BYD electric cars are piling up in warehouses. 116B Yuan in Unsold BYD Cars Despite Huge Discounts

BYD electric cars are piling up in warehouses, 116 billion yuan in unsold BYD cars, despite huge discounts. The battle in China's auto market is getting bloodier by the day. With competition intensifying and consumer demand cooling, carmakers are being crushed by soaring inventory pressure, and even industry giant BYD isn't spared. Last year, BYD's inventory hit a staggering 116 billion renminbi, the highest in the entire industry. That's billions of yuan tied up in unsold vehicles, straining cash flow, inflating financial costs, and risking heavy losses as models quickly become outdated. In a desperate push to stay ahead, BYD has activated its Clear Inventory mode. After announcing its National Intelligent Driving Strategy, the company started slashing prices on older, non-intelligent models. In a bold move, 10 models under its Dynasty and Ocean networks saw limited-time price cuts of around 10,000 yuan, with some compact cars now starting in the 50,000 yuan range, a price point rarely seen from BYD. But it's not just the cheaper models. Premium vehicles like the Han DMI and Tang DMI, still lacking intelligent driving features, have also seen 10,000 yuan shaved off their price tags. Meanwhile, the Sia MPV is offering up to 42,000 renminbi in replacement subsidies, a clear sign that BYD is aggressively offloading older stock. Why the rush? It's not just strategy. The numbers don't lie. According to BYD's 2024 annual report, its inventory dwarfs that of rivals like SAC Group, RMB77.3 billion, and Great Wall Motor, Geely, and Chang'an, each with over RMB10 billion. With 58.57 inventory turnover days, BYD moves cars faster than some competitors, but it's still facing a dangerous build-up. In comparison, Haima Auto sits on cars for nearly 150 days before selling. Behind it all lies a darker reality. China's economic slowdown is sapping consumer confidence, and buyers are tightening their wallets. Carmakers are now locked in brutal internal warfare, where price cuts are the only weapons left. Profits are thinning, and some are even selling at a loss, just to win a few points of market share and keep cash flowing. As more automakers flood the market with smart driving models, older non-intelligent versions are rapidly losing their appeal, and with the price war showing no signs of stopping, even the strongest players are bleeding. Time bomb is at hand. China's economy is deteriorating and spreading on multiple levels. While claiming to grow by 5% to the outside world, China's economy is showing signs of continued deterioration on multiple levels. Recently, many foreign media outlets and research institutions have pointed out that as economic difficulties intensify, three methods are being used to cover up the truth behind the data. First, the discontinuation of key data releases, such as the youth unemployment rate, private fixed asset investment, monetary policy details, etc. Second, redefining data indicators, such as the sudden relaxation of the narrow money M1 definition, which caused its year-on-year growth rate to turn from negative to positive. Third, directly manipulating the database, such as lowering last year's consumption data to create the illusion of a consumption recovery this year. There are many doubts behind the 5% growth rate. The Statistics Department announced that GDP growth in 2024 would be 5%, but based on multiple economic indicators, there is almost no basis to support this figure. The CPI only grew by 0.2% throughout the year, and the PPI fell by 2.2%, indicating that deflationary pressure continues. Declining fiscal revenue, sluggish investment, and high unemployment are all inconsistent with growth. Consumption in Shanghai and Beijing declined in the first quarter of this year, yet the contradictory official data shows that national consumption increased by 4.6%. If the economy were truly growing by 5%, it would inevitably be accompanied by rising tax revenues, active investment, and improved employment, but these signals are currently absent. Two, the unemployment wave and local fiscal crisis are overlapping. Although the official urban unemployment rate is 5.2%, the youth unemployment rate is as high as 16.5%. Many institutions believe the actual situation may be more severe. Nomura expects 5.7 million people to be unemployed in the short term, and more than 15.8 million in the long term. The total debt of local governments may exceed 100% of GDP, and their fiscal payment capacity is rapidly declining. Exports are facing obstacles, especially exports to the United States, which are subject to high tariffs. Indirect export routes are also being blocked. Three, the decline of manufacturing and the rise of social unrest. Manufacturing companies in many regions have been exposed for frequent layoffs and worker protests. According to data from the U.S.-based Freedom House, strikes in the third quarter of 2024 increased by 27% compared to the previous year, accompanied by wage disputes and social conflicts. Fourth external observation, China may be entering a long-term recession. The correspondent of the Swiss newspaper Neue Zürcher Zeitung in China pointed out that China, as the engine of the world factory, has shown signs of fatigue and southern industrial zones are becoming deserted. Observers believe these are signs of a long-term recession. Surface level growth cannot cover up deep recession. Without acknowledging the problems, there can be no genuine reform or recovery. China's May Day holiday turns into a disaster. Overpriced services, scams and a collapsing tourism sector. The May 1st holiday in China, traditionally seen as a golden opportunity for travel and consumption stimulation, has become the focus of public criticism due to unreasonable price hikes, poor quality services and widespread tourist scams. During a trip to a tourist destination in China, a passenger became embroiled in a heated dispute with a taxi driver over an exorbitant fare. The passenger noticed the driver was