreamer rolled off the production line on March 10th, and the company launched a Champion Edition in collaboration with Huawei. The "VOYAH Taishan Ultra" officially began mass production and delivery on March 17th, with the VOYAH Taishan Black Warrior also launching simultaneously. The VOYAH Taishan X8 made its global debut on March 19th and will open for pre-sale in late April.

Great Wall Motor: March Sales 106,200 Units, Up 8.38% YoY

Great Wall Motor announced that its sales in March 2026 reached 106,200 units, an 8.38% year-on-year increase; production was 122,900 units, a 22.80% year-on-year increase. Cumulative sales for January-March were 269,100 units, a 4.79% year-on-year increase; cumulative production was 277,800 units, a 7.90% year-on-year increase.

Overseas sales in the month were 47,142 units, and NEV sales were 21,857 units. From January to March, cumulative overseas sales reached 130,100 units, and NEV sales were 52,630 units. Sales for each brand in March were as follows: Haval 57,021 units, WEY 7,751 units, Great Wall Pickup 20,450 units, Ora 2,529 units, Tank 18,316 units, and others 131 units.

Tesla Faces Pressure in First Quarter, Wall Street Downgrades Expectations

According to Reuters, Tesla's first-quarter deliveries are expected to fall below the previous quarter's level. The average analyst forecast compiled by Visible Alpha is approximately 368,900 vehicles, a sequential decline of about 11.8%; the average of 23 forecasts compiled by Tesla itself is 365,645 vehicles.

Although these figures still represent a year-on-year growth of about 9.6%—last year's first quarter saw sales suffer due to boycotts triggered by CEO Elon Musk's political remarks—the sequential downward trend is drawing market attention.

Pressure on the demand side comes from multiple directions: competition in the European and Chinese markets continues to intensify, and the US federal government's $7,500 EV tax credit is expected to expire in September. Some analysts have already lowered their full-year forecasts from growth to decline. According to Visible Alpha data, analysts currently expect Tesla to deliver approximately 1.7 million vehicles for the full year 2026 and 1.84 million vehicles in 2027.