中国汽车流通协会：2025年8月中国汽车经销商库存预警指数为57.0%

Core Viewpoint - The Chinese automotive market is experiencing a mixed performance, with a slight increase in the inventory warning index indicating a decline in industry prosperity, while market demand shows signs of recovery due to various promotional activities and new subsidies [1][2]. Inventory Warning Index - The inventory warning index for August 2025 stands at 57.0%, which is an increase of 0.8 percentage points year-on-year but a decrease of 0.2 percentage points month-on-month [1]. Market Performance - The overall automotive market in August remained stable, with passenger car sales expected to reach approximately 2 million units, driven by seasonal demand and promotional events [2]. - Despite the positive sales outlook, dealers are under pressure due to ongoing macroeconomic challenges, low consumer confidence, and extended car purchase cycles [2]. Dealer Challenges - Over 75% of dealerships reported significant negative impacts from recent policy adjustments, with nearly 30% experiencing sales declines exceeding 15% [2]. - The tightening of national subsidy policies in 20% of regions has adversely affected customer conversion rates for some dealerships [2]. Sub-Index Analysis - In August, the sub-indices for inventory, market demand, and average daily sales increased, while indices for workforce and operational conditions decreased [3]. Regional Index Breakdown - The national index is 57.0%, with regional indices showing variation: North at 57.8%, East at 55.2%, West at 65.7%, and South at 53.7% [5]. Brand Type Index - The indices for luxury/imported and joint venture brands decreased, while the index for domestic brands increased [8]. Future Market Outlook - September is anticipated to enter the traditional peak season, with the full rollout of national subsidies and local purchase incentives expected to alleviate consumer hesitation [10]. - The automotive circulation association recommends that dealers rationally assess market demand and enhance promotion of trade-in and scrappage policies to boost consumer confidence [10].