Hua Er Jie Jian Wen·2025-07-08 12:57Core Viewpoint - The Chinese passenger car market showed strong performance in June, with record highs in retail, wholesale, production, and exports, alongside a significant reduction in inventory levels for both passenger and new energy vehicles [1][5]. Retail Performance - In June 2025, the national retail of passenger cars reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1][5]. - Cumulatively, retail sales for the year reached 10.901 million units, up 10.8% year-on-year [1][5]. - The retail penetration rate of new energy vehicles (NEVs) rose to 53.3% in June, supported by policies such as scrappage incentives and tax exemptions [1][6]. Production and Wholesale - Passenger car production in June was 2.419 million units, a year-on-year increase of 13.3% [11]. - Wholesale figures reached 2.490 million units, marking a 15.1% increase year-on-year [12]. - The overall inventory of passenger cars decreased by 150,000 units in June compared to the previous year [13]. Export Trends - In June, passenger car exports reached 480,000 units, a year-on-year increase of 23.8% [11]. - New energy vehicles accounted for 41.1% of total exports, with a significant year-on-year increase of 17 percentage points [23]. - Cumulatively, exports for the first half of the year reached 2.479 million units, up 6.8% year-on-year [11]. Market Share Dynamics - The wholesale market share of domestic brands in June was 67.1%, reflecting a year-on-year increase of 2.2% [6]. - The retail share of domestic brands reached 64.2%, up 5.6 percentage points year-on-year [7]. - The luxury car segment saw a retail volume of 230,000 units in June, a year-on-year decrease of 7% [8]. New Energy Vehicle Insights - In June, the production of new energy vehicles reached 1.200 million units, a year-on-year increase of 28.3% [14]. - The wholesale volume of new energy vehicles was 1.241 million units, up 27% year-on-year [15]. - The penetration rate of new energy vehicles in the domestic market was 53.3%, with domestic brands achieving a penetration rate of 75.4% [22]. Competitive Landscape - Major players like BYD, Geely, and Chery have shown strong performance in the new energy vehicle sector, with BYD leading in both production and sales [25][26]. - The new energy vehicle market is characterized by a growing number of models exceeding 20,000 units in sales, indicating a robust competitive environment [21]. Future Outlook - The market is expected to experience a gradual slowdown in growth due to high inventory levels and the need for manufacturers to stabilize prices [29]. - The introduction of policies aimed at promoting new energy vehicles in rural areas is anticipated to boost demand and provide new growth opportunities for the market [29].