摩根士丹利：中国汽车与共享出行_5 月市场份额重新洗牌之地

Investment Rating - Industry View: In-Line [5] Core Insights - Li Auto's May market share increased by 0.6 percentage points month-over-month (MoM) to 4.6%, but year-to-date (YTD) share decreased by 0.4 percentage points year-over-year (YoY) to 4.1% [5][8] - XPeng's market share fell by 0.7 percentage points MoM to 2.8%, while YTD share rose by 2.3 percentage points YoY to 3.5% [8] - NIO's market share decreased by 0.2 percentage points MoM to 2.6%, with a YTD increase of 0.2 percentage points YoY to 2.3% [8] - ZEEKR's market share rose by 0.3 percentage points MoM to 1.7%, but YTD share fell by 0.4 percentage points YoY to 1.6% [8] - BYD's market share dropped by 0.6 percentage points MoM to 26.5%, with a significant YTD decline of 5.0 percentage points YoY to 26.9% [8] Summary by Company Li Auto - May market share: up 0.6 percentage points MoM to 4.6%; YTD share down 0.4 percentage points YoY to 4.1% [5][8] XPeng - May market share: down 0.7 percentage points MoM to 2.8%; YTD share up 2.3 percentage points YoY to 3.5% [8] NIO - May market share: down 0.2 percentage points MoM to 2.6%; YTD share up 0.2 percentage points YoY to 2.3% [8] ZEEKR - May market share: up 0.3 percentage points MoM to 1.7%; YTD share down 0.4 percentage points YoY to 1.6% [8] BYD - May market share: down 0.6 percentage points MoM to 26.5%; YTD share down 5.0 percentage points YoY to 26.9% [8] Tesla - EV market share rose by 0.7 percentage points MoM in May to 4.0%; YTD share down 2.0 percentage points YoY to 4.9% [3]