China's auto market slows, dealers face pressure

In 2023, the delivery volume of new energy passenger vehicles in the Chinese auto market will be 6.3747 million, a year-on-year increase of 40.79%, which is slower than the 86.91% in 2022. According to data released by the China Automobile Dealers Association, the inventory warning index of Chinese auto dealers in December 2023 was 53.7%, still in the recession range. In addition, 23.2% of dealers have a task completion rate of less than 70%, which is far from the annual task target.