Core Viewpoint - The May 2025 new energy passenger vehicle market is expected to perform well due to improved external trade conditions and the implementation of local consumption promotion policies, despite having fewer working days compared to May 2024 [1][2]. Group 1: Market Performance - In May 2025, the market is projected to see strong performance driven by the "two new" policies and local consumption incentives, with significant participation in offline events like auto shows [1]. - As of May 31, 2025, the number of applications for the vehicle trade-in subsidy reached 4.12 million, with an estimated 1.23 million applications in May, marking a 13% increase from April [1]. - Approximately 70% of private car buyers benefited from the trade-in policy, indicating a shift towards consumption upgrades, while first-time buyers dropped to 30% [1]. Group 2: Company Performance - Several automakers, including Geely, Leap Motor, FAW Bestune, Arcfox, Dongfeng Nissan, and Changan Mazda, achieved record high sales in new energy vehicles in May [1]. - Companies like Changan, Xpeng, Great Wall, NIO, and GAC Toyota reported their top three monthly sales performances, showcasing strong results from many second-tier manufacturers [1]. - According to data from the China Passenger Car Association, manufacturers with wholesale sales exceeding 10,000 units accounted for 90% of the total new energy vehicle sales in April 2025, with May's estimated wholesale sales reaching 1.24 million units, a 38% year-on-year increase and a 9% month-on-month increase [2].

Core Viewpoint - In May, the automotive market saw significant sales growth, with BYD leading the way, while competition intensified among various car manufacturers, including new energy vehicle companies [1][2][3]. Group 1: BYD Performance - In May, BYD achieved sales of approximately 382,500 vehicles, marking a year-on-year increase of 15.3%, setting a new monthly sales record for the year [1]. - Cumulatively, BYD's sales for the first five months reached 1.7634 million vehicles, reflecting a year-on-year growth of 38.7% [1]. Group 2: Competitors' Performance - Four car manufacturers surpassed cumulative sales of 1 million vehicles in the first five months, with SAIC Group selling about 1.687 million vehicles, trailing BYD by less than 100,000 vehicles [3]. - In May, SAIC Group's sales were approximately 366,000 vehicles, showing a year-on-year increase of 10.2% [3]. - Geely and Chery also joined the "million club," with Geely's cumulative sales at about 1.173 million vehicles (up 49%) and Chery's at approximately 1.0265 million vehicles (up 14%) [3]. Group 3: New Energy Vehicle Companies - New energy vehicle companies like Zeekr, Leap Motor, and Li Auto reported strong performances, with Zeekr selling about 46,500 vehicles in May, maintaining over 40,000 monthly sales for three consecutive months [4]. - Leap Motor's May delivery was approximately 45,000 vehicles, while Li Auto delivered around 40,800 vehicles, reflecting a year-on-year growth of 16.7% [4]. - Xpeng Motors saw a significant increase, delivering about 33,500 vehicles in May, a year-on-year growth of 230% [4]. Group 4: Market Trends and Price Competition - The automotive market in May experienced a new round of price wars, prompting the China Automotive Industry Association to advocate for fair competition and oppose bottomless price wars [6]. - The Ministry of Industry and Information Technology expressed support for the association's initiative, emphasizing the need to maintain a healthy competitive environment in the industry [6].

