Core Viewpoint - The automotive industry is experiencing stable promotions in August, with a slight increase in new energy vehicle promotions, while regulatory measures are tightening against malicious price cuts and competitive behaviors [1][2][5]. Sales Performance - Major automakers have reported their August sales figures, with BYD selling 374,000 units, maintaining year-on-year stability and a month-on-month increase of 9%. Cumulative sales from January to August reached 2.864 million units, a year-on-year increase of 24% [2]. - Geely's August sales reached 250,000 units, a year-on-year increase of 38% and a month-on-month increase of 5%. Cumulative sales for the first eight months were 1.897 million units, a year-on-year increase of 47% [2]. - Leap Motor achieved record sales of 57,000 units in August, with a year-on-year increase of 88% and a month-on-month increase of 14%. Cumulative deliveries from January to August reached 329,000 units, a year-on-year increase of 202% [3]. - Xpeng Motors delivered 38,000 units in August, a year-on-year increase of 169% and a month-on-month increase of 3%, with cumulative sales of 272,000 units from January to August [4]. Market Trends - The new energy vehicle market is expected to see structural growth driven by new model launches in the latter half of the year, despite increasing regulatory scrutiny and limited price reductions [1][5]. - The implementation of subsidy policies is becoming more refined, leading to a slowdown in overall market growth [2]. - The competition among automakers is shifting towards "value competitiveness" as regulatory measures restrict aggressive pricing strategies [5].
海通国际：新能源车市结构性高增 新品驱动价值竞争