For years, a familiar line has accompanied new-car launches in China: more than 10,000 early reservations. The number is meant to signal a hit before the first serious delivery data arrives.

 The phrase sounds contradictory: a zero-mileage used car. Yet the practice has become familiar enough in parts of China's auto market to draw attention from regulators, manufacturers and dealers. 

 China's car market is entering a harsher phase. In 2025, more new-energy start-ups are likely to face operating crises, while large automotive groups will continue merging internal brands to reduce waste and sharpen focus.