【招银国际】New models to drive NEV sales in 3Q after a solid Jun-250702（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 2 Jul 2025 CMB International Global Markets|Equity Research|Sector Update Auto New models to drive NEV sales in 3Q after a solid Jun Fourteen Chinese NEV makers/brands i

2、ncluding BYD,Great Wall,NIO,Xpeng,Li Auto,Leapmotor,Xiaomi,HIMA,Galaxy,Zeekr,Aion,Voyah,Deepal and Avatr reported their Jun 2025 sales volumes on 1 Jul 2025.Total NEV sales volume combined rose 27%YoY(ranging from-24%to+224%)and remained flat MoM(ranging from-20%to+19%)last month.Li Auto missed,Xpen

3、g and NIO in line.Li Autos Jun deliveries fell 11%MoM to about 36,000 units,driving its 2Q25 sales volume up by 20%QoQ to about 111,000 units,but still missing our previous forecast by about 13,000 units.Li Autos Jun deliveries were dragged by its sales system adjustment coupled with consumers hesit

4、ation to wait for some upcoming attractive new models.Xpengs Jun deliveries surged 224%YoY and 3%MoM to about 35,000 units,driven by the sales ramp-up of the Mona M03 Max.Its 2Q25 sales volume rose 10%QoQ to 103,000 units,in line with its previous guidance range.We believe the G7 equipped with its s

5、elf-developed AI chip(Turing),which is to be launched on 3 Jul,could be key to the company in 3Q25.Its cannibalization with the P7+and G6,as well as the competition with the Xiaomi Yu7 deserve more attention.NIOs Jun deliveries rose 7%MoM to about 25,000 units,mainly driven by the NIO brand.Its 2Q25

6、 sales volume rose 71%QoQ to 72,000 units,hitting the lower end of the previous guidance range,thanks to the facelifted ES6 and ET5,as well as the contribution from Firefly brand.The company has been streamlining its organizations and personnel across the three brands to reduce resource waste.The ac