Review of China's Automotive Industry in 2024 and Outlook for 2025

In 2024, China's automobile industry will show a booming development trend. Gasgoo Automotive Research Institute predicts that my country's passenger car market will end with a year-on-year growth of 5.9%, with sales exceeding 27 million vehicles. The sales volume of new energy passenger cars has exceeded 10 million vehicles, and car companies have set a new record by going overseas, with the annual sales expected to reach 5 million vehicles. However, market competition has become more intense, with price wars, technical confrontations and marketing competitions one after another. New forces such as HiPhi, Nezha and Yuanhang have suffered heavy losses one after another. Jiyue Automobile recently collapsed due to financing failure, and joint venture brands as a whole have fallen into the dilemma of declining sales.