China's automobile industry has entered a mature stage and is facing new opportunities and challenges

After decades of rapid development, China's automobile industry has now entered a mature stage. Between 2010 and 2023, the compound growth rate of automobile sales was 4%, showing a trend of slowing growth. During this period, the automobile industry faced three major characteristics: first, the total volume dividend gradually faded, and the slow growth of automobile sales became normalized; second, the switch from old to new production capacity changed the pattern of complete vehicles; third, the acceleration of electric and intelligent transformation brought huge investment opportunities for domestic complete vehicles and parts. In addition, there are five major changes, including changes in product attributes, production processes, electronic and electrical architecture, cost structure and business model.