China's automobile sector may not return to its "golden era" as domestic car sales dropped for the seventh straight month in April, Reuters reported Thursday, citing Nio's (HKG:9866, SGX:NIO) top executive.
The country is "no longer a growth market, but rather a saturated market," as automobile ownership reached 370 million vehicles, the report quoted Nio CEO William Li as saying.
Li also reportedly said the Chinese auto industry is yet to see a recovery despite continued strong export levels.
China remains the pure electric vehicle maker's primary market, the chief executive reportedly said when asked about plans to expand overseas.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
