高盛：中国汽车行业-电动汽车-未见拐点

24 June 2025 | 2:11PM CST China Automobiles EVs - no inflection in sight Bottom line: After reassessing the S/D balance of the China NEV industry, we see no inflection in sight (see more details here). Our assessment shows: Industry capex trend and capacity addition Capacity is still expanding, but at slower pace. China NEV capacity is still expanding but at a slower pace vs. 2023/2024, we expect 2.5mn units of net adds (+13% yoy) in 2025E. On the back of expectations for declining industry capex in 2025E-2 ...