Data released by the CPCA showed that retail sales in China’s passenger vehicle market were 1.657 million units in March, down 15% YoY from the same period last year; for Q1 as a whole, total retail sales reached 4.236 million units, down 17% YoY. Specifically, in the new energy market, retail sales were 784,000 units in March, down 21% YoY; Q1 total retail sales were 1.844 million units, down 24% YoY.

As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.

The China Association of Actuaries and China Banking and Insurance Information Technology Management Co., Ltd. released information on NEV insurance claims in China for 2025. The data showed that in 2025, China’s insurance industry underwrote 43.58 million NEVs (including 41.81 million passenger vehicles and 1.77 million trucks), an increase of 12.48 million units from the previous year, up 40.1% YoY; The number of NEV model series reached 429, including 370 passenger vehicle series and 59 truck series. Specific information on model series with high claim ratios will be communicated to relevant vehicle producers through appropriate channels, to encourage them to improve vehicle safety and repair cost efficiency in design and jointly reduce vehicle usage costs over the full life cycle.

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In February 2026, sales based on traffic compulsory insurance of new vehicles in China’s passenger vehicle market totaled 1.145 million units, down 13.2% YoY. Notably, this marked the fourth consecutive month since last November that the market posted a decline of more than 10%. Combined sales for January and February reached 2.704 million units, down 14.3% YoY.

In 2026, the correction in lithium carbonate prices drove up lithium battery production costs. Coupled with uncertainties in lithium resources supply, cost pressure across the new energy industry became increasingly prominent. Leveraging the advantages of abundant sodium resources, balanced distribution, and controllable costs, sodium-ion batteries have leapt from being a “backup option” for lithium batteries to a key direction for industry breakthrough...