Cui Dongshu, Passenger Car Branch: The passenger car market has been in stock for 54 days at the end of May, and the industry inventory has hit a new high in the past two years.

Passionategeekz On June 20, Cui Dongshu, Secretary-General of the China Passenger Car Branch, issued a statement revealing that the national passenger car industry inventory at the end of May 2025 (last month), a decrease of 50,000 vehicles from the previous month and an increase of 160,000 vehicles from May 2024.Form the characteristics of continuous high inventory. The current policy launch has brought about overall optimism among manufacturers, with high production of old-for-new products, relatively active wholesale of manufacturers, and industry inventory has hit a new high in the past two years.

Looking back at 2024, overall inventory remained relatively stable last year, falling back to around 3.05 million vehicles in December, and rebounded to 3.45 million vehicles in May 2025, mainly due to the recovery of channel inventory. Inventory in May 2025 overall increased slightly. Due to the good market prices and high production enthusiasm of manufacturers, the overall industry inventory pressure is relatively controllable. Although the inventory proportion of manufacturers is at a high level, the increase in new cars began after the year, and the inventory destocking trend in the first two years eased, and the inventory presence increased slightly in the first quarter.

With the promotion of central consumption promotion policies, the active marketing activities such as auto shows in various places, as sales in June-August gradually turn into seasonal off-season, sales in the next three months will gradually decline. Therefore, based on the comprehensive estimate of inventory and future sales at the end of May 2025, the total inventory pressure in May this year has slightly increased compared with the 54 days in May 2023 and the 51 days in May 2024.

In May, the new energy passenger car market sold 1.03 million vehicles, a year-on-year increase of 29% and a month-on-month increase of 13%; from January to May, a cumulative retail sales of 4.36 million vehicles, a 34.1% increase. In this regard, Cui Dongshu believes that “although it is disturbed by the Spring Festival factors, the cumulative growth rate of 34% from January to May is still the highest in the past three years. At present, China’s domestic demand for new energy is still growing very strongly.”

Judging from the analysis of inventory changes characteristics of enterprises that only produce new energy vehicles, the inventory was 200,000 vehicles at the beginning of 2023, and the inventory at the beginning of the year remained good. Then it entered a period of rapid inventory growth. The overall new energy inventory of pure new energy vehicle companies at the end of December 2023 dropped to 390,000 vehicles, further dropped to 330,000 vehicles in March 2024, rose to 660,000 vehicles in December 2024, and 880,000 vehicles in May 2025. Among them, the inventory of manufacturers and channels of new energy dealers has increased significantly, and the overall pressure on the industry’s inventory is gradually increasing.

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