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On January 6, Fu Bingfeng, the Executive Vice President and Secretary-General of the China Association of Automobile Manufacturers (CAAM), shared a significant projection during the offline celebration of NIO’s 1 millionth mass-produced vehicle. He stated that by 2025, China’s auto production and sales are anticipated to exceed 34 million units, sustaining a volume of over 30 million units for three consecutive years. Notably, new energy vehicles (NEVs) are poised to dominate the market, with their share of domestic new vehicle sales projected to surpass 50%. Fu Bingfeng emphasized that China has accomplished a historic shift from traditional automotive service technologies to an industry centered around new energy vehicles. This transformation has brought about profound changes in both the industrial landscape and market dynamics.
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