not using the meter and questioned the demand for 200 yuan, pointing out that the route was less than 10 kilometers. The driver explained that meters were not used during the holiday period and insisted the fare was standard, noting that the meter was off. The passenger argued that the high fare should have been disclosed before the journey began, especially since they were now far from the starting point. Frustrated, the driver suggested the passenger could walk if dissatisfied, emphasizing that securing a taxi during the holiday was already fortunate. The passenger challenged the driver's intentions, highlighting their predicament at a remote service area with no other transport options. The driver pressed the passenger to decide whether to continue the trip. Reluctantly, the passenger agreed to pay but expressed discontent with the widespread price hikes during holidays and the driver's approach. The driver maintained that such pricing was a local norm and that outsiders needed to adapt to these rules. At a tourist destination, a tour guide aggressively demands that passengers spend money upon arrival. Hold on. Once we get to the scenic area, everyone get off the bus. You need to spend 2,000 yuan at the foot of the mountain. I respect you, so you respect me, got it? I don't care who you are or where you're from, none of that matters here. You listen to me. Whether you top up a card or buy something, if anyone doesn't spend 2,000 yuan, this bus isn't leaving today. Hear me loud and clear? At a tourist destination, a visitor expressed frustration after purchasing a product that turned out to be misleadingly packaged. The visitor, complimented on their appearance, was urged not to record the incident but proceeded to reveal the deception to others. They had bought an item for 19.9 yuan, expecting something substantial, but found it consisted of only a thin layer inside a thick box. I wouldn't even stay here. During this May Day holiday, a rundown room without even a toilet costs 300 yuan and yet so many people are scrambling to book it. What a miserable experience. I regret it at the moment I arrived. This time, there's truly no way out. Think about how nice it would be to stay at a friend's place, spending money just to suffer. The front door smells of sweat. The back door reeks. There's nowhere clean to relieve yourself. Legs wobbling from exhaustion. Money all spent. And you return home utterly drained. The May Day holiday crowds have really torn off the mask of some people. The greed of scenic area bosses is just too ugly. In their eyes? Tourists coming during May Day aren't people, they're pigs waiting to be slaughtered. A bottle of mineral water that costs 2 yuan outside is sold for 10 yuan at the scenic area. A meal worth a few hundred yuan outside costs thousands here. Even dried fruits worth a few dozen yuan are sold for 9,800 yuan at a Xinjiang scenic spot. After buying tickets, tourists still have to pay extra for special activities. The way these scenic areas make money is faster than a printing press. In recent years, with China's economy struggling and consumption downgrading, people have come up with various budget travel methods. Online, there's a buzz about overcrowded attractions and chaotic management. With tourists complaining about being ripped off and encountering traps everywhere. Authorities claim that the holiday saw an estimated 14.2 billion cross-regional trips, with hotels fully booked. But industry insiders question the accuracy of these figures. Major scenic areas are hiking prices and exploiting tourists, prompting many to post videos complaining. Sisters, Wanqing Mountain is nice, but I won't come back next time. I've never been scammed this badly. In Fengshan, a decent seafood meal usually costs 200 yuan. But last night, they charged me 1,500 yuan for a table. Oxygen tanks that cost 10 yuan elsewhere were sold for 39 yuan, and they forced each person to buy three to four tanks. A bottle of oral medicine was 58 yuan, and they demanded we buy four bottles, saying we couldn't board the bus without drinking it. They even threatened that if we didn't use their cable cars or electric shuttles, they wouldn't be responsible for altitude sickness or accidents. When we got there, there was nothing to see. The so-called Moon Valley was just a small stream. The promotional photos were dazzling, but the reality was utterly disappointing. I didn't even bother taking pictures. This was the worst trip I've ever been cheated on. Many Chinese citizens have returned from trips to share their disappointing experiences, painting a grim picture of the travel industry, a reflection of economic hardship and declining trust in tourism. At various tourist destinations, travelers frequently encountered aggressive tactics forcing them to spend money. In one case, a tour guide demanded each person spend 2,000 yuan on shopping or prepaid cards, or else the bus wouldn't depart, making tourists feel like they were being extorted. Products were sold at outrageous prices, such as a 19.9 yuan item with poor quality and just a thin layer of content inside a thick box. At Mount Low, visitors paid 160 yuan for entry and 90 yuan for a sightseeing bus, only to see a small stream rather than the advertised three-step waterfall, causing deep disappointment. Similarly in Fengshan, a 10 yuan oxygen canister was sold for 39 yuan, and a medicinal drink costing 58 yuan was forced on tourists, requiring multiple purchases. These scams made tourists feel like prey rather than valued customers. Service prices also skyrocketed during the holiday. One tourist complained about guesthouse prices in Jingdezhen jumping from 50-60 yuan per night to 500-600 yuan, despite poor conditions and no toilet. In Wanshan Mountain, hotel rooms cost up to 861,0 yuan per night, yet the tourist area was so overcrowded it was impossible to enjoy. A bowl of Guangxi noodles sold for 28 yuan in a tourist zone, despite poor quality, which even angered locals. In another case, a seafood meal in Fengshan was charged at 1,500 yuan, several times the normal