Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>XPEV US:G7 Pre-sale Opens, Priced on the Higher Side (-)</li>
<li>NIO US: NIO US Tightens Service Policy Standards (+ )</li>
<li>New Energy Vehicle:Major Automakers Commit to Shortening Payment Terms to 60 Days(+)</li>
</ul>


XPEV US:G7 Pre-sale Opens, Priced on the Higher Side (-)
NIO US: NIO US Tightens Service Policy Standards (+ )
New Energy Vehicle:Major Automakers Commit to Shortening Payment Terms to 60 Days(+)


[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News

<ul>
<li>Macro: Central Government Focuses on Improving People's Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)</li>
<li>Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)</li>
<li>1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)</li>
</ul>


Macro: Central Government Focuses on Improving People's Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)
Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)
1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)


[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

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.

<ul><li>We summarize the May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </li></ul><p><em>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.</em></p>

We summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). 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 - New Models to Stabilize Chinese OEMs’ Discounts

<ul>
<li>XPEV US : The new Xiaopeng car will collaborate on the development of Huawei's HUD solution (+)</li>
<li>NIO US: Onvo to Provide Ride-Hailing Vehicles for Didi (-)</li>
<li>New Energy Vehicle: 2025 May 26 – June 1 NEV Delivery Rankings(/)</li>
</ul>


XPEV US : The new Xiaopeng car will collaborate on the development of Huawei's HUD solution (+)
NIO US: Onvo to Provide Ride-Hailing Vehicles for Didi (-)
New Energy Vehicle: 2025 May 26 – June 1 NEV Delivery Rankings(/)


[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle

<ul>
<li>XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)</li>
<li>LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)</li>
<li>New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)</li>
</ul>


XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)
LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)
New Energy Vehicle: MOC focuses on "zero-mile used cars", BYD(1211 HK) &amp; Dongfeng attend meeting(-)


[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
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XPeng (XPEV US)

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News

XPEV US opens pre-sale at higher prices, NIO US tightens service policies, major automakers commit to faster payment terms for new energy vehicles.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Blue Lotus Research Institute

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle

Xiaopeng car partners with Huawei for HUD solution, Onvo to supply vehicles for Didi ride-hailing, NEV delivery rankings for May 26 - June 1.

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News

​XPEV US opens pre-sale at higher prices, NIO US tightens service policies, major automakers commit to faster payment terms for new energy vehicles.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

​Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Blue Lotus Research Institute

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle

​Xiaopeng car partners with Huawei for HUD solution, Onvo to supply vehicles for Didi ride-hailing, NEV delivery rankings for May 26 - June 1.

Blue Lotus Research Institute

[Blue Lotus Daily]:XPEV US/LI US/601127 CH/NIO US/BZ US/1211 HK/New Energy Vehicle

​XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.

Blue Lotus Research Institute

XPEV US opens pre-sale at higher prices, NIO US tightens service policies, major automakers commit to faster payment terms for new energy vehicles.

Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Xiaopeng car partners with Huawei for HUD solution, Onvo to supply vehicles for Didi ride-hailing, NEV delivery rankings for May 26 - June 1.

XPEV's Mona M03 Max gets a price cut, EV sales rankings fluctuate, MOC prioritizes "zero-mile used cars" with BYD and Dongfeng.