标普+中国汽车：需求疲软加剧竞争（演讲PPT）-英

Claire

YuanDirectorChina

Auto:Soft

DemandHeightens

CompetitionStephen

ChanAssociate

DirectorChina

Manufacturing

TeamCorporate

RatingsOctober10,2023This

report

does

not

constitute

a

rating

actionKey

Takeaways•

What

do

we

expect

overthe

next

12months?••China’s

domestic

light

vehicle

sales

to

increase

by

0%-2%

in

2023-2024.Growth

in

domestic

electric

vehicle

sales

will

decelerate

to

15%-25%

overthe

period.•

Downside

risks:•••Macroheadwinds

castuncertainty

on

light

vehicle

demand.Prolonged

price

wars

andrising

electrification

weigh

oncarmakers’

margins

andcashflows.Trade

hurdles

would

complicate

Chinese

carmakers’expansion

overseas.•

Credit

implication:•••Rating

downgrade

risk

has

heightened

for

Geely

entities.Zhejiang

Geely’s

EBITDA

margin

fell

to

4.3%

in

the

first

half

of

2023.Wesee

rating

buffers

forBeijing

Auto,

BAICMotor,

Johnson

Electric,

and

Yanfeng

International.The

positive

rating

outlook

onCATL

reflects

ourexpectation

of

improving

business

strength

and

sustained

net

cashposition.2Muted

Momentum

AheadLVsales

tosee

limited

growth

in

2023-2024China’s

domestic

light

vehicle

(LV)sales

could

rise

0%-2%

in

2023-2024.•Chinalightvehicle

sales(leftscale)30Year-on-yearchange(rightscale)2%•

Unit

sales

in

the

first

eight

months

this2520151050%year

were

largely

flat.-2%-4%-6%-8%-10%•

Continuous

price

cuts,better

seasonalitywill

support

sales

for

the

restof

theyear.•

Soft

consumer

sentiment

amid

macroheadwinds

will

constrain

growth

in

2024.02017201820192020202120222023e2024e•

Sales

growth

of

domestic

electric

lightvehicles

will

likely

decelerate

toc.15%-25%

over2023-2024.EVsales

growth

deceleratingEVsales(leftscale)12YoY(rightscale)EVpenetration(rightscale)•

Sales

were

upabout

30%

(excludingexports)

in

the

first

eight

months

thisyear.•

Improving

product

offerings

and

purchaseincentives

continue

to

support

risingelectric

vehicle

(EV)adoption.150%100%50%0%9630•

EVpenetration

could

rise

toward

40%

by20192020202120222023e2024e2025e2025.LV--Light

vehicles

include

passenger

vehicles

and

light

commercial

vehicles.

EV--Electric

light

vehicle.

YoY--Yearon

year.e--Estimate.Sources:

China

Association

ofAutomobile

Manufacturers,

Wind,

S&PMobility,

S&P

Global

Ratings.3Competition

Is

EscalatingLocal

brandscontinue

togain

tractionWeexpect

Chinese

local

brands

inaggregate

tomaintain

solid

market

positionover

thenext

24

months.•ChinaproprietaryGermanbrandsJapanese

brandsU.S.brandsOthers100%80%60%40%20%0%9%8%9%10%23%8%10%20%•

With

rising

EVpenetration,

internationalbrands

which

arenormally

laggards

in

EVhave

been

losing

edge.

Increasingcollaborations

between

foreign

and

ChineseEVauto

makers,toleverage

thelatter’sproduction

platform

and

softwarecapability,

could

become

atrend

in

thenext12-24

months.17%20%22%24%21%50%21%22%41%25%22%41%26%36%47%38%201820192020202120228M

2023Sources:

China

Passenger

Car

Association,

S&PGlobal

Ratings.EVproducers

areracing

forshare•

The

EVmarket

is

becoming

more

crowdedwith

new

entrants

and

rapidly

expandingproduct

portfolios

at

existing

players.

In

ourview,

industry

consolidation

is

likely

in

3-5years.8M

20232022BYDTeslaGACSAICGeelyLiAutoChang'anGreatWallNIO•Competitive

products

and

better

costcontrol

will

underpin

the

leading

position

forBYD

and

Tesla

in

China’s

EVmarket

over

thenext

1-2

years.Hozon0%5%10%15%20%25%30%35%40%45%Percentage

of

EV

unit

salescapturedby

the

top

10

electric

carmakersGAC--Guangzhou

Automobile

Group.

