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China Automobiles

Not All EV Makers Are Reaping the Rewards of Macro Stimulus

210 Views30 Oct 2024 22:20
SUMMARY
  • NIO and XPEV intensified promotions during C3Q24 while LI moderated them. But we see LI possibly need to ramp up its promotion to stir up demand in C4Q24;
  • Trade-In has greatly stimulated EV demand and is possible to extend into 2025. But Huawei-affiliated PHEV makers are gaining share while Tesla is readying another round of innovation-led cost reduction;
  • Our TOP PICK's of the sector are BYD and Xiaomi. BYD benefits from PHEV and Xiaomi can still benefit from PHEV.
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Blue Lotus Research Institute
China growth and global non-US Internet equities
Hong KongInformation Technology & Consumer DiscretionaryEquity Bottom-UpThematic (Sector/Industry)

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