新能源汽车破晓系列二：美国：电动化拐点将至，开启私家车平价周期-以通用汽车为例

Investment Rating - The report assigns a "Buy" rating for companies such as CATL, BYD, EVE Energy, and Guoxuan High-Tech, indicating a positive outlook for their stock performance in the coming year [4]. Core Insights - The new policy cycle and the onset of affordable private car pricing are driving the electrification turning point in the U.S. electric vehicle market. The report highlights the significant growth in electric vehicle penetration, particularly driven by Tesla's Model S and Model 3, which helped the market achieve a compound annual growth rate (CAGR) of 36.8% from 2017 to 2021 [2][10]. - The report anticipates that by 2025, Tesla's entry-level electric vehicle will lead to a compact private car pricing cycle, pushing penetration rates from 10% to 20%. It predicts U.S. electric vehicle sales will reach 2.58 million units in 2025, a year-on-year increase of 48.24% [2][10]. - General Motors (GM) is positioned to leverage its Ultium platform to enhance scale advantages and accelerate the transition to hybrid vehicles. The report notes GM's strong sales performance and its plans to introduce several new electric models, including the Equinox EV and Silverado EV, which are expected to drive demand [2][38]. Summary by Sections Section 1: U.S. Market Dynamics - The report discusses the supply-demand mismatch that has constrained potential releases in the U.S. market, emphasizing the importance of new policy cycles and the introduction of affordable electric vehicles [10][19]. - It highlights the impact of the Inflation Reduction Act (IRA) on accelerating the electrification transition, with significant subsidies and regulatory changes expected to boost sales [10][19]. Section 2: GM's Ultium Platform - GM's Ultium platform is noted for its ability to create a diverse range of electric vehicles, enhancing production efficiency and reducing development time by approximately 50% [46][50]. - The report outlines GM's strategy to introduce multiple new models, including the Equinox EV, which is expected to be competitively priced against traditional fuel vehicles, thus enhancing its market position [51][52]. Section 3: Investment Recommendations - The report recommends focusing on companies that are well-positioned in the U.S. market, such as CATL, BYD, EVE Energy, and Guoxuan High-Tech, as well as key material suppliers like Tinci Materials and PuTaiLai [2][65].