Hi-ho, it's off to Europe we go.
From CNEV Post, June 14:
Nio's William Li warns of China auto sales drop while backing own growth
- William Li expects domestic retail sales in China's auto industry to fall by 15% to 20% this year.
- He also reaffirmed expectations of Nio achieving a 40% to 50% annual sales growth this year.
William Li, founder, chairman and CEO of Nio Inc (NYSE: NIO), issued a stark warning that domestic retail sales in China's auto industry could fall by 15% to 20% this year. At the same time, he reaffirmed expectations for the company to achieve strong growth against the broader market trend.
Speaking at the China Auto Chongqing Summit on June 13, Li painted a grim macroeconomic picture for attendees. He noted that China's auto industry has entered the most brutal final stage of competition starting this year. The entire market is undergoing a fundamental shift from an era of incremental expansion to a saturated market driven by replacement demand.
Despite the challenging macroeconomic environment, the Chinese EV maker remains highly optimistic about its own growth....
...Regarding the overall domestic market, Li pointed out that any illusions within the industry about a sales rebound should be completely shattered. In the first five months of this year, the domestic auto retail market fell by 19.5% year-on-year.
Entering June, the decline widened further, with the drop in the first few days even exceeding 22%, he noted.
Li emphasized that the auto industry is a marathon on a muddy road....
....MUCH MORE
