BEIJING, China, Feb. 27, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that it will report its unaudited financial results for the fourth quarter and full year 2025 before the U.S. market opens on Thursday, March 12, 2026. The Company’s management will hold an earnings conference call on Thursday, March 12, 2026, at 8:00 A.M. U.S. Eastern Time or 8:00 P.M. Beijing/Hong Kong Time on the same day. For ...

新能源车ETF（515030）是目前市场上规模最大的新能源车主题ETF，与其联接基金（013013/013014） 跟踪中证新能源汽车指数（399976），选取涉及锂电池、充电桩、新能源整车等业务的上市公司股票作 为成份股，锂电池概念权重占比高达79.98%，前十大重仓股中涵盖了宁德时代（300750）、华友钴业 （603799）、亿纬锂能（300014）、赣锋锂业（002460）、中矿资源（002738）等行业龙头。助力投资 者一键布局。 中信证券表示，2025年中国19%的进口锂精矿来自津巴布韦，预计2026年津巴布韦锂资源产量占全球 12%，该国的锂矿出口禁令将导致中国碳酸锂短期供应愈发紧缺，有望推动锂价大幅上涨。 2月25日下午，多家国际媒体几乎同时放出重磅消息。据Reuters报道，津巴布韦政府宣布立即暂停所有 原材料及锂精矿出口，包括正在运输途中的货物。未来仅持有效采矿权及获批选矿厂的企业具备出口资 格，禁止代理及第三方贸易商出口。申请时需提交省级矿业办关于选矿能力及合规的建议信，并申报矿 物成分。违规者（如续用过期待办）将吊销出口许可乃至采矿权。 ...

Core Viewpoint - The 2026 Spring Festival travel rush is expected to see a record 9.5 billion people moving across regions, with 299 million daily cross-regional movements during the holiday, highlighting the significant role of new energy vehicles (NEVs) in this surge [5][6]. Charging Dilemma - The rapid increase in NEV usage, with a total of 43.97 million vehicles by December 2025, has exposed shortcomings in charging infrastructure, leading to long queues at charging stations and "charging panic" among users [5][7][8]. - Despite having the world's largest electric vehicle charging network with over 20.09 million charging facilities, the supply is insufficient to meet the concentrated demand during peak travel times, particularly in low-temperature conditions that affect battery performance [7][10][11]. Solutions to Charging Issues - To address the charging dilemma, the industry needs to enhance the layout of charging stations along major highways, focusing on high-power fast charging stations to improve supply capacity [13][15]. - There is a need to eliminate charging blind spots in rural and remote areas, with plans to add at least 14,000 direct current charging guns in towns lacking public charging stations by the end of 2027 [16]. - The development of advanced battery technologies, such as solid-state and sodium batteries, is essential to improve performance in low temperatures and enhance charging efficiency [17]. - A multi-faceted energy supplement system, including battery swapping and mobile charging, is crucial to meet the concentrated energy needs during peak travel periods [17]. Industry Collaboration - Major industry players like CATL, NIO, and BYD are actively investing in charging infrastructure, with CATL planning to establish over 3,000 battery swap stations by 2026 and NIO aiming for 4,600 stations by the end of the same year [19][20][21]. - The collaboration among battery manufacturers and vehicle companies is vital for optimizing the energy supplement system and addressing the challenges faced during the Spring Festival travel rush [21].

