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"Consumption downgrade is more relative as it is just about a certain period of time or a certain group of people," said Wang.

"Customers want smart cars for a smart world, and Chinese customers are quick to embrace new technologies and electric cars are going to be a preferred choice," the executive chairman said.

"Currently, our monthly revenue from our dining and homestay services is about 500,000 yuan. Our October revenue was around 800,000 yuan, thanks to the National Day holiday rush. Every day, there were about 70 people eating in our restaurant. Our homestay rooms were fully occupied during the holiday."

"Chinese consumers have shown huge enthusiasm for 5G smartphones, which has outpaced our expectations," he said. "To tap into this demand, Xiaomi plans to launch over 10 types of 5G smartphones next year."

"Customers' individualized needs are not met by the offers currently available on the market," said Bruno Lambert, CEO of Iconiq Motors. "We are taking steps ahead of the current market and have the next level of products ready for the coming penetration of MPVs."