【招银国际】Solid Feb NEV sales with many new models on the way-250303（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 3 Mar 2025 CMB International Global Markets|Equity Research|Sector Update Auto Solid Feb NEV sales with many new models on the way Eleven Chinese automakers including BY

2、D,Great Wall,NIO,Xpeng,Li Auto,Xiaomi,Zeekr,Aion,Deepal,Leapmotor and HIMA reported their Feb 2025 sales volumes on 1 Mar 2025.NEV sales volume combined rose 129%YoY(ranging from+2%to+570%)and fell 1%MoM(ranging from-39%to+45%)last month.Li Auto and NIO in line,Xpeng beat.Li Auto delivered about 26,

3、000 units(+30%YoY,-12%MoM)in Feb.Li Auto announced new price discounts of up to RMB16,000 on 28 Feb(effective until 31 Mar)in addition to the 3-year zero-interest auto finance benefit,probably because the automaker has no plan to launch major facelifted EREV models in 2025(the improvement will be fo

4、cused on autonomous driving(AD)functions).Its brand-new BEV,the i8,debut on 25 Feb,exhibits a new exterior design different from the Mega.NIOs deliveries fell 5%MoM to about 13,000 units(+62%YoY)in Feb,including about 4,000 units from Onvo brand.Management targeted a monthly delivery of 20,000 units

5、 for Onvo brand from Mar 2025,which is unlikely at the moment.The new NIO ET9 and Firefly EV may start deliveries in late Mar and 2Q25,respectively.Xpengs deliveries rose slightly MoM to about 30,000 units(+570%YoY)in Feb,at a similar level as 4Q24 average,driven by the Mona M03 and P7+.Xpeng may ro

6、ll out the facelifted G6 and G9 in the first half of Mar 2025,as well as the brand-new G7 in Apr,which could become new catalysts for its share price,in our view.Most brands are awaiting the launch of new models.BYDs PV wholesale volume rose 7%MoM to about 0.32mn in Feb,with exports further rising t