Group 1 - The automotive market in China is expected to maintain strong growth in 2025, driven by government policies promoting consumption, with significant recovery in both truck and bus markets [1] - In January 2026, the commercial vehicle market is anticipated to experience structural growth due to equipment upgrade subsidies, particularly in the electrification of logistics and transportation [1][4] - The overall automotive sales in 2025 are projected to reach 34.392 million units, with a cumulative growth rate of 9%, while January 2026 saw a decline of 4% year-on-year in total automotive sales [6][21] Group 2 - The differentiation between passenger and commercial vehicles has become more pronounced in recent years, with passenger vehicle consumption improving and commercial vehicle sales weakening [4][11] - In January 2026, the sales of new energy passenger vehicles totaled 870,000 units, reflecting a 2% year-on-year decline, influenced by policy adjustments and market pressures [21] - The competitive landscape among traditional fuel passenger vehicle manufacturers is shifting, with domestic brands gaining strength against joint ventures, particularly in the context of declining sales for traditional fuel vehicles [27] Group 3 - The truck market is showing robust growth, with January 2026 sales reaching 320,000 units, marking a 28% year-on-year increase, indicating a strong demand for logistics and transportation solutions [34][36] - The bus market is expected to remain stable, with head manufacturers performing well, primarily driven by demand for light and micro commercial vehicles [30][32] - The overall automotive industry is experiencing significant differentiation in growth rates among manufacturers, with private enterprises increasingly replacing state-owned enterprises as industry leaders [11][18]

Core Viewpoint - The article emphasizes the importance of implementing new automotive policies in 2026 to promote high-quality development in the automotive industry, focusing on energy consumption standards, tax incentives for new energy vehicles, and the promotion of green consumption [4][5][15]. Summary by Sections 1. New Fuel Consumption Standards - Starting January 1, 2026, three mandatory national standards regarding fuel consumption for passenger cars and light commercial vehicles will be implemented, tightening requirements by approximately 18% for traditional and hybrid vehicles, with specific targets set for 2030 [7][8]. 2. Tax Incentives for New Energy Vehicles - The Ministry of Industry and Information Technology, along with other departments, will continue to implement tax exemptions for new energy vehicles from January 1, 2026, with specific technical requirements for vehicles to qualify for the tax exemption [9][10]. 3. Export License Management for Electric Vehicles - From January 1, 2026, a new export license management system for pure electric passenger vehicles will be established to promote healthy trade in new energy vehicles [10]. 4. Vehicle Tax Exemption Adjustments - New technical requirements for energy-saving and new energy vehicles to enjoy vehicle and vessel tax exemptions will be effective from January 1, 2026, aligning with updated fuel consumption standards [11]. 5. Average Fuel Consumption and New Energy Vehicle Points Management - For the years 2026 and 2027, the required proportion of new energy vehicle points will be 48% and 58%, respectively, with specific allowances for companies meeting fuel consumption reduction targets [11][12]. 6. Large-Scale Equipment Update and Trade-In Policies - A notification issued on December 29, 2025, outlines policies for supporting the replacement of old vehicles with new energy vehicles, including subsidies for consumers who trade in old cars for new ones [12][18]. 7. Green Consumption Promotion - A joint notification from multiple ministries aims to promote green consumption in the automotive sector, encouraging the purchase of new energy vehicles and the development of related services [16][17]. 8. Continued Implementation of Automotive Industry Growth Plans - The automotive industry growth plan for 2025-2026 will continue to emphasize the application of smart and connected technologies, with specific measures to enhance domestic consumption and improve supply quality [18][19]. 9. Financial Policies to Enhance Automotive Consumption - Financial and fiscal policies will be optimized to further promote automotive consumption, with a focus on enhancing the quality and efficiency of financial services to support the real economy [20].

