On March 11, 2026, the China Association of Automobile Manufacturers (CAAM) held its monthly press conference in Beijing, releasing February’s automobile industry production and sales data, as well as the overall economic situation.
The data showed that, affected by multiple factors, the passenger vehicle market and the new energy vehicle market declined year-on-year, while the commercial vehicle market continued to improve, with rapid growth in automobile exports becoming a market highlight.
I. Automobile Production and Sales Declined Year-on-Year. This year’s Spring Festival fell in mid-to-late February, and the extended holiday resulted in only 16 effective working days in February, impacting enterprise production and operations and leading to an overall decline in market activity. According to Chen Shihua, Deputy Secretary-General of the China Association of Automobile Manufacturers, automobile production and sales in February reached 1.672 million and 1.805 million units respectively, representing month-on-month decreases of 31.7% and 23.1%, and year-on-year decreases of 20.5% and 15.2%.
From January to February, cumulative automobile production and sales reached 4.122 million and 4.152 million units respectively, representing year-on-year decreases of 9.5% and 8.8%.
Chen Shihua pointed out that the decline in automobile production and sales was mainly due to a combination of factors, including policy adjustments, the front-loaded release of demand, the misalignment of the Spring Festival holiday, insufficient consumer willingness, and a high base effect from the same period last year.
However, with the full implementation of local subsidy details after the holiday, the launch of spring auto show promotions, and the successive launches of new products by automakers, the vitality of the automobile market is expected to gradually recover.
II. Weak performance in the passenger vehicle market
The passenger vehicle market was also significantly impacted. In February, passenger vehicle production and sales reached 1.4 million and 1.536 million units respectively, representing month-on-month decreases of 32.1% and 22.7%, and year-on-year decreases of 21.6% and 15.4%.
From January to February, cumulative passenger vehicle production and sales reached 3.462 million and 3.524 million units respectively, representing year-on-year decreases of 12% and 10.7%.
Among the major passenger vehicle types, production and sales of all four categories (sedans, SUVs, MPVs, and crossover vehicles) declined to varying degrees both month-on-month and year-on-year. However, Chinese brand passenger vehicles performed relatively steadily in the market, accounting for 70.2% of sales in February. Although this represents a 0.4 percentage point decrease year-on-year, it still maintains a dominant market position.
III. The commercial vehicle market continues to improve.
Unlike the passenger vehicle market, the commercial vehicle market showed a continued positive trend in January and February.
Although commercial vehicle production and sales declined in February due to the holiday, reaching 273,000 and 269,000 units respectively, down 14.1% and 14% year-on-year, cumulative production and sales for January and February reached 660,000 and 627,000 units respectively, representing year-on-year increases of 7% and 3.9%.
Among the main types of commercial vehicles, truck production and sales saw significant growth, with cumulative production and sales for January and February reaching 594,000 and 563,000 units respectively, representing year-on-year increases of 9.4% and 5.8%.
While the bus market as a whole declined, sales of large and medium-sized buses increased, indicating an optimization of the market structure.
IV. Exports of new energy vehicles maintain rapid growth
The new energy vehicle market also faced challenges in February, with production and sales reaching 694,000 and 765,000 units respectively, representing year-on-year decreases of 21.8% and 14.2%. However, new energy vehicle exports became a bright spot, with 282,000 units exported in February, a year-on-year increase of 110%; cumulative exports from January to February reached 583,000 units, also a year-on-year increase of 110%.
Among them, exports of pure electric vehicles and plug-in hybrid electric vehicles both maintained rapid growth. From January to February, pure electric vehicle exports reached 377,000 units, a year-on-year increase of 100%; plug-in hybrid electric vehicle exports reached 206,000 units, a year-on-year increase of 120%.
The rapid growth in new energy vehicle exports has added new momentum to the Chinese auto market.
V. Divergent Performance Among Key Enterprises
Regarding key enterprises (groups), the top 15 automotive groups in terms of sales volume in January and February saw a combined sales decline of 9% year-on-year, accounting for 93.3% of total automotive sales.
Among them, SAIC Motor, Geely Holding, Dongfeng Motor, GAC Group, and Great Wall Motors saw varying degrees of sales growth, while other companies experienced a decline.
In terms of new energy vehicle sales, the top 15 enterprise groups saw a combined sales decline of 7.3% year-on-year, accounting for 96.5% of total new energy vehicle sales.
BYD, Geely, and SAIC Motor performed exceptionally well in the new energy vehicle market, ranking among the top in sales share.
VI. Future Outlook
The China Association of Automobile Manufacturers (CAAM) stated that with the continued implementation of various pro-consumption policies and the ongoing optimization of the market environment, the automotive market is expected to gradually recover.
Meanwhile, the rapid development of the new energy vehicle market and the high-speed growth in exports will provide strong support for the high-quality development of China’s automotive industry.
Overall, the Chinese automotive market faces certain challenges in February 2026, but the rapid growth in new energy vehicle exports and the continued positive performance of the commercial vehicle market have added new vitality to the market.
In the future, with continued policy support and ongoing market adjustments, the Chinese automotive market is expected to achieve healthy and stable operation.
