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According to the breakdown, the automobile market in China has been showing a steady growth trend. In 2022, the sales volume of passenger cars in China reached 22.5 million units, up 2.2% year-on-year. Among them, the sales volume of new energy vehicles (NEVs) reached 6.89 million units, a year-on-year increase of 93.4% and accounting for 30.6% of the total passenger car sales.

In 2023, China's passenger car market is expected to maintain a steady growth trend, with an estimated sales volume of around 23.5 million units, representing a year-on-year increase of about 4.4%. The sales volume of NEVs is forecast to reach around 9.5 million units, a year-on-year increase of 37.8%, accounting for about 40.4% of the total passenger car sales.

China's automobile market has shown strong resilience and development potential. The rapid growth of the NEV market is driven by factors such as favorable government policies, technological progress, and growing consumer demand. China has become the world's largest NEV market, playing a leading role in the global transition towards sustainable transportation.

Looking ahead, the Chinese automobile market is expected to continue its steady development, with the NEV segment maintaining rapid growth. The diversification of vehicle types, the improvement of charging infrastructure, and the enhancement of consumer purchasing power will all contribute to the sustained growth of China's automobile market.

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