CITIC Securities: Demand for New Energy Vehicles will Rebound in Second Quarter, Energy Storage will See Sharp Growth

CITIC Securities pointed out that the decline in subsidies in the first quarter of 2023 led to a jump in demand at the end of 2022. This, coupled with a sharp drop in lithium carbonate prices, car companies cutting prices, and consumers standing on the sidelines, slowed the overall sales growth of energy vehicles.

We expect that as the prices of lithium carbonate stabilise in the second quarter, the demand for new energy vehicles will pick up.

In addition, energy storage is also expected to continue its high growth.

From a global perspective, China's electrification supply chain is developing rapidly. Leading companies have already serviced overseas companies, and their value as a global high-quality manufacturing asset is highlighted.

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