Core Viewpoint - The performance of various new energy vehicle brands in May was generally strong, with significant year-on-year growth in delivery volumes for many companies, particularly BYD, which continues to lead the market [1][2]. Delivery Volume Summary - BYD delivered 382,476 vehicles in May, a 0.6% increase from April and a 14.1% increase year-on-year [2][5]. - Leap Motor achieved a delivery volume of 45,067 vehicles, marking a 9.8% month-on-month increase and a remarkable 148% year-on-year growth [2][6]. - Hongmeng Zhixing reported 44,454 vehicles delivered, with significant contributions from its various models [2][10]. - Li Auto delivered 40,856 vehicles, reflecting a 20.4% increase from April and a 16.7% increase year-on-year [2][15]. - Xpeng Motors delivered 33,525 vehicles, a decrease of 4.3% from April but a substantial 230% increase year-on-year [2][14]. - Aion delivered 26,777 vehicles, down 5.4% from April and a 33.2% decrease year-on-year [2][21]. - Deep Blue delivered 25,521 vehicles, a 26.7% increase from April and a 78% increase year-on-year [2][30]. - NIO delivered 23,231 vehicles, a 2.8% decrease from April but a 13.1% increase year-on-year [2][25]. - Zeekr delivered 18,908 vehicles, a 37.7% increase from April and a 1.6% increase year-on-year [2][34]. - Jidu delivered 12,767 vehicles, achieving a 179% year-on-year growth [2][38]. - Lantu delivered 10,022 vehicles, a 0% change from April but a 122% increase year-on-year [2][40]. - Extreme Fox delivered 13,509 vehicles, with a 200.2% year-on-year increase [2][41]. - iCAR delivered 5,899 vehicles, contributing to the overall growth in the market [2][44]. Market Dynamics - BYD's promotional strategy, including "one price + limited-time subsidies," has attracted consumer attention, with significant price reductions on various models [5]. - Leap Motor's new C10 model, priced between 122,800 to 142,800 yuan, features advanced technology such as laser radar and improved battery capacity, enhancing its market appeal [6]. - Hongmeng Zhixing's new model, the Zun Jie S800, launched at a price starting from 708,000 yuan, has seen strong initial demand [10]. - Xpeng's MONA M03 Max, priced at 129,800 yuan, offers competitive AI-assisted driving features, reshaping the market landscape [14]. - Li Auto's upcoming i8 model is set to launch in July, with significant pre-production testing already completed [15]. - Aion's limited-time pricing strategy aims to remain competitive amid market price reductions [21]. - Xiaomi's new YU7 model emphasizes performance and innovative design, targeting the mid-large SUV segment [22]. - NIO's software upgrades in its driving assistance systems aim to enhance user experience and safety [25]. - Deep Blue's new S09 model features advanced technology and competitive pricing, aiming to strengthen its market position [30]. - Zeekr's expansion plans include new vehicle launches to meet growing consumer demand [34].

Industry Overview - In May, the automotive industry focused on intense competition, with significant attention on price wars and public disputes, reflecting a clear stance against "involution" from regulatory bodies and industry associations [2] - The electric vehicle (EV) market experienced a significant surge, with most companies reporting strong performance, particularly BYD, Leap Motor, and Xpeng, which led the industry with substantial growth [2] Company Performance - **BYD**: Sold 382,476 vehicles in May, a year-on-year increase of 15.3%. Of these, 88,640 were sold overseas, and the sales of its Dynasty and Ocean series reached 348,393 [5][6][7] - **Geely**: Achieved total sales of 235,208 vehicles in May, with 138,021 being new energy vehicles (NEVs), accounting for 59% of total sales. Cumulative NEV sales from January to May reached 602,784 [8][9] - **SAIC-GM-Wuling**: Reported global sales of 134,419 vehicles, a 20.7% increase year-on-year, with NEV sales of 74,201, marking a 52.2% growth [13][14] - **Leap Motor**: Delivered 45,067 vehicles in May, representing a growth rate exceeding 148%, maintaining its lead among new car manufacturers [16][17] - **Li Auto**: Delivered 40,856 vehicles in May, a 16.7% increase year-on-year, with expectations for stable monthly deliveries of the new MEGA model [19][20] - **Xpeng**: Achieved a delivery of 33,525 vehicles in May, a remarkable 230% increase year-on-year, continuing a trend of over 30,000 monthly deliveries for seven consecutive months [25][26] - **Great Wall Motors**: Sold 102,231 vehicles in May, with NEV sales of 32,638, reflecting a 32.41% year-on-year increase [29][30] - **Xiaomi**: Exceeded 28,000 vehicle deliveries in May, maintaining consistent sales over the past eight months [35][36] - **GAC Aion**: Sold 26,777 vehicles in May, with significant advancements in its driving assistance systems [38][39] - **Deep Blue**: Reported a total delivery of 25,521 vehicles, a 78% increase year-on-year [43][44] - **NIO**: Delivered 23,231 vehicles in May, a 13.1% increase, with several new models launched [46][48] - **Avita**: Achieved sales of 12,767 vehicles in May, a 179% increase, marking a historical high [51][52] - **Lantu**: Sold 10,022 vehicles in May, a 122% increase year-on-year, with new product plans announced [55] - **SAIC-GM New Energy**: Reported a total of 9,117 NEV sales in May, a 3.2% increase year-on-year, with a significant month-on-month rise of 66.4% [58][59] - **Hongmeng Zhixing**: Delivered 44,454 vehicles in May, setting a new historical record [62][63]