price. These inflated prices not only frustrated travelers, but made them feel like the holiday had turned into a time to suffer while spending money. Hotel services were also a source of frustration. A tourist who had booked a room one month in advance was told upon arrival that no rooms were available. The hotel staff then offered to upgrade them to a standard room for an extra 700 yuan, even though the original booking was for a standard room. This left travelers feeling cheated, especially after traveling thousands of kilometers to get there. Similarly, in Lianyonggang, visitors who had chosen an off-the-Keaton Path location to avoid crowds still had to queue for everything, parking, meals and even photos. A trip to Huaguo Mountain turned into a continuous lineup, with two-hour waits at each attraction, leaving tourists exhausted and disillusioned. According to China's Ministry of Transport, the May Day holiday in 2025 recorded approximately 1.467 billion inter-regional trips, an 8% increase from the previous year, with civil aviation traffic rising by 11.8%. However, tourism experts questioned the accuracy of this data, suggesting the figures likely count both departure and return trips. A local hotel owner revealed that revenues had not increased. In fact, they declined compared to last year, contradicting the official growth statistics. This highlights a major gap between official reports and the real situation at tourism sites. These negative experiences not only reflect poor management at tourist destinations, but also expose the over-reliance on national holidays to harvest profits. Many tourists described the May 1st break as a wage-cutting machine for the working class, where hard-earned savings were spent on overpriced and low-quality services. Some observers argued that tourism promotion policies, such as overly enthusiastic social media advertising, had created a herd mentality, luring people into trips without considering the costs and risks. Amid an economic downturn and a growing trend of budget travel, such exploited practices and subpar services are driving people away from domestic tourism, calling for serious reforms to restore public confidence in the industry. Major international airports in China, once symbols of development and global connectivity, are now facing an alarming state of desolation. Everyone, look at this. This is Pudong airport and there's not a single soul around. It's already evening. It should be packed with people queuing for check-in. Who would have thought? This whole area is completely deserted, with only a handful of people scattered far in the distance, maybe 20 or 30 at most. The economy this year is truly awful. A massive airport like this feels like a wasteland, so bleak. Think back to how it used to be bustling with travelers, duty-free shops brightly lit and customers shopping lively. Now look. All the shops are shuttered, no trace of life left. It's as if the entire airport has turned into a ghost town and it breaks my heart to see it. My gosh. Looking at the international departure area makes me want to cry. It's completely empty. Not a single customer in sight. Back in the day, this place was so crowded that people lined up forever and we were swamped ringing up sales, running back and forth. Now, it's just a staff standing around, yawning with no one stopping to shop. The whole row of duty-free shops over there is closed, looking like a graveyard. The economy is so tough now, who can afford to travel abroad anymore? Compared to before, it's night and day back then. This airport was a point of pride, always buzzing. Seeing it like this now, the economic environment is clearly terrible. I don't know when things will return to normal, but at this rate, I doubt I can stay here much longer. Good heavens, what kind of international airport is this? It's 11.20 p.m. on a weekend and there's not a single flight or passenger around. The international terminal over there closed earlier this evening, completely dark, like it's out of service. I'm sitting here bored to death, not even a pretty face passing by to lift my spirits. An airport like this feels like an abandoned city without a shred of life. China's economy is really plummeting fast. It was never like this before. Back then, airports were always crowded with people coming and going and boarding announcements echoing nonstop. Now look, this vast space is so quiet you can hear your own footsteps. If things keep going like this, who knows when airports will be busy again? Right now, it's just too desolate. A female flight attendant from Happy Air shared, wages still haven't been paid and Happy Air just announced a suspension of all flights for the May Day holiday. I'm still an active employee, but for four years, there have been no flights, no stable income and no basic social insurance. I've had to take on various odd jobs to support my family. My youth has been wasted and my passion for flying has gradually faded. A pilot from Happy Air confirmed, I'm a frontline pilot for the airline. For the past three years, I've had no income and no social insurance. I've resorted to delivery and selling goods at the market to cover living expenses. My kids can't afford school fees and the elderly can't buy medicine. Families like mine have been shattered countless times. A female flight attendant who now livestreams selling cars said, I used to be a flight attendant but have switched to another industry, but every sector is struggling now. Restaurants, education, even fruit vendors are reporting losses. I just wanna ask in 2025, is there any industry that isn't in crisis? Another flight attendant who flew for six years but decided to quit shared, the flight attendant job seems glamorous, traveling to many places for free, but it's just superficial. Even in a tier two city, there are five airlines competing, a single complaint can lead to fines or a flight ban. I quit because so many of my colleagues did too. Now on flights, colleagues often talk about, who quit today? What do they do after quitting? Can they survive?