Policy

China has released an automotive industry growth stabilization plan aimed at achieving key economic development goals for the sector.

The campaign will target illegal profiteering, exaggerated and false advertising, and malicious defamation targeting the automotive sector.

For industry demand, achieving even half of this year's fourth-quarter levels in the first quarter of next year would be a positive outcome, Li said.

Beijing has banned the acceptance of new gasoline vehicles on ride-hailing platforms since July 20, with only EVs accepted.

The move is seen as benefiting emerging domestic luxury EV models, while negatively impacting German models that dominate the market.

Nio's four main models, the Onvo L60, and Tesla's Model 3 and Model Y are included in the list for the first time.

The disorderly price war has intensified vicious competition and will further squeeze corporate profit margins, CAAM warned.

China's commerce ministry will meet with industry bodies and automakers to discuss the sales of used cars that have never been driven, Reuters reported.

BEVs contributed 27.61 percent of China's passenger car retail sales in 2024.

Chinese regulators are beginning to regulate car companies' marketing of driver assistance features and the implementation of OTA updates.