高盛-《中国新能源汽车周报2024》第23周-新能源汽车渗透率51%；比亚迪集团市场份额+2.8pp哇

12June2024|5:46PMCST

ChinaNewEnergyVehicleWeeklyChartbook

2024Week23–51%NEVpenetration;BYDGroupmarketshare+2.8ppwow

Acuratedcompilationofthemosttopicalchartsonweeklypassengervehiclemarketperformanceorganizedintothefollowingcategories:(1)Passengervehicleandnewenergyvehicleindustryweeklyinsuranceregistrationvolumeandpenetration,(2)KeyNEVbrands’weeklyinsurance

registrationvolumeandmarketshare,(3)NEVbrandorders,(4)NEVMSRPtracker,(5)NEVandICEdealerpricediscounttracker,(6)Upstreambatterypricingdynamics.

Highlightsoftheweek’skeydatapoints:

nKeyindustrytrends:

_

oPassengervehicleweeklyinsuranceregistrationwas336kunits,-18.6%wowfrom413kunitsinthepreviousweek.

oNewenergyvehicleweeklyinsuranceregistrationwas171kunits,-10.8%wowfrom192kunitsin

thepreviousweek.

oNewenergyvehiclepenetrationwas50.9%,+4.4ppvs.46.5%inthepreviousweek.

nKeybrandstrends:

oLiAuto/AITOshowedthestrongestvolume

growthof30%/27%wow.

oBYDGroup/TeslaChina/LiAutorankedtop3involume,withmarketshareof32%/7%/6%.

oBYDGroup/LiAuto/AITOsawthebiggest

marketsharegainof2.8pp/2.0pp/1.6pp;Nio/TeslaChina/XPengsawthebiggestmarket

sharelossof1.4pp/0.9pp/0.3ppwow.

nNEVbrandorders:

oDuringMay27-Jun2,averagedailyordersof

BYD/LiAuto/HIMA/Leapmotor/Nio/Xiaomiwere12,857/1,286/2,714/643/929/<571units.

nNEVMSRPtracker:

oWeobservednoofficialMSRPcutsonNEVmodelsduring2024Week23.

oTherewere5/21/23/22pricecutsinJan-Apr2024withaveragepricecutsof4%/11%/10%/6%

respectively.

nNEVdealerdiscounttracker:

oAveragediscountofdealerpricesvs.MSRPs

Research|Equity

TinaHou

+86(21)2401-8694|

tina.hou@

GoldmanSachs(China)SecuritiesCompanyLimited

OliviaXu

+86(21)2411-8018|

olivia.xu@

GoldmanSachs(China)SecuritiesCompanyLimited

SylviaHu

+86(21)2401-8792|

sylvia.hu@

GoldmanSachs(China)SecuritiesCompanyLimited

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheir

investmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

was7.46%asofJun11,vs.7.28%asofJun4.MercedesE530eL/EQE/EQESUVdiscountwidened,25%/42%/33%asofJun11(vs.18%/40%/31%asofJun4).

oAveragediscount(excl.directsalesbrands)ofdealerpricesvs.MSRPswas8.84%asofJun11,vs.8.62%asofJun4.

oBYDaveragediscountofdealerpricesvs.MSRPswas3.16%asofJun11,stablevs.Jun4.

nICEdealerdiscounttracker:

oAveragediscountofdealerpricesvs.MSRPswas20.17%asofJun11,vs.19.45%asofJun4.SAIC-VWLavida/Chery-JLRLandRoverEvoque/Dongfeng-NissanX-traildiscountwidened,41%/37%/25%asofJun11(vs.

25%/24%/15%asofJun4).SAIC-GMEnvision/ChangAn-FordNewMondeodiscountnarrowed,21%/4%asofJun11(vs.29%/8%asofJun4).

nUpstreambatterypricingdynamics:

oBatterygradelithiumcarbonatepricewasRmb100.8k/ton,-2.9%wow,-76%/-61%/-59%/-31%vs.averageof1Q23/2Q23/3Q23/4Q23.

oLFPprismaticcellpricewasRmb0.365/Wh,flatwow,-54%/-47%/-38%/-20%vs.averageof1Q23/2Q23/3Q23/4Q23.

oNCMprismaticcellpricewasRmb0.460/Wh,flatwow,-47%/-41%/-33%/-15%vs.averageof1Q23/2Q23/3Q23/4Q23.