Sources:

China

Association

ofAutomobile

Manufacturers,

China

Passenger

Car

Association,

S&P

Global

Ratings.4Pricing

Pressure

Will

Remain

High•

Soft

demand

will

keep

the

pricing

environment

unfavorable.

Price

competition

will

likely

endure

over

the

next

12

months.•

Carmakers

that

haverelatively

high

EV

penetration

yetstill

small

absolute

EVsales

volume

could

seemore

material

margin

dilutionrelative

to

peers.•

OEMsthat

canrampup

sales

quickly

for

better

economies

of

scaleand

continuously

improve

product

offerings

will

be

better

able

tooffset

the

pricing

impact

onmargins.Price

warforEVscould

linger

forlongerLarger

discounts

onICEsto

stimulate

salesTeslaModelYTeslaModel3BYDSongPlusDmi202120222023MG4(MG

MULAN)16%14%12%10%8%40032024016080Dec-22Feb-23Apr-23Jun-23Aug-23Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

DecSources:

ModiA,

16888.com,

S&PGlobal

Ratings.ICE—Internal

combustion

engine.

China

Passenger

Car

Association,

S&PGlobal

Ratings.5Chinese

Carmakers’

Overseas

Adventures

Will

Be

BumpyChina’sauto

export

growth

islikely

to

decelerate

in

2024China’s

auto

exports

havejumped

over

the•pastfew

years,benefiting

from

resilientsupply

chains

and

increasing

productcompetitiveness.EVexport(leftscale)ICEexport(leftscale)PVexport(leftscale)PVexportYoYgroth(rightscale)6110%90%70%50%30%10%54321••Passenger

vehicle

(PV)exports

could

reach4.1million

units

in

2023.Export

growth

isset

to

decelerate

in

2024,

givenahighbase.Trade

hurdles

areemerging.

The

anti-subsidy

probe

announced

by

the

EUon

EVsimported

from

China

could

hinder

EV

exportafter

2024.

Europe

accounted

for

over

40%of

China’s

EVexports

year-to-date.0-10%20192020202120228M

20232023e2024eNo

breakdowninto

EV

and

ICE

for2024.

Note:ICE--Internal

combustion

engine,

PV–passenger

vehicle.

Sources:

China

Association

ofAutomobileManufacturers,

China

Passenger

Car

Association,

China

Customs,

S&PGlobal

Ratings.Tradehurdles

could

dampen

EVexport•

The

above

investigation

will

likely

have

alimited

impact

on

rated

carmakers.

Amongthem,

Geely

Auto

has

thehighest

exportexposure.

Exports

accounted

for17%of

itstotal

sales

volume

in

the

first

nine

months,with

diversified

destinations

includingEastern

&Northern

Europe,

the

MiddleEast,and

Southeast

Asia.Others23%Europe44%Oceania7%Asia27%Sources:

China

Customs,

China

Passenger

Car

Association,

S&P

Global

Ratings.6Battery

Market

–

Evolving

Competitive

LandscapeThe

paceofbattery

installation

isslowingGrowth

in

battery

installations

will

continuetodownshift

over

the

next

24

months

asEVproduction

growth

slows.•2021(leftscale)402022(leftscale)2023(leftscale)2022YoY(rightscale)2023YoY(rightscale)200%•

Webelieve

the

Chinese

battery

market

isover

supplied

with

the

ratio

of

batteryinstallation-to-production

dropping

to48%in

the

first

eight

months

in

2023

from76%

in2020.3020100150%100%50%0%JanFebMarAprMayJunJulAugSepOctNovDec•

That

said,

major

tier-two

battery

producers(e.g.,BYD,

CALB)havebeen

gaining

marketsharesince

2022

with

EVproducersTier-two

players

aregaining

shareamidintensifying

competitiondiversifying

battery

supply

tolower

costs.CATLBYDGotionCALBEveBatteryOthers100%80%60%40%20%0%•

With

technology

advantages,

strong

marketreputation

anddiversified

customer

bases,CATL's

sharein

China

should

remain

atc.40%.

