英文_高盛_中国新能源汽车周度图表集_2025年第21周-新能源汽车渗透率达59-；比亚迪618促销导致经销商折扣扩大_19页_3mb

NEV Market Summary for 2025 Week 21

Key Metrics

• NEV market penetration reached a record high of 59% (+3.2pp vs. previous week).
• Weekly passenger vehicle insurance registrations increased 4% YoW to 406k units; NEV registrations rose 10% YoW to 240k units.
• NEV dealer price discounts widened to an average of 9.09% vs. MSRP, with BYD's "618" promotions reducing discounts to 7.72%.

Brand Insights

• Top-performing brands by volume: BYD, Tesla China, and Li Auto.
• Fastest growth: Firefly (36% YoW), Luxeed (30% YoW), and AITO (17% YoW); BYD, Tesla China, and Xiaomi saw significant market share losses.
• BYD's promotions led to higher NEV demand and wider discounts.

Market Trends

• High demand for trade-ins: 3.2 million applications submitted through the auto subsidy program.
• Battery prices stable, with lithium carbonate declining slightly (-2.9% YoW).
• NEV retail pricing discounts increased, while ICE vehicle discounts also rose but at a lower rate.

Upcoming Events

• Week 22: XPeng MONA M03 Max launch on May 28; Li Auto 1Q25 results on May 29.
• Subsequent weeks feature additional launches and earnings reports by companies like Nio and XPeng.