Retail sales of passenger vehicles in China, including sedans, MPVs, and SUVs, declined by over 8% year-on-year to 2.23 million units in November 2025 from 2.45 million units in the same month last year, according to data compiled by the China Passenger Car Association (CPCA). This was the second consecutive month of decline for the market, after rebounding strongly over the last year, driven by government sales incentives and aggressive price competition among local manufacturers. The market is now looki ...

Chinese electric vehicle giant BYD Company (OTC:BYDDY)(OTC:BYDDF) reported its November sales and data showed strength in the region and in other territories with record exports. The data could show strength over rival Tesla Inc (NASDAQ:TSLA) for portions of the world outside the U.S. • TSLA is under selling pressure. See what is driving the movement here.BYD November SalesBYD reported 480,186 new energy vehicles (NEV) sold in the month of November, its highest monthly figure in 2025. The company is among t ...

Investor Presentation | Asia Pacific Asia Pacific Summit 2025: The Battle for the Future of Electric Mobility | M | | Foundation | | --- | --- | --- | | November 17, 2025 08:41 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ | | | | Tim Hsiao | | | | Equity Analyst | | | Asia Pacific Summit 2025: The | Tim.Hsiao@morganstanley.com | +852 2848-1982 | | | Stanley Wang | | | | Research Associate | | | Battle for the Future of Electric | Stanley.Wang@morganstanley.com | +852 2848 ...

Investment Rating - The investment rating for Chongqing Changan Automobile is Overweight [7]. Core Insights - The report highlights a resilient performance in Q1 2025, with a net profit after tax (NPAT) of Rmb1.35 billion, reflecting a year-on-year growth of 16.8%, despite a revenue decline of 7.7% to Rmb34.1 billion [1][2]. - The report anticipates a notable narrowing of losses in the NEV (New Energy Vehicle) segment, as indicated by a reduction in minority interest losses [1]. - Gross margin improved modestly by 1.1 percentage points year-on-year to 13.9%, although it remains below the previous year's margin of 14.9%, suggesting ongoing pricing pressures [2]. - The investment thesis is strengthened by the visibility of profit growth driven by advancements in NEV technology [2]. Summary by Sections Financial Performance - Q1 2025 NPAT: Rmb1.35 billion, YoY growth of 16.8% [1]. - Revenue decreased by 7.7% to Rmb34.1 billion [1]. - Gross margin increased by 1.1 percentage points YoY to 13.9% [2]. NEV Business Outlook - Expected significant reduction in losses related to the NEV business, with minority interest losses decreasing from Rmb302 million in Q1 2024 to Rmb137 million in Q1 2025 [1]. - The report emphasizes improving profit growth visibility into 2025 due to NEV advancements [2]. Market Position - The price target for Chongqing Changan Automobile is set at Rmb17.90, indicating a potential upside of 45% from the current price of Rmb12.35 [7]. - The company has a market capitalization of Rmb105.43 billion [7].