Cui Dongshu: As of the end of January 2026, the national passenger vehicle industry had 3.57 million vehicles in inventory, representing 70 days' worth of supply.

On February 25, Cui Dongshu, Secretary-General of the China Passenger Car Association, published an article stating that as of the end of January 2026, national passenger car industry inventory stood at 3.57 million units, down 80,000 units from the previous month but up 580,000 units from January 2025, indicating that inventory remains at a high level. Based on a comprehensive forecast of inventory levels as of the end of January 2026 and future sales, the current inventory is sufficient to support 70 days of sales. Compared to 65 days in January 2023, 70 days in January 2024, and 48 days in January 2025, overall inventory pressure is relatively high this January. An analysis of inventory trends among manufacturers specializing in new energy vehicles (NEVs) shows that, driven by efforts to curb overcapacity, industry inventory fell to 620,000 units in September. By January 2026, industry inventory had risen to 720,000 units—a decrease of 160,000 units from the peak but an increase of 60,000 units compared to December. Recently, manufacturers and channel inventories held by NEV dealers have faced market conditions that fell short of expectations, resulting in significant overall inventory pressure across the industry.