汽车：边捧马斯克边批电动车，特朗普当选后美国新能源汽车走向何方

Investment Rating - The report assigns an investment rating of "Positive" for the automotive sector, indicating an expected overall sector return that exceeds the benchmark index by more than 10% [6]. Core Insights - The report highlights the significant influence of Trump's election victory on U.S. electric vehicle (EV) policies, with potential moves to abolish tax credits and subsidies for electric vehicles [2]. - It emphasizes that the U.S. EV market is expected to grow by approximately 17% year-on-year by 2025, driven primarily by Tesla's new model releases, despite existing challenges such as cost competitiveness and charging infrastructure [3][8]. - The report notes that while the NEVI plan has made initial progress in charging infrastructure, its full impact on new vehicle sales will take time to materialize [4]. Summary by Sections Market Overview - The U.S. EV market is projected to face key challenges, including insufficient cost competitiveness compared to traditional vehicles, inadequate charging infrastructure, and limited product offerings [3]. - The report anticipates that the growth in the U.S. EV market will largely depend on Tesla's new models, particularly the Cybertruck, which is expected to ramp up production significantly by 2025 [8]. Policy Impact - Trump's administration is likely to reverse policies that support electric vehicles, such as the $7,500 tax credit and funding for charging stations, which were established under the Biden administration [2]. - The report suggests that Trump's support for Chinese automakers establishing factories in the U.S. may lead to limited responses from domestic manufacturers due to the long timelines and uncertainties involved [2]. Charging Infrastructure - The NEVI plan has initiated collaboration among major EV manufacturers to enhance charging infrastructure, with Tesla leading the way by opening its charging network [4]. - The report indicates that while there are initial successes in charging infrastructure development, the overall market cooling trend may delay the expected sales boost from these improvements [4].