_

12June20242

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

Industrysummary

Keyindustrytrendsduring2024week23(Jun3,2024-Jun9,2024):

nPassengervehicleweeklyinsuranceregistrationwas336kunits,-18.6%wowfrom413kunitsinthepreviousweek.

nNewenergyvehicleweeklyinsuranceregistrationwas171kunits,-10.8%wowfrom192kunitsinthepreviousweek.

nNewenergyvehiclepenetrationwas50.9%,+4.4ppvs.46.5%inthepreviousweek.

Exhibit1:ChinaNewEnergyVehicles2024week23barometers

Noteonthebarometer:Greenareareferstostrongwowgrowth(above2/3historicalwowlevel);yellowareareferstomoderatewowgrowth(between1/3-2/3historicalwowlevel);redareareferstoweakwowgrowth(below1/3historicalwowlevel);blackneedlesrefertocurrentperiod,greyneedlesrefertopreviousperiod.

_

Source:News,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June20243

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

Brandsummary

Keybrandstrendsduring2024week23(Jun3,2024-Jun9,2024):

nLiAuto/AITOshowedthestrongestvolumegrowthof30%/27%wow.

nBYDGroup/TeslaChina/LiAutorankedtop3involume,withmarketshareof32%/7%/6%.

nBYDGroup/LiAuto/AITOsawthebiggestmarketsharegainof2.8pp/2.0pp/1.6pp;Nio/TeslaChina/XPengsawthebiggestmarketsharelossof1.4pp/0.9pp/0.3ppwow.

Exhibit2:NEVbrandsalesvolumesummary

_

Source:News,Dengchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June20244

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

NEVbrandorders

nDuringMay27-Jun2,averagedailyordersofBYD/LiAuto/HIMA/Leapmotor/Nio/Xiaomiwere12,857/1,286/2,714/643/929/<571units.