Its

sharefell

to

43%in

thefirst

eightmonths

of2023

amid

intensifying

marketcompetition.201820192020202120228M

2023Note:Only

CATLis

rated--seeslide

10fordetails.

Gotion--Gotion

High-Tech

Co.

Ltd.CALB--CALB

GroupCo.

Ltd.Sources:

China

Automotive

Battery

InnovationAlliance,

S&PGlobal

Ratings.7Moderating

Material

Costs

May

Alleviate

Margin

Strain

From

The

2H

2023•

Lithium

carbonate

prices

could

continue

to

moderate,

due

todemand

worries

andgrowing

supply

post-pandemic.•

Falling

raw

material

prices

andless

robust

demand

should

continue

todrag

battery

prices

for

therest

of2023.•

EV

producers

should

see

lower

production

costs

from

the

second

half,after

digesting

raw

material

inventory

purchased

at

high

prices.•

Margins

of

leading

battery

producers

could

improve

slightly

with

better

economies

of

scaleand

raw

material

costfalling

faster

thanbattery

prices.Lithium

carbonateprice

could

remain

weakBattery

price

trending

downsince

February700,000Averagepriceof

prismaticternary

lithium-ionbatterycellAveragepriceof

prismaticLFPbatterycell1,000600,000500,000400,000300,000200,000100,0009008007006005000400Mar-2021

Sep-2021

Mar-2022

Sep-2022

Mar-2023

Sep-2023Sep-2021

Jan-2022

May-2022

Sep-2022

Jan-2023

May-2023

Sep-2023RMB--Chinese

renminbi.

DDP--Delivered

dutypaid.Source:

S&PGlobal

Commodity

Insights.RMB--Chinese

renminbi.

LFP--Lithium

iron

phosphate.

Source:

8Electrification

Is

Weighing

On

Select

CarmakersGeely

isin

the

fastlaneofelectrificationZhejiang

Geely,

Geely

Auto:While

ourbasecasefactored

in

improving

margins

andleverage

in

2024,

intensifying

price••2023

EV8M

2023

EVpenetrationpenetrationtargetcompetition

could

hinder

the

group’smargin

restoration

and

deleveraging.Sales

volume

(thousand

units)Zhejiang

Geely

Holding

Group

Co.

Ltd.Geely

Automobile

Holdings

Ltd.Beijing

Automotive

Group

Co.

Ltd.BAICMotor

Co.

Ltd.8M

20231,500-1,600*9858M

2023

YoY14%-19%*15%26%-31%*25%n.a.40%n.a.Werevised

the

outlook

on

CATL

topositivein

April

2023.

Weexpect

the

companytohold

its

No.1

position

in

China

and

increasepresence

in

Europe

while

maintaining

anetcashposition.1,07715%6%-9%*7%-10%*650-700*18%-23%*n.a.Note:1)

EV

penetration

rate

referstoEV

sales

as

apercentage

oftheentity’s

total

autosales.

2)

Penetration

ratesofChina

FAW

and

Beijing

Autoare

ourestimates.

3)

EV--Electric

light

vehicle

includes

pure

electric

and

plug-in

hybrid

electric

light

vehicles.

4)

*are

estimated

ranges.,

5)8M

2023

refers

tothe

firsteight

months

of2023.

YoY--Yearonyear.

Sources:

Company

reports,S&P

Global

Ratings.•

Wegenerally

seerating

buffers

for

otherOEMsand

suppliers.

Higher

operatingefficiency,

lower

raw

material

costs,modestvolume

growth

andimproving

productportfolios

should

underpin

better

financialmetrics.Faster

electrification

weighs

more

onprofitability2019202020212022H1202320%15%10%5%0%ZhejiangGeelyGeelyAutomobileBeijingAutoBAICMotorNote:Zhejiang

Geely'sEBITDA

margin

is

withproportionate

consolidation

ofPolestar

since

2022.

Sources:

Company

reports,S&P

Global

Ratings.9Margin

And

Leverage

The

Key

Rating

DriversRating

downside

triggersLatest

forecastSales

volumegrowth

Key

rating

driversCompanyIssuer

credit

ratingLeverageEBITDA

MarginDebt/EBITDAFFO/debtEBITDA

marginBeijingAutomotiveGroup

Co.

