Core Insights - Macquarie updated its report on China's electric vehicle (EV) sales, predicting that the mass market will continue to outperform the high-end market in May [1] Industry Overview - In April, plug-in electric vehicle sales reached 900,000 units, a year-on-year increase of 33%, while the overall automotive market grew by 14%; the EV penetration rate remained at 51% [1] - The low-cost new energy vehicle startups (Xpeng, Leap Motor) maintained growth momentum, while high-end electric vehicles lagged behind [1] - BYD showed strong export performance, but demand for plug-in hybrid electric vehicles (PHEVs) is slowing [1] Company Performance - BYD: Sales increased by 21% year-on-year, driven by a record export volume of 79,000 units, with a year-to-date increase of 105%. Domestic sales grew by 11% year-on-year, lagging behind market performance due to slowing PHEV demand [3] - Geely: April sales remained flat month-on-month, but year-to-date sales increased by 49%, exceeding the company's annual growth target of 25%. April new energy vehicle sales reached 126,000 units, a significant year-on-year increase of 144% [4] - Xpeng: April sales exceeded 30,000 units, with a year-to-date increase of 313%, reflecting strong demand for popular models M03, P7t, and the refreshed G6 and G9 [5] - Li Auto: Sales decreased by 8% month-on-month, with a year-to-date increase of only 20%, falling behind the 36% growth rate of the new energy vehicle market [6] - NIO: Sales rebounded by 59% month-on-month, with brand sales increasing by 90% to 19,500 units, benefiting from increased promotions and the launch of the ET9 model [7] - Zeekr: Total sales for Zeekr and Lynk & Co increased by 19% year-on-year, slightly lagging behind the overall new energy vehicle market [8] - Xiaomi: Demand for the SU7 sports sedan remained strong, with April sales exceeding 28,000 units, reaching maximum production capacity [9] Sales Data Summary - In April 2025, the total EV market in China was 900,000 units, a decrease of 9.2% from March 2025, but a year-on-year increase of 32.9% [10] - BYD accounted for 42.2% of the market share with 380,100 units sold, a year-on-year increase of 21.3% [10] - Geely's new energy vehicle sales reached 125,600 units, a year-on-year increase of 144.2% [10] - Xpeng sold 35,000 units, reflecting a year-on-year increase of 273.1% [10] - Li Auto's sales were 33,900 units, with a year-on-year increase of 31.6% [10] - Xiaomi's sales were 28,000 units, a year-on-year increase of 296.7% [10]