Exhibit3:NEVbrandorders

Averagedailyorder(units)BYD

TeslaChinaLiAuto

Aion

AITO/HIMAXPeng

LeapmotorNio

DenzaZEEKRXiaomi

Average(kunits)BYD

TeslaChinaLiAuto

Aion

AITO/HIMAXPeng

Leapmotor

Nio

DenzaZEEKRXiaomi

BlogreleasedateRawdata(kunits)BYD

TeslaChinaLiAuto

_

Aion

AITO/HIMAXPeng

LeapmotorNio

DenzaZEEKRXiaomi

2023

Nov-237,8331,6671,4671,100 767 667 667 483333

Nov-23235.0 50.044.0 33.0 23.0 20.0 20.0 14.510.0

Nov-23235

50

44

33

23

20

20

15

10

1/1-1/266,3461,3851,154 7121,115 327 423 423 327308

1/1-1/26165.036.030.018.529.0 8.511.011.08.5

8.0

Dec-2310,161 2,065 1,548 1,226 677 677 677 516 355548

Dec-23

315.064.048.038.021.021.021.016.011.017.0

1/1-1/26160-170

34-38

30

18-19

29

8-9

11

11

9

8

Dec-23310-320

64

48

38

21

21

21

16

11

12

2/1-2/173,088

1,353

676

265

500

132

162

191

132

141

2/1-2/1752.5

23.011.54.58.52.32.83.32.32.4

2/19/20242/1-2/1750-55

22-24

11-12

5 8-92-2.52.5-33-3.52-2.52

3/1-3/6

1,750

1,500

1,167

3/1-3/6

10.59.0

7.0

3/6/20243/1-3/6

10-11

9

7

3/1-3/1011,500

1,550

1,150

3/4-3/1010,714

1,250

1,143

3/1-3/10115.0

3/4-3/1075.0

15.5

11.5

8.8

8.0

3/12/20243/1-3/10110-120

3/12/20243/4-3/1075

15-16

8.5-9

11-12

8

3/1-3/1710,882

912

941

3/1-3/17185.0

15.5

16.0

3/19/20243/1-3/17180-190

FewerordersthanAITO

15-16

16

3/11-3/1710,714

571

500

3/11-3/1775.0

4.0

3.5

3/19/20243/11-3/1775

4k+

3-4

2024

4/1-4/78,9291,8571,107

714

3/18-3/249,2862,1431,000

643

571

4/1-4/762.513.07.8

5.0

3/18-3/2465.015.07.0

4.5

4.0

4/11/20244/1-4/760-65

137.5-8

3/28/20243/18-3/24

65

15

7

5

5

4

4/1-4/148,9291,786857

857

4/1-4/14125.025.012.0

12.0

4/16/20244/1-4/14

120-130

25

12

12

4/8-4/148,9291,786621

1,036

4/8-4/14

62.512.54.4

7.3

4/16/20244/8-4/1460-65

12-134.2-4.5

7-7.5

4/15-4/219,286

1,714

1,929

1,000

643

357

571

357

357

357

4/15-4/2165.012.013.5 7.04.5 2.54.0 2.5 2.52.5

4/27/20244/15-4/21

65

12

13-14

7

4-5

2-3

4

2-3

2-3

2-3

5/1-5/5

15,500

3,100

4,600

2,200

1,550

5/13-5/207,188

1,094

625

500

738

2,200

5/1-5/577.515.523.0

11.0

5/13-5/2057.5

8.8

5.0

7.8

4.05.9

11.0

5/7/20245/1-5/5

75-80

5/21/20245/13-5/2055-60

15-16

23

8.5-9

11

7.5-8

5

45.8-6

11

5/20-5/268,214

1,250

679

321

571

786

286

429

679

5/20-5/2657.5

8.8

4.82.34.05.52.03.04.8

5/29/20245/20-5/2655-60

8.5-9

4.5-52-2.5

45.52

34.5-5

5/27-6/212,857

1,286

2,714

643

929

<571

5/27-6/290.0

9.0

19.0

4.56.5

<4.0

6/6/20245/27-6/290

9

19

4.56.5

<4

Source:CarFansChannel,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June20245

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

NEVMSRPtracker

nWeobservednoofficialMSRPcutsonNEVmodelsduring2024Week23.

nTherewere5/21/23/22pricecutsinJan-Apr2024withaveragepricecutsof4%/11%/10%/6%respectively.

Exhibit4:2024countofpricecutsandaveragepricecutas%ofcarpriceExhibit5:2023countofpricecutsandaveragepricecutas%ofcarprice

25

20

15

10

5

0

0.0%

2024pricecut

0.0%

0.0%-2.0%

23

22

21

-3.6%

-4.0%-6.0%-8.0%-10.0%-12.0%

-6.0%

5

-9.6%

-11.0%

00

Jan-24Feb-24Mar-24Apr-24May-24Jun-24YTD

CountAvepricecutas%ofcarprice

18

16

14

12

10

8

6

4

2

0

13

-5.4%

-5.5%

11

-7.4%

-6.6%-10.1%

7

66

Jan-23Feb-23Mar-23Apr-23May-23Count

17

-4.9%

7-11.0%

4-15.4%

Jun-23Jul-23Aug-23

4.0%

13

-7.9%

-10.6%

-11.4%

6

2

1

Sep-23Oct-23Nov-23Dec-23

Avepricecutas%ofcarprice

5%

0%

-5%

-10%

-15%

-20%

AsofJune12,2024.

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Asof2023.

Source:Companydata,Autohome,Sinanews,Sohunews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

_

12June20246

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

Exhibit6:NEVMSRPtracker

_

AsofJune12,2024.

Source:Companydata,Autohome,Sohunews,Sinanews,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June20247

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

Retailend-pricing

NEVdealerdiscounttracker

nAveragediscountofdealerpricesvs.MSRPswas7.46%asofJun11,vs.7.28%asofJun4.MercedesE530eL/EQE/EQESUVdiscountwidened,25%/42%/33%asofJun11(vs.18%/40%/31%asofJun4).

nAveragediscount(excl.directsalesbrands*)ofdealerpricesvs.MSRPswas8.84%asofJun11,vs.8.62%asofJun4.

nBYDaveragediscountofdealerpricesvs.MSRPswas3.16%asofJun11,stablevs.Jun4.

ICEdealerdiscounttracker

nAveragediscountofdealerpricesvs.MSRPswas20.17%asofJun11,vs.19.45%asofJun4.SAIC-VWLavida/

Chery-JLRLandRoverEvoque/Dongfeng-NissanX-traildiscountwidened,41%/37%/25%asofJun11(vs.25%/

24%/15%asofJun4).SAIC-GMEnvision/ChangAn-FordNewMondeodiscountnarrowed,21%/4%asofJun11(vs.29%/8%asofJun4).

