Group 1: Overall Automotive Industry Performance in July - The overall retail sales in July are approximately 1.78 million units, flat year-on-year but down 16% month-on-month [1] - Wholesale data from 12 key automakers shows a year-on-year increase of 22% in overall wholesale, but a month-on-month decline of 6% [1] - New energy vehicle (NEV) wholesale increased by 31% year-on-year, but also saw a 6% month-on-month decline [1] Group 2: BYD July Sales Analysis - BYD's total passenger car wholesale sales in July reached 341,000 units, flat year-on-year but down 10% month-on-month [2] - Pure electric vehicle sales were 178,000 units, a 37% year-on-year increase but a 14% month-on-month decline [2] - Exports saw a significant year-on-year increase of 167%, although month-on-month sales decreased by 11% [2] Group 3: BYD Growth Drivers - Future sales growth is expected to be driven by new model launches, including the Sea Leopard 06DMI and Sea Lion 06 [3] - Enhancements to existing models without price increases are anticipated to boost sales [3] - Expansion in export markets, particularly with new vehicle introductions and production ramp-up in Brazil, is expected to sustain high growth in exports [3] Group 4: Great Wall Motors July Sales Analysis - Great Wall's total wholesale sales in July were 104,000 units, a 14% year-on-year increase but down 6% month-on-month [4] - New energy vehicle wholesale sales reached 35,000 units, a 43% year-on-year increase [4] - The Haval brand sold 56,000 units, with notable contributions from models like the Big Dog and Tank series [4] Group 5: Great Wall Motors Growth Drivers - Future sales growth will rely on new vehicle cycles and export market expansion, with new models expected to launch in August [5] - The Tank 500 and other models are anticipated to significantly boost sales figures [5] - Continued growth in exports, particularly in the Russian market, is expected to contribute positively to overall sales [5] Group 6: Li Auto and Geely July Sales Analysis - Li Auto's total deliveries in July were approximately 30,000 units, a 40% year-on-year decline [6] - Geely's sales reached 238,000 units in July, a 58% year-on-year increase [7] - New energy vehicle sales for Geely were 130,000 units, reflecting a 120% year-on-year increase [7] Group 7: Geely's Future Outlook - Geely plans to launch several new models, including the Galaxy A7, which is expected to drive significant sales [7] - The recovery of the Russian market and new vehicle launches in non-Russian markets are anticipated to boost export sales [7]

Core Viewpoint - The cessation of high-interest and high-rebate car loans has led to a significant shift in the automotive financing landscape, impacting sales and customer behavior across various brands and dealerships [1][9]. Group 1: Sales Impact - Traditional sales peak in July has been disrupted, with a reported 5% decrease in foot traffic but a staggering 40% drop in sales volume [3]. - The absence of manufacturer subsidies has forced dealerships to increase car prices, with examples showing price hikes of over 7,000 yuan for models like the Passat [3]. - Sales strategies have shifted to low-interest financing options, which are less attractive compared to previous high-rebate offers, leading to reduced sales incentives [4][11]. Group 2: Customer Behavior - Customer sentiment has changed, with many expressing dissatisfaction over the removal of high-rebate options, leading to confusion and frustration [9]. - A significant portion of customers (60%-70%) are opting for early loan repayments, indicating a shift in financial strategy due to the new lending environment [3][7]. - Customers who previously benefited from high-rebate loans are now facing higher costs under new financing schemes, which has altered their purchasing decisions [11][12]. Group 3: Financing Options - New financing options include two-year interest-free loans and low-interest loans, but these are perceived as less favorable compared to previous high-rebate schemes [6][14]. - The approval process for loans has become stricter, with many customers facing rejections that were previously uncommon, impacting their ability to purchase vehicles [11]. - The current financing landscape is characterized by a mix of manufacturer and bank offerings, with a notable shift towards lower interest rates but without the attractive rebates that were previously available [10][12].