BOCOM International: Mainland's NEV Market Thrives in April, Steady Growth and High NEV Exports Forecast for May

Published: May 14, 2025 11:33

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[BOCOM International: Mainland's new energy vehicle market shines in April, with steady growth expected in May] BOCOM International released a report indicating that the mainland's auto market performed well in April, with new energy vehicles (NEVs) standing out. Their growth rate outpaced the overall industry, with a penetration rate reaching 51.5%. Considering the mild intensity of new vehicle launches at the Shanghai Auto Show and the high base in May, the bank expects the mainland's auto market growth to remain relatively stable in May, with NEV exports also maintaining a high growth rate. The bank recommends paying attention to BYD Company Limited (01211.HK) for its intelligent driving and export capabilities, XPeng Motors (09868.HK) for the launch and delivery of its G7 and M03 MAX models, and Geely Auto (00175.HK) for the internal resource integration following the privatization of Zeekr. In terms of exports, although passenger vehicle exports have slowed down, NEV exports have outperformed peers. The bank believes that the weak performance of internal combustion engine vehicle exports may be influenced by the decline in sales in the Russian auto market and the decrease in the market share of domestic brands in Russia.

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