零跑国际首批电动车发运欧洲，新能源公交车以旧换新细则发布

Investment Rating - The report suggests a positive outlook for the Chinese electric vehicle (EV) industry, indicating a shift from policy-driven growth to market-driven growth, with a projected penetration rate of over 50% for new energy vehicles in 2024 [3]. Core Insights - The report highlights that in July, the retail sales of new energy vehicles reached 860,000 units, with a year-on-year growth of 29%, despite a month-on-month decline of 3% [2]. - BYD achieved a record sales figure of 341,000 units in July, marking a 30.5% year-on-year increase [2]. - The report emphasizes the importance of product strength, successful international expansion, and stable supply chains for companies in the industry [3]. Summary by Sections Market Dynamics - In July, the sales figures for various companies included 51,000 units for Li Auto, 22,000 units for Leap Motor, and 20,498 units for NIO, indicating strong performance among new energy vehicle manufacturers [2]. - The report notes the global expansion of new energy vehicle companies, with Leap Motor shipping its first batch of vehicles to Europe and Zeekr launching in Thailand [2]. Policy Developments - The Ministry of Transport and the Ministry of Finance released guidelines to support the replacement of old public transport vehicles with new energy buses, offering an average subsidy of 60,000 yuan per vehicle [2]. Competitive Landscape - The report indicates that the market share of domestic brands is expected to continue expanding, with leading companies benefiting from first-mover advantages [3]. - The ongoing price competition in the domestic market and rising protectionism abroad are highlighted as significant factors influencing the competitive landscape [3].