乘联分会·2025-06-09 08:08Core Insights - The article highlights the strong performance of the Chinese automotive market in May 2025, with significant year-on-year growth in retail and wholesale sales, driven by favorable policies and market conditions [11][12][13]. Overall Market Analysis - In May 2025, the total production of passenger vehicles reached 2.27 million units, a year-on-year increase of 12.6% [15]. - Retail sales for the same month were 1.93 million units, reflecting a 13.3% increase year-on-year and a 10.1% increase month-on-month [11][12]. - Cumulative retail sales for the first five months of 2025 reached 8.81 million units, up 9.1% compared to the same period last year [11]. New Energy Vehicle (NEV) Market - NEV production in May 2025 was 1.17 million units, a 30.2% increase year-on-year [18]. - NEV retail sales reached 1.02 million units in May, marking a 28.2% year-on-year increase [18]. - The market penetration rate of NEVs in the overall passenger vehicle market reached 52.9% in May [22]. Manufacturer Performance - Domestic brands accounted for 65.2% of retail sales in May, with a year-on-year increase of 8 percentage points [14]. - BYD, Geely, and Chery are among the leading manufacturers in the NEV segment, with significant sales figures [25][26]. - The wholesale volume of NEVs reached 1.22 million units in May, a 33.0% increase year-on-year [19]. Export Trends - In May 2025, total passenger vehicle exports were 448,000 units, a 13.5% year-on-year increase [15]. - NEVs constituted 44.5% of total exports, indicating a growing international demand for Chinese electric vehicles [15][23]. - BYD led the export figures with 84,068 units, followed by Chery and Tesla [23]. Inventory and Production Dynamics - Overall inventory levels decreased by 110,000 units in May, indicating a healthy balance between production and sales [17]. - The production of passenger vehicles in May exceeded wholesale figures by 40,000 units, suggesting strong demand [17]. Market Outlook - The automotive market is expected to maintain its growth trajectory in June 2025, supported by favorable working days and ongoing consumer incentives [28]. - The article emphasizes the importance of the "old-for-new" vehicle replacement policy in driving sales and market activity [12][30].