Exhibit7:ICEpricetracker

_

Feb27,2019

Mar20,2019

-8.0%

-10.0%

-12.0%

-14.0%

-16.0%

-18.0%

-20.0%

-22.0%

Apr17,2019

May14,2019

Jun182019

Jul22019

Jul162019

Jul302019

Aug132019

Aug272019

Sep102019

Sep242019

Oct082019

Oct222019

Nov82019

Jul12019:Guo5toGuo6transition

Nov192019

Dec032019

Dec182019

Jan072020

Jan212020

Feb042020

Feb182020

Mar032020

Mar172020

Apr012020

Apr152020

May052020

May192020

Jun022020

Jun162020

Jul72020

2020ChineseNewYearholidayandstartof

COVID-19

Jul222020

Aug042020

Aug182020

Sep12020

Sep152020

Sep292020

Oct132020

Oct272020

Nov172020

Nov312020

Dec152020

Dec282020

Jan112021

Jan252021

Feb092021

Feb232021

Mar082021

Mar232021

Apr072021

Apr202021

May032021

May182021

Jun12021

Jun152021

Jun292021

Jul132021

Jul272021

Aug102021

Aug232021

Sep62021

Sep202021

Oct52021

Oct182021

Nov42021

Nov152021

Nov292021

Dec132021

2H21:Supplyshortageon

Dec272021

Jan102022

Jan242022

chips

Feb72022

Feb212022

Mar82022

Mar212022

Apr52022

Apr192022

May042022

May232022

Jun62022

Jun272022

Jul112022

Jul252022

Aug82022

Aug222022

Sep62022

Sep192022

Oct52022

Oct172022

Nov32022

Nov252022

Dec122022

Jun-Dec2022:50%

purchasetaxwaiveron

ICEmodels<2Lemission

Jan102023

Feb32023

Feb132023

Mar102023

Mar242023

Apr92023

Apr182023

May52023

May312023

Jun142023

Jun302023

Jul102023

Aug22023

Aug162023

Aug312023

Sep132023

Sep302023

Oct142023

Oct252023

Nov122023

Nov232023

2023

2023

2024

2024

2024

2024

2024

2024

Dec7

Dec25

Jan8

Jan22

Feb5

Feb19

Mar4

Mar18

Apr22024

Apr152024

Apr302024

May142024

May282024

Jun112024

Jan12023:ExpiryofICEpurchasetax

waiverandNEVsubsidy

*Directsalesbrandsinclude:Tesla,LiAuto,Nio.Wetrackover80%marketshareofNEVmodelsandICEmodels.Source:Autohome,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June20248

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

Upstreambatterypricingdynamics

Batterypricesremainedstablebutbatterygradelithiumcarbonatepricedeclined:

nBatterygradelithiumcarbonatepricewasRmb100.8k/ton,-2.9%wow,-76%/-61%/-59%/-31%vs.averageof1Q23/2Q23/3Q23/4Q23.

nLFPprismaticcellpricewasRmb0.365/Wh,flatwow,-54%/-47%/-38%/-20%vs.averageof1Q23/2Q23/3Q23/4Q23.

nNCMprismaticcellpricewasRmb0.460/Wh,flatwow,-47%/-41%/-33%/-15%vs.averageof1Q23/2Q23/3Q23/4Q23.

Exhibit8:Batteryandbatteryrawmaterialsprices

_

Source:ICCSino,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June20249

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

PVandNEVmarket

Exhibit9:PVweeklyinsuranceregistrationvolume(kunits)andwow%Exhibit10:NEVweeklyinsuranceregistrationvolume(kunits)andpenetration%

