高盛-比亚迪6.18促销研报-市场研究（英）-2025.6_19页_3mb

Goldman Sachs China New Energy Vehicle Weekly Chartbook Report Summary (2025 Week 21)

• Market Overview:

  • NEV Penetration Rate: Reached 59.1% in Week 21, up 3.2 percentage points by +3.2pp from the previous week.
  • Registrations: New energy vehicle weekly insurance registrations increased by 10% to 240,000 units, while passenger vehicle registrations grew by 4% to 406,000 units.

• Brand Performance:

  • The top three NEV brands by volume were BYD (22% market share), Tesla China (5%), and Li Auto (4%).
  • AITO, Luxeed, and Li Auto reported the highest market share gains (0.2pp, 0.1pp, 0.1pp respectively), while BYD, Tesla China, and Xiaomi experienced the largest losses (-3.0pp, -0.5pp, -0.4pp).
  • Sales volume grew strongly for Firefly (36% YoW), Luxeed (30% YoW), and AITO (17% YoW).

• Price Trends:

  • Average discounts on NEV dealerships were 9.09% as of May 26, rising to 7.72% following BYD’s "618" promotions.
  • ICE vehicles saw an average discount of 23.28%, slightly higher than NEV discounts.

• Policy and Incentives:

  • Auto trade-in subsidies saw 3.2 million applications by May 11, with an average of 32,000 daily applications during May 5–11.

• Battery Market:

  • Battery grade lithium carbonate prices fell 2.9% YoW to Rmb63,600/ton. LFP and NCM battery cell prices remained stable.

• Upcoming Events:

  • Week 22 (May 26–June 1): XPeng’s MONA M03 Max launch, Li Auto’s Q1 2025 results, and the official launch of the Maextro S800.
  • Week 23 (June 2–8): Nio’s Q1 2025 results and CPCA’s May industry data release.

• MSRP Changes:

  • Dongfeng’s eπ007 EREV/EV launch in May reduced average prices by 7% and 20% compared to the previous version.

This week’s report highlights sustained growth in the NEV sector, driven by promotions from vehicle manufacturers, regulatory incentives, and evolving battery market dynamics.