Core Viewpoint - The automotive market is currently experiencing a sales downturn, particularly in the electric vehicle (EV) segment, due to a combination of factors including a shift in vehicle purchase tax policy and seasonal demand fluctuations [1][3][4]. Market Performance - In January, nationwide retail sales of passenger vehicles reached 1.794 million units, reflecting a year-on-year decline of 12.1% and a month-on-month drop of 31.9% [3]. - The performance of major automotive brands showed a pattern of "year-on-year differentiation and month-on-month decline," with domestic brands benefiting from their EV offerings while facing pressure from the tax policy change [3][4]. Domestic Brand Performance - Geely Auto topped domestic sales in January with 270,200 units sold, achieving a year-on-year growth of 1% and a month-on-month increase of 14% [5]. - SAIC Group reported sales of 327,400 units, a year-on-year increase of 23.9%, while its domestic brand sales reached 214,000 units, up 39.6% year-on-year [6]. - GAC Group's sales were 116,600 units, marking an 18.47% year-on-year increase, with its domestic brands showing explosive growth [6]. Joint Venture Brands - Major joint venture brands like GAC Toyota and SAIC General saw a recovery in January, with GAC Toyota selling 63,600 units, a nearly 10% year-on-year increase [9][11]. - SAIC General's sales reached 51,000 units, up 8.2% year-on-year, driven by strong performance in its EV and export segments [11][12]. Export Growth - The overseas market has emerged as a significant growth driver for domestic automakers, with many companies reporting export growth rates exceeding 40% [13][14]. - Chery Group exported 119,600 units in January, a 48.1% year-on-year increase, maintaining its position as the top exporter in China [14]. - Geely's overseas sales reached 60,500 units, reflecting a staggering year-on-year growth of 121% [16]. Industry Trends - The overall trend indicates that by 2026, China's automotive export volume is expected to reach 7.4 million units, with EV exports projected to exceed 30% of total exports [17].

Core Viewpoint - The new energy vehicle market in China is experiencing a seasonal downturn in January 2026, with most new car manufacturers showing a month-on-month decline in sales due to various factors such as the end of purchase tax subsidies and the upcoming Spring Festival [1] Group 1: Sales Performance - The top three new energy vehicle brands in January 2026 are Hongmeng Zhixing, Xiaomi Auto, and Leap Motor, all surpassing 30,000 units in sales [3] - Hongmeng Zhixing leads with 57,915 units sold, marking a 66% year-on-year increase, driven primarily by its core brand, Aito, which contributed over 40,000 units [2][3] - Xiaomi Auto achieved over 39,000 units, a 95% year-on-year increase, attributed to the YU7 model while preparing for the new generation SU7 launch [5] - Leap Motor sold 32,059 units, a 27% year-on-year increase, but faced a 46.9% month-on-month decline [7] Group 2: Second and Third Tiers - Li Auto delivered 27,668 units, experiencing a 7.5% year-on-year decline and a 37.5% month-on-month decline, attributed to its L series model being in the mid-product lifecycle [8] - NIO delivered 27,182 units, a 96.1% year-on-year increase but a 43.5% month-on-month decline, with the new ES8 model being a significant contributor [10] - Zeekr reported 23,582 units sold, a 99.7% year-on-year increase, but a 21.2% month-on-month decline, indicating its competitive position in the high-end electric vehicle market [11] - XPeng delivered 20,011 units, a 34% year-on-year decline and a 46.6% month-on-month decline, with the XPeng X9 model showing strong performance [13] - Lantu achieved 10,515 units, a 31% year-on-year increase, continuing its growth trend in January [13] - Zhiji faced a significant seasonal impact with 5,017 units sold, down from over 10,000 units at the end of 2025, but is expected to recover with new models [14] Group 3: Market Dynamics - The overall market performance in January indicates that new energy vehicle brands are facing month-on-month pressure, influenced by multiple external factors rather than a fundamental decline in market demand [16] - Future product iterations and market strategies will be crucial for new energy vehicle brands in maintaining competitiveness throughout the year [16]

Core Insights - Xiaopeng Motors delivered 20,011 new vehicles in January 2026, with the Xiaopeng X9 accounting for 4,219 units, representing a year-on-year growth of 413.9% [1] - The cumulative delivery of the Xiaopeng X9 has reached 51,897 units, making it the fastest MPV model among new forces to surpass 50,000 units in deliveries [1]

