Cui Dongshu: The national passenger car market had a inventory of 3.15 million units at the end of August, and overall industry inventory pressure is gradually easing.

Under the combined influence of the expectation of stimulating policies, further promotion of a wait-and-see attitude, and other factors, manufacturers have significantly reduced production to cope with the sluggish market this year, and the trend of new energy vehicles in August is good. At the end of August 2024, the national passenger vehicle inventory was 3.15 million units, a decrease of 180,000 units from the previous month and a decrease of 330,000 units compared to August 2023. Analyzing the inventory changes of only companies producing new energy vehicles, the inventory in August fell to 440,000 units, a significant decrease from the peak inventory of 480,000 units in June, indicating a generally healthy industry inventory. The estimated existing inventory in August supports future sales for 46 days, a significant decrease compared to 53 days in August 2022 and 52 days in August 2023, indicating relatively low overall inventory pressure. 1. Recent trends in passenger car retail sales From March to August 2024, domestic passenger car retail sales in China showed a continuous upward trend, with national passenger car retail sales reaching 1.902 million units in August, a 1% decrease year-on-year but a 10.6% increase month-on-month, exceeding the 210,000 units in March. In 2023, the retail market showed strength all year, with May-August outperforming March, a strong trend that continued from the previous year's performance. The national passenger car retail sales in August were 1.902 million units, a 1% decrease year-on-year but a 10.6% increase month-on-month. The cumulative retail sales since the beginning of the year have reached 13.45 million units, a 2% increase year-on-year. Due to the early Chinese New Year in 2023, retail performance in January 2024 was strong mainly due to base effects. August saw strong growth, particularly on a monthly basis, supported by nearly a trillion dollars in scrappage incentives, suggesting strong potential for future recovery. 2. Recent trends in passenger car wholesale In August 2024, national passenger car manufacturers wholesaled 2.15 million units, a 4% decrease year-on-year but a 9% increase month-on-month. Due to the cautious production and sales of car companies in the summer, wholesale of passenger cars in August did not reach a new high. Independent car manufacturers wholesaled 1.44 million units, a 12% increase year-on-year and a 9% increase month-on-month; mainstream joint venture car manufacturers wholesaled 460,000 units, a 30% decrease year-on-year but a 12% increase month-on-month; luxury car wholesales were 250,000 units, a 15% decrease year-on-year but a 5% increase month-on-month. In August 2024, national passenger car manufacturers wholesaled 2.15 million units, a 4% decrease year-on-year but a 9% increase month-on-month. Due to the cautious trend of... Not big.9. Inventory of Shanxi Guoxin Energy Corporation's passenger vehicles rebounds From the analysis of the characteristics of inventory changes in enterprises that only produce new energy vehicles, the inventory at the beginning of 2023 was 200,000 units, with the inventory maintaining well at the beginning of the year. Soon after, it entered a period of rapid inventory growth, with the overall inventory of pure new energy vehicle enterprises reaching 400,000 units by the end of November 2023, dropping to 390,000 units in December. In March 2024, it further decreased to 330,000 units, rose to 480,000 units in June, and then fell to 440,000 units in August. The inventory in new energy distribution channel has significantly decreased, and the overall industry inventory is healthy. Source: WeChat Public Account "Cui Dongshu", Author: Cui Dongshu, GMTEight Editor: Chen Qiuda.