900.0800.0700.0600.0500.0400.0300.0200.0100.0

-

60%40%20%0%

-20%-40%-60%

20236/12-6/18

20236/19-6/25

20236/26-7/2

20237/10-7/16

202310/9-10/15

202310/30-11/5

202311/6-11/12

2200224411/811-/11/74

20244/1-4/7

20244/8-4/14

20244/22-4/28

20244/29-5/5

20245/13-5/19

20246/3-6/9

20237/3-7/9

20237/17-7/23

20237/24-7/30

20237/31-8/6

20238/7-8/13

20238/14-8/20

20238/21-8/27

20238/28-9/3

20239/11-9/17

20239/4-9/10

20239/18-9/24

20239/25-10/1

202310/2-10/8

202310/16-10/22

202310/23-10/29

202311/13-11/19

202311/20-11/26

202311/27-12/3

22002233112/2/141--1122/1107

202312/18-12/24

202312/25-12/31

20241/15-1/21

20241/22-1/28

2200224421/522-/21/48

20242/19-2/25

20242/26-3/3

20243/4-3/10

20243/11-3/17

20243/18-3/24

20243/25-3/31

20244/15-4/21

20245/6-5/12

202204245/52/02-75-/62/62

TotalPVwow%

300.0250.0200.0

150.0100.050.0

-

60%50%40%30%20%10%0%

20236/12-6/18

20236/19-6/25

20236/26-7/2

20237/3-7/9

20237/10-7/16

20237/17-7/23

20237/24-7/30

20237/31-8/6

20238/7-8/13

20238/14-8/20

20238/21-8/27

20238/28-9/3

20239/4-9/10

20239/11-9/17

20239/18-9/24

20239/25-10/1

202310/2-10/8

202310/9-10/15

202310/16-10/22

202310/23-10/29

202310/30-11/5

202311/6-11/12

202311/13-11/19

202311/20-11/26

202311/27-12/3

202312/4-12/10

202312/11-12/17

202312/18-12/24

2023201224/215/-11/2-/13/71

20241/8-1/14

20241/15-1/21

20220421/2/21-/22/84

20242/5-2/18

20242/19-2/25

20242/26-3/3

20243/4-3/10

20243/11-3/17

20243/18-3/24

20243/25-3/31

20244/1-4/7

20244/8-4/14

20244/15-4/21

20244/22-4/28

20244/29-5/5

20245/6-5/12

20245/13-5/19

20245/20-5/26

20245/27-6/2

20246/3-6/9

TotalNEVpenetration%

Source:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearchSource:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit11:AveragePVdailyinsuranceregistrationvolume(kunits)Exhibit12:AverageNEVdailyinsuranceregistrationvolume(kunits)

120.0

100.0

80.0

_

60.0

40.0

20.0

40.035.030.025.020.015.010.05.0

-

20236/19-6/25

20236/26-7/2

20237/3-7/9

20237/10-7/16

20237/17-7/23

20237/24-7/30

20237/31-8/6

20238/7-8/13

20238/14-8/20

20238/21-8/27

20238/28-9/3

20239/4-9/10

20239/11-9/17

20239/18-9/24

20239/25-10/1

202310/2-10/8

202310/9-10/15

202310/16-10/22

202310/23-10/29

202310/30-11/5

202311/6-11/12

202311/13-11/19

202311/20-11/26

202311/27-12/3

202312/4-12/10

202312/11-12/17

202312/18-12/24

202312/25-12/31

20241/1/-1/7

20241/8-1/14

20241/15-1/21

20241/22-1/28

20241/29-2/4

20242/5-2/18

20242/19-2/25

20242/26-3/3

20243/4-3/10

20243/11-3/17

20243/18-3/24

20243/25-3/31

20244/1-4/7

20244/8-4/14

20244/15-4/21

20244/22-4/28

20244/29-5/5

202204245/51/36--55/1192

20245/20-5/26

20245/27-6/2

20246/3-6/9

-

TotalPV4per.Mov.Avg.(TotalPV)

20231/2-1/8

20231/16-1/29

20231/23-1/29

20232/6-2/12

20232/20-2/26

20233/6-3/12

20233/20-3/26

20234/3-4/9

20234/17-4/23

20235/1-5/7

20235/15-5/21

20235/29-6/4

20236/12-6/18

20236/26-7/2

20237/10-7/16

TotalNEV

20237/24-7/30

20238/7-8/13

20238/21-8/27

20239/4-9/10

20239/18-9/24

202310/2-10/8

202310/16-10/22

202310/30-11/5

202311/13-11/19

202311/27-12/3

202312/11-12/17

202312/25-12/31

20241/8-1/14

20241/22-1/28

20242/5-2/18

20242/26-3/3

4per.Mov.Avg.(TotalNEV)

20243/11-3/17

20243/25-3/31

20244/8-4/14

20244/22-4/28

20245/6-5/12

20245/20-5/26

20246/3-6/9

Source:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearchSource:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June202410