Core Viewpoint - Nio, despite being an innovative player in the Chinese auto market, faces significant challenges and is viewed as a less attractive investment due to market consolidation and competition from larger manufacturers [1][3]. Industry Overview - The Chinese auto market accounted for 30% of global auto sales in 2025, significantly larger than the U.S. market at 18% and other major markets [1]. - In the first half of 2025, new energy vehicles (including electric vehicles and hybrids) made up 50.1% of new car sales in China [2]. Company Performance - Nio has delivered approximately 1 million cars since its inception in 2019, with 326,028 units delivered in 2025, reflecting a growth of 46.9% compared to 2024 [5]. - Despite this growth, Nio has not yet turned a profit, while competitor BYD reported a net profit of $2.9 billion for the first nine months of 2025 [5]. Market Challenges - The Chinese EV market is expected to face difficulties in 2026, with a projected decline in passenger vehicle deliveries due to the end of government subsidies for EVs and rising lithium prices affecting battery costs [8][10]. - EV sales growth in China slowed to just 2% in December 2025, marking the slowest growth in nearly two years [9]. - Nio and other smaller EV manufacturers did not rank among the top 10 manufacturers for sales in December 2025, with the top 10 accounting for 95% of all EV and hybrid sales [9]. Competitive Landscape - The market is consolidating, with the top three manufacturers—BYD, Changan, and Geely—each achieving annual sales of over 1 million to 2 million units, positioning Nio as too small to compete effectively [10].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Electric Vehicle (EV) and Battery Sector in China - **Current Trends**: - Domestic EV insurance registrations increased by 3% YoY and 9% MoM, reaching 1.3 million units in December, resulting in a retail EV penetration of 58.6%, up 6.5 percentage points YoY [2][25] - Wholesale EV penetration decreased to 56%, down 0.9 percentage points MoM but up 6.8 percentage points YoY [25] - Battery sales reached a record high of 143.8 GWh in December, up 49% YoY and 7% MoM [39] Core Insights - **Sales Performance**: - January 2026 retail EV sales volume was reported at 312,000 units, down 16% YoY and 52% MoM, indicating a weakening demand outlook for 2026 [3] - Wholesale EV volume also declined to 348,000 units, down 23% YoY and 46% MoM [3] - **Battery Market**: - ESS battery sales surged to 55.6 GWh, up 1.8 times YoY and 22% MoM [39] - Battery production totaled 201.7 GWh in December, marking a 62% increase YoY and 14% MoM [39] - **Market Share Dynamics**: - BEV models lost 1.2 percentage points YoY market share, while PHEV and EREV gained 0.9 and 0.4 percentage points, respectively [2] Challenges and Risks - **Sector Challenges**: - The sector faces multiple challenges including retreating stimulus, higher taxation, and commodity inflation in 2026 [5] - Slowing domestic demand growth and a rising comparison base may not be offset by new model launches [5] - **Regulatory Changes**: - New regulations in China will require EV makers to monitor vehicle safety, effective from 2027 [8] - Canada has agreed to reduce tariffs on 49,000 Chinese EVs to 6.1% as part of a trade agreement [9] - The EU has set conditions for Chinese EVs to avoid tariffs, which could impact market dynamics [10] Pricing and Cost Trends - **Battery Costs**: - The spot price for battery-grade Li2CO3 increased to RMB 158,000 per ton, up 13% WoW, 67% MoM, and 103% YoY [58] - LFP battery costs rose by 32% YoY, while NCM523 battery costs increased by 47% YoY [55][59] Strategic Developments - **Investment Activities**: - Leapmotor announced a share subscription agreement with Jinyi Hi-Tech, indicating confidence in its new energy vehicle business [13] - **Government Support**: - The Trade-in Vehicle Subsidy Program has been extended into 2026, providing incentives for consumers to switch to new EVs [14][15] Conclusion - The EV and battery sector in China is experiencing significant growth in sales and production, but faces challenges from regulatory changes, market dynamics, and rising costs. The outlook for 2026 remains cautious due to potential demand weakening and external pressures.