汽车及零部件行业：上海车展的新能源汽车引领中国汽车的未来.docxVIP

23 April 2019 23 April 2019 Automobiles Components Sector 汽车及零部件行 Sector Report Automobiles Components Sector Table of Contents HYPERLINK \l _bookmark0 A NEW ERA FOR NEVs 3 HYPERLINK \l _bookmark1 EMERGING BRANDS 3 HYPERLINK \l _bookmark2 PREMIUM BRAND NEVs 5 HYPERLINK \l _bookmark3 Mercedes Benz 5 HYPERLINK \l _bookmark4 BMW 6 HYPERLINK \l _bookmark5 Audi 6 HYPERLINK \l _bookmark6 Tesla 7 HYPERLINK \l _bookmark7 Polestar 7 HYPERLINK \l _bookmark8 NEVs - SELF-OWNED BRANDS 8 HYPERLINK \l _bookmark9 Geely Auto 8 HYPERLINK \l _bookmark10 Great Wall Motor - ORA 9 HYPERLINK \l _bookmark11 BYD 9 HYPERLINK \l _bookmark12 GAC TRUMPCHI 10 HYPERLINK \l _bookmark13 NEV NEW POLICIES 10 HYPERLINK \l _bookmark14 NEW SUBSIDY 10 HYPERLINK \l _bookmark15 NEV RUMOURED TO BE GETTING NEW STIMULUS AGAIN 12 HYPERLINK \l _bookmark16 IS IT POSSIBLE TO RELAX CONTROL ON LICENCE PLATES? 13 HYPERLINK \l _bookmark17 INVESTMENT SUGGESTIONS 14 See the last page for disclaimer Page 2 of 15 A NEW ERA FOR NEVs 2019 will be an important year of NEV development. On the regulatory front, the push from the government through the NEV credit scheme and corporate average fuel credit (CAFC) will guide the market to produce more NEVs. As a result, NEVs took central stage in the recent Shanghai Auto Show. Currently, the NEV market is mainly filled with domestic brands, with over 90% of the NEV market in China from self-owned brands in which BYD and BJEV have the most market share. However, we noticed that a lot of foreign brands will launch their first NEVs in 2019 in order to cope with regulatory requirements and also to make a presence in this mega trend in China. We should expect more NEVs in the future in the low to high-end segments, as automakers have already started or will start to produce NEVs in their latest modular platforms specially designed for electric cars (see Table-1). In this report, we will summarize and discuss some of the key highlights of the Shanghai Auto Show (th