Ltd.BBB/Stable/--FFO/Debt<12%n.a.2022A:

2.9xH12023:

2.7x2023E:

2.5x2024E:

2.3x2022A:

18.8%H12023:

20.7%2023E:

22.7%2024E:

25.1%2022A:

13.6%H12023:

14.8%2023E:

13.3%

2023E:

14.0%-16.0%2024E:

13.0%2022A:

(15.6%)

•

Salesmomentum

of

JV

brandsH12023:

22.2%•Restructureof

proprietary

brands2024E:

5.0%-7.0%BAIC

Motor

Co.Ltd.BBB/Stable/--FFO/Debt<12%Debt/EBITDA>2.0xDebt/EBITDA>2.0xDebt/EBITDA~1.5xn.a.Net

cashNet

cash2022A:

18.8%H12023:

17.3%2023E:

17.3%

2023E:

14.0%-16.0%2024E:

17.0%2022A:

(8.2%)

•

Salesmomentum

of

JV

brandsH12023:

24.1%•Restructureof

proprietary

brands2024E:

3.0%-5.0%Geely

AutomobileHoldings

Ltd.BBB-/Negative/--<6%<6%<11%Net

cashNet

cash2022A:

3.2%H12023:

1.0%2023E:

3.3%2024E:

4.7%2022A:

7.9%

•

Volume,mix

and

cost

controltooffsetrisingH12023:

13.1%

EVsales2023E:

9.0%-11.0%

•

Ratingtomoveintandum

with

ratingon

the2024E:

5.0%-7.0%

parentZhejiang

Geely

Holding

BBB-/Negative/--Group

Co.

Ltd.2022A:

2.5xH12023:

2.4x2023E:

2.3x2024E:

1.9x2022A:

22.4%2023E:

24.6%2024E:

34.4%2022A:

5.7%2022A:

4.7%

•

Volume,mix

&

pricetooffsetrising

EVsalesH12023:

4.3%

H12023:

12.0%-16.0%

•

HighinvestmentinEVcoulddrag

free2023E:

5.5%

2023E:

11.0%-13.0%2024E:

6.3%

2024E:

11.0%-13.0%operating

cash

flow(FOCF)Contemporary

Amperex

BBB+/Positive/--Technology

CoLtd.Net

cashNet

cash2022A:

13.7%H12023:

16.9%2023E:

17.1%2024E:

17.3%••EBITDA

and

OCFexpansion

tocovercapexAbility

tomaintain

competitive

positionintheEVbattery

marketJohnson

ElectricHoldings

Ltd.BBB/Stable/--BBB-/Stable/--Debt/EBITDA>1.5x

Materiallydeteriorateson

asustainedbasis2023A:

0.6x2024E:

0.5x2025E:

0.3x2023A:

>60%2024E:

>60%2025E:

>60%2023A:

12.4%2024E:

13.1%2025E:

13.3%••Volume

growth

and

costcutting

toimprovemarginMaintain

positiveFOCFand

keep

lowleverageYanfeng

InternationalAutomotive

TechnologyCo.

Ltd.Debt/EBITDA>1.5x<6%2022A:

1.8xH12023;

0.6x2023E:

1.4x2024E:

0.9x2022A:

53.2%2024E:

>60%2025E:

>60%2022A:

4.8%H12023:

6.8%2023E:

5.1%2024E:

5.3%••Stablecreditworthiness

of

itsparent

-HuayuAutomotiveWorking

capitalmanagementand

leveragecontrolNotes:

1)

Zhejiang

Geely's

EBITDAmargin

iswith

proportionate

consolidation

ofPolestarsince

2022.

2)

BAIC

Motor’s

downgrade

triggeris

the

parentcompany

Beijing

Auto’smetric.

3)

GeelyAuto’sdowngrade

trigger

isthe

parentcompany

Zhejiang

Geely’smetric.

4)

Thefinancial

figures

ofJohnson

Electric

refertofiscal

year

ending

March

31.5)Yanfeng

International’s

EBITDA

margin

and

thecorresponding

downside

triggerare

the

parentcompany

Huayu

Automotive

Systems

Co.Ltd.’smetrics.

