External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We summarize the May 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Apr 2024 retail sales volume for each model, as May 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German and Japanese brands. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the May 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Apr 2024 retail sales volume for each model, as May 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German and Japanese brands. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Foreign Brands’ Pricing System Has Faltered

<ul><li>Chinese automakers including BYD, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.</li><li>Total sales volume combined rose 38% YoY (ranging from -22% to +234%) and 12% MoM (ranging from +6% to +43%).</li><li>NIO beat, Li Auto in-line, Xpeng could be restocking. Li Auto delivered about 35,000 units (+36% MoM) in May, with about 13,000 units from the L6, which also implied that the other models’ total deliveries declined MoM in May, based on our calculations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Aion, Deepal, Neta, Leap, and Xiaomi etc reported their May 2024 sales volumes during 1-2 Jun.Total sales volume combined rose 38% YoY (ranging from -22% to +234%) and 12% MoM (ranging from +6% to +43%).NIO beat, Li Auto in-line, Xpeng could be restocking. Li Auto delivered about 35,000 units (+36% MoM) in May, with about 13,000 units from the L6, which also implied that the other models’ total deliveries declined MoM in May, based on our calculations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - May NEV Retail Share to Hit 45%; NIO Beat

<ul><li>We summarize the Apr 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese brands. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Apr 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model, as Apr 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.2ppt MoM in Apr based on our calculations, mainly due to German and Japanese brands. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - OEMs’ Different Strategies Amid Higher Discount

<ul><li>We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Leading Indicators, Policy Imply a Strong May

<ul><li>Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May 2024.</li><li>Total sales volume combined rose 43% YoY (ranging from -31% to +546%) and 2% MoM (ranging from -14% to +32%).</li><li>Li Auto, Xpeng miss, NIO beat. It appears to us that the weak sales of the Mega has spread into Li Auto’s other models.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May 2024.Total sales volume combined rose 43% YoY (ranging from -31% to +546%) and 2% MoM (ranging from -14% to +32%).Li Auto, Xpeng miss, NIO beat. It appears to us that the weak sales of the Mega has spread into Li Auto’s other models.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Apr NEV sales beat; Price war continues

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

Auto - Foreign Brands’ Pricing System Has Faltered

The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German...

CMB International

Auto - OEMs’ Different Strategies Amid Higher Discount

Note that such discounts for each automaker are calculated based on the weighted average of Mar 2024 retail sales volume for each model

CMB International

Auto - Leading Indicators, Policy Imply a Strong May

We summarize the Apr 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

Auto - Apr NEV sales beat; Price war continues

Chinese automakers including BYD, NIO, Xpeng, Li Auto, Zeekr, Aion, Deepal, Neta, Leap, Xiaomi etc reported their Apr 2024 sales volumes on 1 May...

CMB International

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