Periodic/Sector reports
Automobile: China Auto Sector Weekly (5 Nov 26)
Highlights
- October sales grew yoy at BYD, Geely and XPeng on exports, and fell at GWM and Li Auto.
- The EU opened a safeguard investigation into hybrid imports, and Chinese automakers are negotiating their individual shares of the EU hybrid export quota.
- Hesai launched Kosmo, a 3D world data engine for physical AI, but did not disclose any pricing or revenue target.
- XHEART, Momenta’s chip spin-off, launched the 700-TOPS X7 Ultra, on which Momenta’s R7 Ultra world model runs.
- Maintain MARKET WEIGHT. Top BUYs: BYD, Geely. Top SELLs: Li Auto, XPeng.
Analysis
- October sales and deliveries: Exports drove growth at BYD, Geely and XPeng, while GWM and Li Auto saw declines. The CPCA estimates October passenger NEV wholesales at 1.8m units, up 12% yoy and 8% mom and above the previous monthly high of 1.71m in Nov 25. However, as wholesales includes exports, PEV retail sales still fell 13% yoy during 1–25 October, which implies that growth depends on exports and new models.
- BYD (1211 HK/BUY/Target: HK$100.00). Sales rose 11% yoy and 6% mom to 490,168 units, its highest monthly total this year, as BEV sales rose 37% yoy and 11.9% mom to 305,743 units. Exports rose 103% yoy and fell 5.8% qoq to 170,194 units, accounting for 35% of the total. Exports and BEVs are carrying BYD, with its domestic sales falling 11% yoy and growing 13.1% mom to 319,974 units00.
- BYD (1211 HK/BUY/Target: HK$100.00). Sales rose 11% yoy and 6% mom to 490,168 units, its highest monthly total this year, as BEV sales rose 37% yoy and 11.9% mom to 305,743 units. Exports rose 103% yoy and fell 5.8% qoq to 170,194 units, accounting for 35% of the total. Exports and BEVs are carrying BYD, with its domestic sales falling 11% yoy and growing 13.1% mom to 319,974 units00.
Highlights
- October sales grew yoy at BYD, Geely and XPeng on exports, and fell at GWM and Li Auto.
- The EU opened a safeguard investigation into hybrid imports, and Chinese automakers are negotiating their individual shares of the EU hybrid export quota.
- Hesai launched Kosmo, a 3D world data engine for physical AI, but did not disclose any pricing or revenue target.
- XHEART, Momenta’s chip spin-off, launched the 700-TOPS X7 Ultra, on which Momenta’s R7 Ultra world model runs.
- Maintain MARKET WEIGHT. Top BUYs: BYD, Geely. Top SELLs: Li Auto, XPeng.
Analysis
- October sales and deliveries: Exports drove growth at BYD, Geely and XPeng, while GWM and Li Auto saw declines. The CPCA estimates October passenger NEV wholesales at 1.8m units, up 12% yoy and 8% mom and above the previous monthly high of 1.71m in Nov 25. However, as wholesales includes exports, PEV retail sales still fell 13% yoy during 1–25 October, which implies that growth depends on exports and new models.
- BYD (1211 HK/BUY/Target: HK$100.00). Sales rose 11% yoy and 6% mom to 490,168 units, its highest monthly total this year, as BEV sales rose 37% yoy and 11.9% mom to 305,743 units. Exports rose 103% yoy and fell 5.8% qoq to 170,194 units, accounting for 35% of the total. Exports and BEVs are carrying BYD, with its domestic sales falling 11% yoy and growing 13.1% mom to 319,974 units00.
- BYD (1211 HK/BUY/Target: HK$100.00). Sales rose 11% yoy and 6% mom to 490,168 units, its highest monthly total this year, as BEV sales rose 37% yoy and 11.9% mom to 305,743 units. Exports rose 103% yoy and fell 5.8% qoq to 170,194 units, accounting for 35% of the total. Exports and BEVs are carrying BYD, with its domestic sales falling 11% yoy and growing 13.1% mom to 319,974 units00.
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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