Core Viewpoint - The article discusses the impending wave of mergers and acquisitions in the Chinese automotive industry as a necessary response to the current "scale inefficiency" faced by companies, driven by intense competition and market dynamics [3][18]. Group 1: Current Industry Challenges - The Chinese automotive industry is experiencing a "scale inefficiency" where despite record sales exceeding 30 million units and a growth rate nearing a decade high, the asset turnover ratios have not improved, indicating underlying financial issues [7][10]. - The average gross margin for A-share listed manufacturers reached 15.6% in 2024, the highest in nearly a decade, yet the overall asset turnover rate has declined, suggesting that profits are not translating into efficient asset utilization [8][10]. - The phenomenon of "scale inefficiency" is attributed to excessive capital expenditure without corresponding demand, leading to asset depreciation and underutilization [15][17]. Group 2: Future Outlook and Mergers - The article posits that the automotive industry's current "scale inefficiency" will likely lead to a restructuring of asset scales, with companies needing to either align their profit and asset statements or face further economic challenges [19][20]. - Historical examples from Europe and Japan illustrate how mergers and acquisitions can effectively address redundancy and improve asset value, suggesting that the Chinese automotive industry is on the brink of a similar transformation [22]. - The economic depreciation rate for the automotive industry is projected to be 0.335 in 2024, indicating that the conditions for a merger wave are present, as companies with lower depreciation rates can offer higher premiums in acquisitions [25][26].

6月6日，在2025中国汽车重庆论坛开幕式上，中国贸易促进会汽车行业委员会会长王侠提出，以价格战为主要体现方式的行业内卷和由兼并重组带来的产业 格局重塑，已经成为2025年最能牵动全行业敏感神经的两大现象。 王侠表示，内卷是变革不可避免的阵痛，也是可持续发展的杀手。兼并整合是内卷的必然结果，也是治理内卷的重要手段。 在王侠看来，适度的降价、有序地竞争本是市场经济的正常现象，也是行业从稚嫩走向成熟的必经阶段，但无底线的价格战和盲目的技术狂飙势必挤压企业 合理的利润空间，进而影响产品和服务质量，长远来看，对企业、对消费者都是不利的。 王侠特别强调，千万不要把内卷的风气带到海外去。国际市场环境对低质低价、短期行为的包容度更低，如果从"内卷"发展成"外卷"，将会把宝贵的增量市 场搅浑为红海市场，百害无一利。 另外，针对产业格局变化，王侠提出，目前中国汽车产业呈现出的市场容量增长停滞、利润下降、市场集中度进一步提升等现象，正是进入产业成熟期的典 型特征，兼之中国高速经济发展机制与各地抢占产业制高点的投入，汽车行业的兼并重组浪潮将不可避免。 以下为演讲节选内容： 近两年来，价格战愈演愈烈。据不完全统计，2024年国内车市 ...