广州日报讯 （文/表全媒体记者邓莉）近日，多家新能源车企公布5月销量数据，其中新势力车企交付 量集体大涨，竞争呈现"你追我赶"的激烈趋势。业内指出，5月销量的普遍大涨，显示在以旧换新等政 策下，我国汽车行业保持较强活力，消费信心迅速回升。中国汽车流通协会综合政策红利释放与终端促 销节奏，预计5月份全月乘用车终端销量在185万辆左右，同比增长8.5%，环比增长5.4%。其中，新能 源乘用车零售约98万辆，渗透率约52.9%。 从陆续公布的最新车企销量来看，布局插电混动/增程混动车型的新能源车企优势突出。从全行业来 看，比亚迪5月新能源车销量为38.25万辆，持续领跑，从2024年全年销量分析，其插电式混动车型占比 超60%。从新势力品牌来看，位居前三名的是零跑、理想、小鹏，小米汽车位居第四。 乘联会5月1日至25日数据显示，新能源汽车市场零售渗透率达到53.5%，显示新能源汽车市场需求持续 旺盛。 中国汽车流通协会分析称，5月汽车市场呈现"前高后低"走势。各地车展密集启动叠加"五一"假期效 应，自驾游与结婚季等家庭购车需求集中释放，推动终端客流显著冲高。同时，汽车以旧换新政策与地 方促消费措施持续发力，进一步激 ...

Investment Rating - The report maintains a positive investment outlook for the electric vehicle (EV) sector, particularly for companies with strong autonomous driving capabilities and competitive pricing strategies [13][14]. Core Insights - The overall automotive market showed steady growth in May 2025, with a year-on-year increase of 8.5% and a month-on-month increase of 5.4%, driven by a surge in consumer demand during the "May Day" holiday [5][6]. - New energy vehicle (NEV) penetration rate reached approximately 52.9%, with total NEV retail sales estimated at 980,000 units in May [5]. - The report highlights the significant growth in deliveries for several new energy vehicle manufacturers, with notable increases in year-on-year and month-on-month figures for companies like Li Auto and Xiaopeng [4][6][10]. Summary by Relevant Sections Market Overview - In May 2025, the total retail market size for narrow passenger vehicles was approximately 1.85 million units, with NEV sales contributing significantly to this growth [5]. - The report indicates that the automotive market is stabilizing, with various promotional strategies being employed by companies to boost sales [5]. Company Performance - **Leap Motor**: Delivered 45,067 units in May, a year-on-year increase of 148.1% and a month-on-month increase of 9.8%. The growth is attributed to strong product offerings in the 200,000 yuan price range [6][15]. - **Li Auto**: Reported 40,856 units delivered in May, reflecting a year-on-year increase of 16.7% and a month-on-month increase of 20.4%. The growth is linked to the launch of new models and an expanding charging network [7][9]. - **Xiaopeng**: Achieved 33,525 units in May, a year-on-year increase of 230.4% but a month-on-month decrease of 4.3%. The performance is driven by the popularity of the MONA M03 model [9][11]. - **NIO**: Delivered 23,231 units in May, with a year-on-year increase of 13.1% but a month-on-month decrease of 2.8%. The report notes the introduction of new models and upgrades in autonomous driving technology [10][12]. - **ZEEKR**: Reported 18,908 units delivered in May, a year-on-year increase of 1.6% and a month-on-month increase of 37.7% [11]. - **Xiaomi**: Delivered over 28,000 units in May, with the new SUV YU7 expected to launch in July 2025, targeting a competitive price range [11]. Technological Advancements - The report emphasizes the acceleration of end-to-end technology applications in autonomous driving, marking the beginning of a new era in smart driving capabilities [12]. - Companies like Xiaopeng and those associated with Huawei are leading the charge in the iterative development and promotion of smart driving technologies [12]. Investment Recommendations - The report suggests a focus on companies with advanced smart driving capabilities and strong product cycles, recommending stocks such as Geely, BYD, Xiaopeng, Li Auto, and Seres, while also advising to pay attention to Xiaomi [13][14].

