Summary of Conference Call on Solid-State Battery Industry Company and Industry Involved - **Company**: Toyota - **Industry**: Solid-State Battery Key Points and Arguments Strategic Adjustments - Toyota's strategy involves focusing on core technology at its Japan headquarters while concentrating on application market demands in China, aiming to leverage its technological advantages to collect patent fees and reduce costs through the Chinese supply chain [1][3] Financial Projections - For 2024, Toyota's profit is projected to be approximately 240 billion RMB, with the Chinese market accounting for about 19% of this, indicating significant growth potential [1][3] Solid-State Battery Industrialization - Toyota plans to initiate small-scale trial production of solid-state batteries in 2026, with mass production expected in 2027, initially targeting high-end Lexus models [1][5] Performance Metrics - Solid-state battery performance metrics include: - Hybrid vehicles: Charge/discharge rate of 15C-20C, cycle life of 10 years or 200,000 km - Electric vehicles: Energy density of approximately 350 Wh/kg, cycle life of about 1,500 cycles, and a capacity retention rate of about 80% at -30°C [1][7] Electrolyte Technology - Toyota focuses on sulfide electrolytes, while domestic companies explore various options including oxide, halide, and polymer electrolytes, with a trend towards composite usage [1][8] Production Techniques - Domestic companies primarily use a mixed solid-liquid method for production, which lags behind Japan in terms of cost and consistency. Toyota's method using petroleum by-products can reduce costs by 30%-40% [1][10] 3D Printing Technology - Toyota employs 3D printing to manufacture electrolyte layers below 200 nanometers, significantly reducing interface resistance to one-fifth of traditional solid-phase methods, although large-scale production remains a challenge [3][13][16] Market Feedback and Adoption - The feedback from the Chinese market will directly influence the speed of solid-state battery adoption. Current expectations suggest that market feedback may not be particularly favorable [1][6] Differences in Production Approaches - Key differences between domestic and Japanese companies in solid-state battery production include: - Material choices and production techniques - Japan's advanced control over pressure and porosity in production equipment [1][8][18] Future Material Choices - Toyota is inclined to combine sulfide solid electrolytes with lithium metal anodes, but currently uses silicon-carbon anodes to optimize performance while addressing expansion issues [1][19] Challenges in Large-Scale Production - The application of 3D printing technology in large-scale production faces challenges related to manufacturing costs, efficiency, and consistency [16] Environmental Control in Production - Strict control of oxygen and humidity is required in the production environment for solid-state batteries, with Japanese companies demonstrating superior precision in equipment [17] Current Trends in Battery Materials - Toyota is exploring various cathode materials, including high-nickel ternary and lithium-rich manganese-based materials, with potential applications in high-end electric vehicles [25] Overall Industry Outlook - The solid-state battery industry is characterized by diverse technological routes, with no single mainstream trend currently dominating [20] Other Important but Overlooked Content - The discussion highlighted the importance of balancing cost, efficiency, and performance in the development of solid-state batteries, as well as the need for ongoing research to address challenges related to material interactions and production techniques [1][19][24]

Sales Performance - In April, the total sales of passenger vehicles reached 1.696 million units, a year-on-year increase of 10.1%, but a month-on-month decrease of 9.5% [4] - The sales of the new energy vehicle (NEV) market were approximately 871,000 units, outperforming the overall market with a year-on-year growth of 29.3%, but showing a month-on-month decline of 10.2% [4] - NEVs accounted for 51.3% of total passenger vehicle sales in April, a decrease of 0.4% from the previous month but an increase of 7.6% compared to the same month last year [4] New Energy Market Performance - In April, pure electric vehicle sales were about 550,000 units, up 34.5% year-on-year but down 14.0% month-on-month; plug-in hybrid sales were approximately 321,000 units, up 21.3% year-on-year and down 2.8% month-on-month [9] - Cumulatively, NEV sales reached 3.2 million units by 2025, with a year-on-year increase of 32.7% [9] Top 10 Cities for NEV Sales - The top 10 cities accounted for 25.5% of total NEV sales, an increase of 0.5% from the previous month; the top three cities remained the same: Guangzhou, Chengdu, and Shenzhen [10] - In terms of fuel type, pure electric vehicles dominated sales in the top 10 cities, with personal users being the primary buyers [10] - All top 10 cities, except Beijing (49.0%), had NEV penetration rates exceeding 50%, with Shenzhen leading at 66.1% [10] Pure Electric Market Analysis - The top three segments in the pure electric market were A0 class (18.8%), A-SUV (14.2%), and B-SUV (13.5%); A0 class and A-SUV saw a smaller decline compared to the overall market [14] - The market share of A0 class expanded from 14.3% to 18.8% year-on-year, while the A-class market share shrank from 15.0% to 8.3% [14] User Demographics in Pure Electric Market - In April, personal users accounted for 83.8% of pure electric vehicle sales, a year-on-year increase of 40.0%; unit users accounted for 7.5%, a year-on-year decrease of 48.2% [15] - Cumulatively, personal users made up 84.4% of the pure electric market, while unit users accounted for 7.3% [15] Industry Dynamics - Key industry events in April included Chery's launch of its global hybrid technology and open-source plan, as well as CATL's release of three new battery products [19][22] - Lantu Motors introduced its L3-level intelligent architecture, "Tianyuan Zhijia," aimed at enhancing safety and driving capabilities [21] Policy Developments - On April 28, the Ministry of Industry and Information Technology released the "2025 Automotive Standardization Work Points," which includes 23 items focusing on battery safety, autonomous driving technology, and automotive chip development [26][28]

Core Viewpoint - The declaration by Great Wall Motors' president, Mu Feng, to "never engage in range-extended technology" signifies a commitment to long-term strategies over short-term gains in the automotive industry [1][4]. Group 1: Company Strategy - Great Wall Motors is choosing to focus on hybrid technology, which is more complex but aligns with long-term industry trends and consumer needs, rather than opting for the simpler, more popular range-extended technology [1][2]. - The company’s decision reflects a deep understanding of technological pathways, market demands, and policy directions, showcasing a balance between innovation and consumer expectations [1][4]. Group 2: Industry Context - Many automotive companies are currently adopting range-extended technology due to its lower technical barriers and higher market acceptance, driven by the success of brands like Li Auto and AITO [1][2]. - The industry is experiencing a trend of companies quickly following profitable technologies without a long-term vision, leading to homogenization and a lack of true innovation [3][4]. - Great Wall Motors' approach serves as a model for the industry, emphasizing the importance of strategic determination and technological confidence in navigating the evolving automotive landscape [3][4]. Group 3: Technological Insights - Hybrid technology, while more expensive and complex, offers superior user experience and aligns with energy-saving policies, making it a forward-looking choice for manufacturers [2][4]. - Great Wall Motors has invested significantly in core technologies such as traditional fuel engines, transmissions, and new energy batteries, which provides the foundation for rejecting shortcuts like range-extended technology [2][3].