NIO's Li Bin: Full-Year Domestic Auto Retail Sales May Drop 15%-20% YoY

Li Bin, founder and chairman of NIO, recently stated that China's automotive industry has entered the most brutal stage of the finals starting this year. Data from the China Passenger Car Association (CPCA) shows that in the first five months of this year, domestic passenger car retail sales fell 19.5% year-on-year, marking consecutive months of decline. He pointed out, "In the first quarter, many still believed that some unfavorable effects from early demand pull-forward due to last year's policies were at play. But after entering April and May, no one in the industry should still hold onto such illusions." Li Bin frankly suggested that the industry should be mentally prepared for a 15% to 20% year-on-year decline in full-year domestic retail sales.