FFO—Fundsfrom

operations.

Sources:

Company

reports,

S&PGlobal

Ratings.10Zhejiang

Geely

Holding

Group

Co.

Ltd.

(BBB-/Negative/--)Credit

highlightsKeyoperational

dataKeystrengthsKeyrisksSalesvolume(leftscale)YoYsalesvolumegrowth(rightscale)YoYrevenuegrowth(rightscale)EVpenetrationrate(rightscale)3Diversified

geographical

exposure

withawide

product

portfolio.Uncertainties

inthe

execution

of

itselectrification

strategy.50%30%10%-10%210GrowingEVpenetration

andcontinuous

model

upgrades.Increasingelectric

vehicle

salesmaycontinue

to

weighonmarginandleverage.Synergies

amongsubsidiaries

ontechnology

Highcapital

spending

keeps

free

operatingplatform

and

joint

procurement.cashflow(FOCF)

negative.201820192020202120222023e2024eDowngrade

triggersKeyfinancialsEBITDAmarginDebt/EBITDAEBITDAmargindowngradetriggerDebt/EBITDAdowngradetriggerCapex(leftscale)FOCF(leftscale)(Capex+R&Dexpense)

torevenue(rightscale)10016%15%14%13%12%11%12%10%8%43210-10-20-306%4%-40201820192020202120222023e2024e201820192020202120222023e2024eNote:1)

Zhejiang

Geely’sfinancials

are

underproportionate

consolidation

ofPolestar

since

2022.

2)

EV

penetration

rate

referstoEV

sales

as

apercentage

oftheentity’s

total

auto

sales.

3)

EV--Electric

light

vehicle

includes

pure

electric

and

plug-in

hybridelectric

light

vehicles.

Zhejiang

Geely's

dataalso

includeshybrid

electricvehicles.

Capex--Capital

expenditure.

RMB—Chinese

renminbi.

e--Estimate.

Sources:

Company

reports,

S&PGlobal

Ratings.11Geely

Automobile

Holdings

Ltd.

(BBB-/Negative/--)Credit

highlightsKeyoperational

dataKeystrengthsKeyrisksSalesvolume(leftscale)YoYsalesvolumegrowth(rightscale)YoYrevenuegrowth(rightscale)EVpenetrationrate(rightscale)1.8Leading

proprietary

brand

inChinawithwide

product

offerings

and

good

brandrecognition.Uncertainties

inthe

execution

of

itselectrification

strategy.50%1.20.60.030%10%-10%Synergies

with

sistercompanies

(e.g.,Volvo

Increasingelectric

vehicle

penetrationCarAB)on

technology

development

andprocurement.pressurizingmargin.Net

cashposition.Strong

reliance

on

asinglemarket.201820192020202120222023e2024eRevenue

andmargin

trendKeyfinancialsRevenue(left

scale)200EBITDAmargin(rightscale)Capex(leftscale)12FOCF(leftscale)(Capex+R&Dexpense)

torevenue(rightscale)10%12%10%8%160120809%8%7%6%606%404%-602%201820192020202120222023e2024e201820192020202120222023e2024eNote:1)

GeelyAutomobile

Holdings

Ltd.isacore

subsidiary

ofZhejiang

GeelyHolding

Group.Therating

is

equalized

tothe

rating

onthe

parent

company.

Please

refer

toslide

10for

thedownside

triggers

ofbothGeelyAutomobile

Holdings

Ltd.and

ZhejiangGeelyHolding

Group.

2)

TheEV

sales

volume

and

penetration

rate

of2023e

is

thecompany’s

target.

3)

EV

penetration

rate

referstoEV

sales

as

apercentage

ofthe

entity’s

total

autosales.

4)EV--Electric

light

vehicle

includes

pure

electricand

plug-inhybrid

electric

light

vehicles.

e--Estimate.

FOCF--Free

operating

cash

flow.Capex--

Capital

expenditure.

Sources:

Company

reports,

S&PGlobal

Ratings.12Beijing

Automotive

Group

Co.

Ltd.

