【4.2 Lithium Battery News】The National Development and Reform Commission (NDRC) reported that the number of trade-in vehicles exceeded 1.07 million units from January to February. Xiaomi responded to the fatal accident.

【Xiaomi Auto Officially Responds to "SU7 Explosion Causing 3 Deaths" Accident】In response to the high-speed collision and explosion accident involving the Xiaomi SU7, Xiaomi Auto released a statement on its official Weibo account titled "Answers to Questions of Concern." Regarding why the vehicle caught fire after the accident, Xiaomi Auto stated: "After the accident, local police immediately arrived at the scene and fully intervened in the investigation, which is still ongoing. Based on the currently known information, we can only confirm that the fire was not a 'spontaneous combustion' as some online rumors suggested, but was likely caused by severe damage to the vehicle system after a violent collision with a concrete barrier. We have not yet accessed the accident vehicle and are temporarily unable to conduct further in-depth analysis." Regarding whether the car doors could be opened after the accident, Xiaomi Auto stated: "We have not yet accessed the accident vehicle and cannot analyze whether the doors could be opened at the time of the accident. Currently, there is no accurate conclusion on whether the doors could be opened during the accident."

【NDRC: Over 1.07 Million Vehicles Traded In from January to February, Driving New Car Sales to 116.5 Billion Yuan】According to the National Development and Reform Commission (NDRC), from January to February, over 1.07 million vehicles were traded in, driving new car sales to 116.5 billion yuan. Domestic passenger vehicle retail sales increased by 1.2% YoY, with a significant 26% YoY growth in February. Trade-in applications for home appliances exceeded 20 million units, with retail sales of home appliances by above-quota units reaching 153.7 billion yuan, up 10.9% YoY. Sales of Grade 1 energy-efficient home appliances accounted for 80% of total home appliance sales. The new phone purchase subsidy program performed particularly well, with retail sales of communication equipment by above-quota units surging 26.2% YoY. Sales and revenue of phones priced below 6,000 yuan reached 44.22 million units and 112.6 billion yuan, respectively, equivalent to a daily average of 750,000 units and 1.9 billion yuan, up 8.8% and 19.3% YoY. Trade-ins for e-bikes reached 1.17 million units, driving new e-bike sales to 3.5 billion yuan.

【BYD: NEV Cumulative Sales Up 59.81% YoY This Year】BYD announced that its NEV sales in March 2025 reached 377,400 units, with cumulative sales for the year reaching 1.0008 million units, up 59.81% YoY. The total installed capacity of power batteries and ESS batteries for NEVs in March was approximately 20.347 GWh, with the cumulative installed capacity for 2025 reaching approximately 52.553 GWh.

【LG Energy Solution to Acquire GM's Stake in Michigan Joint Venture Battery Plant for Over $2 Billion】Battery manufacturer LG Energy Solution (LGES) announced on Tuesday that it will acquire General Motors' entire stake in a joint venture battery plant in Michigan for 3 trillion won (approximately $2.04 billion). LGES stated that it plans to acquire the third joint venture plant in Lansing, Michigan, aiming to minimize the burden of new facility investments and "efficiently" operate its U.S. plants.

【Beijing Autonomous Vehicle Regulations Take Effect from April 1】On April 1, the "Beijing Autonomous Vehicle Regulations" (hereinafter referred to as the "Regulations") officially came into effect. According to the Regulations, Beijing supports the use of autonomous vehicles for personal passenger cars, urban public buses, taxis, and urban operation services. Eligible autonomous vehicles can conduct road application pilots. Additionally, the Regulations explicitly encourage and support technological innovation and industrial development in autonomous vehicles, not only providing a legal basis for the legal operation of L3-level autonomous vehicles but also promoting the commercialization of autonomous driving technology, infrastructure construction, and data security management.

【Citi: BYD's March Car Sales Slightly Exceed Market Expectations, Raises Q1 Profit Forecast】Citi stated that BYD's March car sales slightly exceeded market expectations. The company's production and sales report showed that NEV sales in March reached 377,000 units, up approximately 17% MoM, with overseas sales totaling 72,700 units, up approximately 9% MoM. Citi analyst Jeff Chung stated in a report that BYD's net profit per vehicle in Q1 is expected to exceed 9,000 yuan, and after deducting approximately 500 million yuan in potential provisions, the net profit is expected to be at least 8.5 billion yuan, higher than the previous forecast of 8 billion yuan. Total sales in Q2 are expected to be between 1.25 million and 1.35 million units, with net profit per vehicle remaining above 9,000 yuan. BYD is maintained as the industry's top pick, followed by Leap Motor and Geely.