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On September 29th, Cui Dongshu, Secretary-General of the China Passenger Car Association, articulated that the current downturn in China's domestic auto market stems from a confluence of short-term policy impacts, cyclical market fluctuations, and institutional constraints. This situation does not signify that the popularization of automobiles has hit its ceiling. In fact, China's passenger car market is still firmly entrenched in the mid-stage of its popularization phase, presenting substantial potential for first-time car purchases, particularly in county-level regions. Furthermore, the cost reductions within the new energy vehicle supply chain pave the way for significant medium- to long-term growth. Ultimately, the demand for passenger cars in China is far from being saturated, indicating a bright and promising future for the automotive industry.
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