The Secretary-General of the China Passenger Vehicle Market Information Joint Conference, Cui Dongshu, stated that in response to the sluggish market, manufacturers have significantly reduced production this year. The trend of new energy vehicles was better in August. Data shows that by the end of August, the national inventory of passenger vehicles was 3.15 million, a decrease of 0.18 million from the previous month and 0.33 million from August 2023.

An analysis of the characteristics of the changes in inventory of new energy vehicle manufacturers in production shows that the inventory in August fell to 0.44 million vehicles, a significant decrease from the peak inventory of 0.48 million in June. The overall industry inventory is healthy. It is expected that the current inventory in August can support future sales for 46 days, showing a greater decrease compared to 53 days in August 2022 and 52 days in August 2023, indicating that overall inventory pressure is not high.

Cui Dongshu also mentioned that the proportion of power battery production installed in vehicles is continuously decreasing. Data shows that in 2021, the probability of power battery production installed in vehicles reached 70%, in 2022 it was 54%, and in 2023 it was 50%. In the first eight months of 2024, the proportion of power battery production installed in vehicles dropped to 47%, with a ternary installation rate of 49% and a lithium iron phosphate installation rate of 46%.