Group 1: Sales Performance of Electric Vehicle Manufacturers - Leap Motor achieved a record high delivery of 45,067 units in May, representing a year-on-year increase of over 148%, maintaining its leading position among new car manufacturers for three consecutive months [1] - Li Auto delivered 40,856 vehicles in May, a year-on-year increase of 16.7% and a month-on-month increase of 20.38%, marking a return to over 40,000 units after four months [1] - Xpeng Motors delivered 33,525 vehicles in May, a year-on-year increase of 230%, but a month-on-month decline of 4.34% [1] - NIO delivered 23,231 vehicles in May, a year-on-year increase of 13.1%, with cumulative deliveries reaching 760,789 units by May 31, 2025 [2] - Hongmeng Zhixing delivered 44,454 vehicles in May, with the flagship SUV AITO M9 delivering 15,481 units [3] - Zeekr delivered 46,538 vehicles in May, a year-on-year increase of 15.2% and a month-on-month increase of 12.6% [3] - Xiaomi Motors delivered over 28,000 vehicles in May, preparing for mass production of the Xiaomi YU7 [4] - Geely sold 235,208 vehicles in May, a year-on-year increase of approximately 46% [5] - Great Wall Motors sold 102,200 vehicles in May, with 32,638 being new energy vehicles [6] Group 2: Market Competition and Regulatory Environment - The automotive industry is experiencing intense competition, with notable comments from industry leaders regarding brand strength and market performance [7][8] - The China Automotive Industry Association issued an initiative to maintain fair competition, emphasizing adherence to legal regulations and the prevention of monopolistic practices [8][9] - The Ministry of Industry and Information Technology expressed support for the initiative and plans to enhance regulatory measures to ensure a fair market environment [9]

端午小长假第二天，6月1日，多家车企公布了5月份销量或交付量数据，不少家同比出现翻倍大增长。行业竞争激烈，近日工信部、中汽协纷纷发声，或 为产业带来一些变化。 // 5月多家新能源车销量大增 // 6月1日，多家车企发布5月销售或交付量数据，Wind统计显示，目前公布的品牌中，5月比亚迪新能源车销量遥遥领先为38.25万辆，同比增长15.27%。紧 随其后吉利5月销量达23.52万辆，同比增长46%。其中，新能源车型销量为13.8万辆，同比增长135%。而5月销量大幅增长超过100%的也不少，有小鹏、 阿维塔、零跑和岚图四大品牌。 // 行业热搜不断 // 6月1日，雷军发布微博称，2025年5月小米su7交付量超28000台。我们正在全力为小米yu7大规模量产做准备，预计7月份量产。 此前，据《证券时报》报道，在2025未来汽车先行者大会上，余承东称："大家看到，从其他行业来的这个公司只做一款车就卖爆了。虽然它的产品可能 不是那么好，但卖得很爆，无论它的质量，甚至它的智驾能力都很……就因为他有强大的品牌能力、流量能力"。外界解读为余承东所指为小米。 // 官方纷纷发声 // 行业激烈的竞争下，近日工信部、中 ...