(BBB/Stable/--)Credit

highlightsKeyoperational

dataSales

volume(leftscale)YoYsalesvolumegrowth(rightscale)YoYrevenuegrowth

(rightscale)KeystrengthsKeyrisksEVpenetrationrate(rightscale)3Solid

position

inthe

high-end

passengervehicles

and

commercial

vehicles

market.Pressure

on

profitability

due

to

intensifyingprice

competition

andrisingelectrification.20%5%21Strong

and

stable

alliancewithlargeglobal

Uncertainties

inturningaround

loss-originalequipment

manufacturers

(OEMs).makingproprietary

brands.-10%-25%Very

highlikelihood

of

extraordinarysupport

from

the

Beijing

municipalgovernment.0201820192020202120222023e2024eMargin

anddowngradetriggerKeyfinancialsCapex(leftscale)20FOCF(leftscale)(Capex+R&Dexpense)torevenue(rightscale)FFO/debtDowngradetrigger

-

FFO/DebtEBITDAmargin30%25%20%15%10%14%13%12%11%10%8.5%1008.0%7.5%7.0%6.5%-10-20201820192020202120222023e2024e201820192020202120222023e2024eNote:1)

EV

penetration

rate

referstoEV

sales

as

apercentage

oftheentity’s

total

autosales.

2021

and

2022

penetration

ratesare

basedon

ourestimate.

2)

EV--Electric

light

vehicle

includes

pure

electricand

plug-inhybrid

electric

light

vehicles.

e-Estimate.

FFO--Funds

from

operations.

FOCF--Free

operating

cash

flow.

Capex--Capital

expenditure.

RMB—Chinese

renminbi.

Sources:

Company

reports,EV

Volumes,

S&PGlobal

Ratings.13Contemporary

Amperex

Technology

Co.

Ltd.

(BBB+/Positive/--)Credit

highlightsKeyoperational

dataSalesvolume-energystorage(leftscale)BatterysalesvolumeYoYgrowth(rightscale)YoYrevenuegrowth(rightscale)Salesvolume-Li-ionbattery(leftscale)BatteryASPYoY

growth(rightscale)KeystrengthsKeyrisksLeading

marketposition

in

the

global

EVbattery

industry.Moderating

revenue

growth

givendecelerating

EVsalesgrowth

in

China.7006005004003002001000300%250%200%150%100%50%Strong

customer

relationships

with

majorautomakers.Intensifyingcompetition

could

threatenmarket

shareand

constrain

marginimprovement.Sustained

net

cashposition

with

positivefree

cashflowgeneration.Uncertainty

in

overseas

expansions

amidgeopolitical

tensions.0%-50%201820192020202120222023e2024eDownside

triggersKeyfinancialsEBITDAmarginDebt/EBITDAEBITDAmargindownsidetriggerCapex(leftscale)80FOCF(leftscale)(Capex+R&Dexpense)

torevenue(rightscale)50%Debt/EBITDAdownsidetrigger30%2.040%30%20%10%0%25%20%15%10%1.51.00.50.0400-40-80201820192020202120222023e2024e201820192020202120222023e2024ee--Estimate.

ASP--Average

selling

price.Capex–

Capital

expenditure.

FOCF--Free

operating

cash

flow.

RMB--Chinese

renminbi.

GWh--Gigawatt

hours.

Sources:

Company

reports,S&P

Global

Ratings.14Johnson

Electric

Holdings

Ltd.

(BBB/Stable/--)Credit

highlightsSteady

revenue

trendTotalrevenueChinaAsia(excluding

PRC)EuropeOthersKeystrengthsKeyrisksNorth

AmericaTotalrevenueYoYgrowthSolid

market

position

inseveral

autopartssegments.Highinflationrestrainingmarginsto

belowpre-pandemic

levels.4321010%0%Diversified

customer

basewithevenlydistributed

geographical

exposure.U.S.

dollar

appreciation

maylead

to

foreignexchange

losses

andslowprofitabilityrecovery.Low

financialleverage

on

prudent

financialmanagement.-10%201920202021202220232024e2025eMargin

anddowngradetriggerKeyfinancialsDebt/EBITDADowngradetrigger-Debt/EBITDAEBITDAmargin18%Capex(leftscale)300FOCF(leftscale)(Capex+R&Dexpense)

torevenue(rightscale)21%2.01.51.00.50.0150018%15%12%9%16%14%12%10%-150-300-45020196%20192020202120222023e2024e2025e20202021202220232024e2025eNote:Fiscal

yearending

March

31.

e--Estimate.

