高盛-比亚迪6.18促销研报-2025-06-市场研究.pptx

高盛-比亚迪6.18促销研报-2025-06-市场研究.pptx

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Bottomline:NEVpenetrationreachedarecordhighat59%;BYD’s“618”promotionsleadtowideningdealerdiscount.Acuratedcompilationofthemosttopicalchartsonweeklypassengervehiclemarketperformanceorganizedintothefollowingcategories:(1)PVandNEVindustryweeklyinsuranceregistrationvolume/penetration,(2)KeyNEVbrands’weeklyinsuranceregistrationvolume/marketshare,(3)Keyeventstowatch,(4)NEVbrandorders,(5)NEVMSRPtracker,(6)NEV/ICEdealerpricediscounttracker,(7)Upstreambatterypricingdynamics.Highlightsoftheweek’skeydatapoints:nKeyindustrytrends: Passengervehicleweeklyinsuranceregistrationswere406kunits,+4%wowfrom390kunitsinthepreviousweek. Newenergyvehicleweeklyinsuranceregistrationswere240kunits,+10%wowfrom218kunitsinthepreviousweek. Newenergyvehiclepenetrationwas59.1%,+3.2ppvs.55.9%inthepreviousweek.nKeybrandtrends: Fire?y/Luxeed/AITOshowedthestrongestgrowthat36%/30%/17%wow. BYD/TeslaChina/LiAutorankedtop3involume,withmarketshareof22%/5%/4%. AITO/LiAuto/Luxeedsawthebiggestmarketsharegainsof0.2pp/0.1pp/0.1ppwow;BYD/TeslaChina/Xiaomisawthebiggestmarketsharelossesof3.0pp/0.5pp/0.4ppwow.nTrade-inapplicationtracker: AsofMay11,theMinistryofCommercetrade-ininformationplatformhasreceived3.2mnapplicationsfortheautotrade-insubsidyprogram. Therewere32kaveragedailynewapplicationsduringMay5-May11(vs.15kduringMay1-May4,perthepreviouspressrelease).nKeyeventsin2025week22: May28:XPengMONAM03MaxversionwillbeChinaNewEnergyVehicleWeeklyChartbook2025Week21-59%NEVpenetration;WideningdealerdiscountledbyBYD“618”promotionResearch|EquityTinaHou+86(21)2401-8694|tina.hou@GoldmanSachs(China)SecuritiesCompanyLimitedSyl

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