Core Viewpoint - The electric vehicle market in May remains robust, with leading companies like BYD, Geely, and Chery implementing limited-time discounts to boost sales, while the overall sales landscape is experiencing fluctuations in rankings among brands [1][2]. Group 1: BYD Performance - BYD's total passenger car sales in May reached 376,930 units, with the Dynasty and Ocean series contributing 348,393 units, marking a year-on-year growth of 10.5% [2][5]. - The sales of BYD's Fangchengbao model surged by 418.2% year-on-year, while Tengshi and Yangwang also showed positive growth of 29.3% and minimal sales respectively [5][6]. - BYD's monthly sales have stabilized around 400,000 units, indicating a need for price adjustments to maintain its leading position amid increasing competition [8]. Group 2: Geely Performance - Geely's new energy vehicle sales in May totaled 138,021 units, with the Galaxy brand achieving over 100,000 units, demonstrating effective cost reduction strategies [9][10]. - The performance of Geely's Lynk and Zeekr brands is nearly equal, indicating a successful tiered strategy in its high-end market approach [12]. Group 3: Other Notable Performances - SAIC-GM-Wuling's new energy sales reached 74,201 units, reflecting strong demand for affordable electric vehicles [13][16]. - Leap Motor achieved a record delivery of 45,067 units, marking a year-on-year growth of over 148% [17][20]. - AITO's total deliveries in May were 44,454 units, with the M9 model contributing significantly to the overall performance [21][22]. - Li Auto delivered 40,856 units, showing steady growth amid increasing competition in the extended-range electric vehicle market [29]. - XPeng Motors reported 33,525 units delivered, with a year-on-year growth of 230%, continuing a trend of over 30,000 units for seven consecutive months [30][33]. - Great Wall Motors' new energy sales reached 32,638 units, benefiting from the launch of new models [35]. - NIO delivered 23,231 units, with a year-on-year growth of 13.1%, indicating a stable performance despite a quieter market presence [46][49]. - Changan's QiYuan brand delivered 18,899 units, showing effective penetration in lower-tier cities [52]. - BAIC's new energy sales reached 17,120 units, with its subsidiary, ARCFOX, achieving a record high of 13,509 units [54]. - Avita and Lantu both reported deliveries of 12,767 and 10,022 units respectively, indicating stable performance in the high-end segment [57][59].

Group 1: Xiaomi Automotive - In May 2025, Xiaomi delivered over 28,000 units of its SU7 model and is preparing for mass production of the YU7, expected to start in July 2025 [2][4] - The SU7 series has achieved cumulative deliveries of 258,000 units since its launch, with 75,869 units delivered in Q1 2025, reflecting a quarter-on-quarter growth of 8.9% [5] - The YU7 has received significant interest, with user inquiries three times higher than those for the SU7 at the same stage, indicating strong market potential [6] Group 2: Li Auto - Li Auto reported 40,856 vehicle deliveries in May 2025, a year-on-year increase of 16.7%, bringing total deliveries to 1,301,531 units [6] - The company achieved revenue of 25.93 billion yuan in Q1 2025, a 1.1% increase year-on-year, with a net profit of 646.6 million yuan, up 9.4% [6] - Li Auto plans to launch two new electric SUVs in the second half of the year, with the first model, Li i8, set to debut in July [7] Group 3: XPeng Motors - XPeng delivered 33,525 vehicles in May 2025, marking a 230% year-on-year increase, and has maintained over 30,000 deliveries for seven consecutive months [7] - The company reported a revenue of 15.81 billion yuan in Q1 2025, a 141.5% increase year-on-year, with total deliveries reaching 94,008 units, a 330.8% increase [8] - XPeng is expanding into European markets, having entered Italy and Poland, and aims to accelerate its global market presence [8] Group 4: Leap Motor - Leap Motor achieved a record monthly delivery of 45,067 vehicles in May 2025, representing a year-on-year growth of over 148% [9] - The company reported revenue of 10.02 billion yuan in Q1 2025, a 187.1% increase year-on-year, driven by a 162.1% increase in sales [9] - Leap Motor is focusing on overseas markets, with plans for local assembly in Malaysia by the end of 2025 and aims for localized manufacturing in Europe by 2026 [10] Group 5: Avita - Avita sold 12,767 vehicles in May 2025, a 179% year-on-year increase, achieving over 50,000 cumulative sales from January to May 2025 [10] - The brand has successfully entered markets such as Thailand and the UAE, with plans to expand to 50 countries by 2025 and enter Europe in 2026 [10]