CPCA secretary-general Cui Dongshu wrote that national passenger-vehicle
inventory at end-May 2026 was 3.48 mln units, down 60k MoM and up 30k YoY;
manufacturer inventories make up 30.3%, a relatively high share. CPCA optimism
for May was 27%; early‑June post‑May satisfaction was 26%, with high oil prices
cited as the main adverse factor. The team's optimism for June dropped to 31%, a
recent historical low. Inventory at pure new‑energy vehicle manufacturers rose
to 790k units in May, up 40k MoM, 10k above the Nov‑2025 peak but down 80k YoY
from 870k in May‑2025. OEM and dealer channel inventories for NEVs are facing
retail demand below expectations, leaving elevated industry inventory pressure.