GoldmanSachsChinaNewEnergyVehicleWeeklyChartbook

Weeklyvolumebybrand

Exhibit13:BYDweeklyinsuranceregistrations(kunits)Exhibit14:Weeklyinsuranceregistrationsforselectbrands(kunits)

20231/2-1/8

20231/16-1/29

90.080.070.060.050.040.030.020.010.0

-

20231/23-1/29

20232/6-2/12

20232/20-2/26

20233/6-3/12

20233/20-3/26

20234/3-4/9

20234/17-4/23

20235/1-5/7

20235/15-5/21

20235/29-6/4

20236/12-6/18

20236/26-7/2

20237/10-7/16

20237/24-7/30

20238/7-8/13

8/21-8/27

39/4-9/10

9/18-9/24

10/2-10/8

2023

202

2023

2023

BYD

202310/16-10/22

202310/30-11/5

202311/13-11/19

202311/27-12/3

202312/11-12/17

202312/25-12/31

20241/8-1/14

20241/22-1/28

20242/5-2/18

20242/26-3/3

20243/11-3/17

20243/25-3/31

20244/8-4/14

20244/22-4/28

20245/6-5/12

20245/20-5/26

20246/3-6/9

20231/2-1/8

20231/16-1/29

20.018.016.014.012.010.0 8.0 6.04.02.0

-

20231/23-1/29

20232/6-2/12

20232/20-2/26

20233/6-3/12

20233/20-3/26

20234/3-4/9

20234/17-4/23

20235/1-5/7

20235/15-5/21

20235/29-6/4

20236/12-6/18

20236/26-7/2

Tesla-China

20237/10-7/16

20237/24-7/30

20238/7-8/13

20238/21-8/27

20239/4-9/10

20239/18-9/24

202310/2-10/8

202310/16-10/22

202310/30-11/5

202311/13-11/19

202311/27-12/3

202312/11-12/17

LiAutoAITO

202312/25-12/31

20241/8-1/14

20241/22-1/28

20242/5-2/18

20242/26-3/3

20243/11-3/17

Aion

20243/25-3/31

20244/8-4/14

20244/22-4/28

20245/6-5/12

20245/20-5/26

20246/3-6/9

Source:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearchSource:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

Exhibit15:Weeklyinsuranceregistrationsforselectbrands(kunits)Exhibit16:Weeklyinsuranceregistrationsforselectbrands(kunits)

_

20231/2-1/8

20231/16-1/29

8.07.06.05.04.03.02.01.0

-

20231/23-1/29

20232/6-2/12

20232/20-2/26

20233/6-3/12

20233/20-3/26

20234/3-4/9

20234/17-4/23

20235/1-5/7

20235/15-5/21

20235/29-6/4

20236/12-6/18

20236/26-7/2

20237/10-7/16

20237/24-7/30

20238/7-8/13

20238/21-8/27

20239/4-9/10

20239/18-9/24

202310/2-10/8

202310/16-10/22

202310/30-11/5

202311/13-11/19

202311/27-12/3

202312/11-12/17

202312/25-12/31

20241/8-1/14

20241/22-1/28

20242/5-2/18

20242/26-3/3

20243/11-3/17

20243/25-3/31

20244/8-4/14

20244/22-4/28

20245/6-5/12

20245/20-5/26

20246/3-6/9

4.54.03.53.02.52.01.51.00.5

-

20231/2-1/8

20231/16-1/29

20231/23-1/29

20232/6-2/12

20232/20-2/26

20233/6-3/12

20233/20-3/26

20234/3-4/9

20234/17-4/23

20235/1-5/7

20235/15-5/21

20235/29-6/4

20236/12-6/18

20236/26-7/2

20237/10-7/16

20237/24-7/30

20238/7-8/13

20238/21-8/27

20239/4-9/10

DeepalDenzaXiaomi

20239/18-9/24

202310/2-10/8

202310/16-10/22

202310/30-11/5

202311/13-11/19

202311/27-12/3

202312/11-12/17

202312/25-12/31

Fangchengbao

20241/8-1/14

20241/22-1/28

20242/5-2/18

20242/26-3/3

20243/11-3/17

20243/25-3/31

20244/8-4/14

20244/22-4/28

20245/6-5/12

Yangwang

20245/20-5/26

20246/3-6/9

LeapMotorXPengNIOZEEKR

Source:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearchSource:News,Dongchedi,DatacompiledbyGoldmanSachsGlobalInvestmentResearch

12June2024