Capex--Capital

Expenditure.FOCF--Free

operating

cash

flow.

Sources:

Company

reports,

S&PGlobal

Ratings.15Related

ResearchCommentary•

Global

Auto

Sales

Forecasts:

ThePricing

Party

IsComing

ToAn

End,

Oct09,

2023•

AsianBattery

Makers

Are

Shifting

Strategies

ToHoldOnto

Global

Lead,Oct05,2023•

Glimmers

OfWinners

EmergeInAsia's

EVPush,May15,2023•

Global

Auto

Sales

Forecasts:

Macro

Risks

DemandPricing

AndProduction

Discipline,Apr18,2023Tear

Sheet

&

Rating

Actions•

TearSheet:

Zhejiang

GeelyHoldingGroup

Co.Ltd.,Sep06,2023•

TearSheet:

Geely

Automobile

HoldingsLtd.,Sep06,2023•

TearSheet:

Beijing

AutomotiveGroup

Co.Ltd.,Sep05,

2023•

TearSheet:

BAICMotor

Corp.

Ltd.,Sep04,2023•

TearSheet:

Contemporary

AmperexTechnologyCo.Ltd.,Jul31,2023•

Contemporary

AmperexTechnology

Outlook

RevisedToPositive

On

Rising

Business

Opportunities;

'BBB+'

Rating

Affirmed,Apr24,2023•

BAICMotor's

Margin

WillRise

Modestly

In2023,Mar27,2023•

Geely

Auto

FacesUphill

Path

To

Margin

Recovery,

Mar23,

2023•

ChinaAuto

Manufacturer

ZhejiangGeely

HoldingAndSubsidiary

Geely

Auto

Outlooks

Revisedto

NegativeOn

Margin

Pressure,

Nov

22,

20221617Analytical

ContactsClaireYuanDirectorStephen

ChanDanny

HuangSeniorDirectorAssociate

Director+8522533-3542claire.yuan@+8522532-8088+8522532-8078stephen.chan@danny.huang@Torisa

TanBoyang

GaoCrystal

LingRhett

WangAssociateAssociateAssociateRatingAnalyst+86

2131830642+86

106569

2725+8522533-3586+86106569

2730torisa.tan@boyang.gao@crystal.ling@rhett.wang@18Copyright©2023

by

Standard

&Poor’sFinancial

Services

LLC.

Allrightsreserved.No

content

(including

ratings,

credit-related

analyses

anddata,

valuations,

model,

software

orother

application

oroutputtherefrom)

orany

partthereof

(Content)may

bemodified,

reverse

engineered,

reproduced

ordistributed

inanyformbyany

means,

or

stored

inadatabase

orretrieval

system,

without

theprior

written

permission

of

Standard

&Poor'sFinancial

Services

LLC

oritsaffiliates

(collectively,

S&P).The

Contentshall

notbe

used

forany

unlawful

orunauthorized

purposes.

S&P

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees

oragents

(collectively

S&PParties)

do

notguarantee

theaccuracy,

completeness,

timeliness

oravailability

oftheContent.S&PParties

arenotresponsible

for

any

errorsor

omissions

(negligentorotherwise),

regardless

ofthecause,

forthe

results

obtained

fromtheuse

oftheContent,orforthesecurity

or

maintenance

ofany

data

input

bytheuser.The

Contentis

provided

onan

"as

is"

basis.

S&P

PARTIES

DISCLAIMANYANDALL

EXPRESS

ORIMPLIED

WARRANTIES,

INCLUDING,

BUT

NOT

LIMITED

TO,ANY

WARRANTIES

OFMERCHANTABILITY

ORFITNESS

FORAPARTICULARPURPOSE

ORUSE,

FREEDOM

FROMBUGS,

SOFTWARE

ERRORS

ORDEFECTS,

THATTHE

CONTENT'S

FUNCTIONING

WILLBEUNINTERRUPTED,

ORTHATTHE

CONTENT

WILL

OPERATEWITH

A