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Li Auto Newsroom
The strong become stronger! The fierce competition among car manufacturers has entered the elimination stage; who will come out on top in the end?
HSBC expects that the narrative of price wars and Industry consolidation will continue, as BYD and Tesla will further expand their competitive advantages through price wars, while companies with annual sales of less than 30,000 vehicles have a low chance of long-term survival.
Citi Maintains Li Auto(LI.US) With Hold Rating, Maintains Target Price $29.6
China Passenger Vehicle Association: Last month, retail sales of Passenger Vehicles and new energy vehicles increased year-on-year by 11% and 46% respectively.
Data released by the China Passenger Vehicle Market Informational Joint Conference shows that preliminary statistics indicate that in December 2024, the retail sales in the passenger vehicle market reached 2.622 million units, representing an annual growth of 11% and a monthly growth of 9%. The retail sales in the New energy Fund market for passenger vehicles amounted to 1.379 million units, with an annual growth of 46% and a monthly growth of 10%. From January to December 2024, the cumulative retail sales in the passenger vehicle market totaled 22.88 million units, reflecting an annual growth of 5%; the cumulative retail sales in the New energy Fund market for passenger vehicles reached 10.975 million units, with an annual growth of 42%.
Li Auto Sees 200,000th Li L6 Roll off Line
Annual sales exceeded 0.5 million vehicles. Why are Li Auto (LI.US/2015.HK) so aggressive?
If the competition in the past auto market was merely a rearrangement of the positions among traditional automakers, with the joining of numerous new car-making forces, the current market competition has evolved into a fierce battle of elimination.
Significant policy for trading in old for new: up to 500 yuan subsidy for mobile phones and tablets, up to 2000 yuan for computers and Air Conditioners, and up to 0.02 million yuan for Electric Vehicles.
The National Development and Reform Commission stated that by 2025, the total scale of ultra-long special treasury bonds used to support the "two new" will significantly increase compared to last year, with specific amounts to be announced during this year's National People's Congress. Fu Jinling, Director of the Economic Construction Department of the Ministry of Finance, stated that recently, the central government has allocated 81 billion yuan for the 2025 consumer upgrade fund to support localities in smoothly implementing policy continuity.
Express News | The 200,000th Ideal L6 officially rolled off the production line.
The National Development and Reform Commission: Eligible National IV emission standard RBOB Gasoline vehicles will be included in the scrapping and renewal subsidy.
Zhao Chenxing, Deputy Director of the National Development and Reform Commission, stated at the regular press conference on State Council policies that this year, eligible RBOB Gasoline vehicles adhering to the National IV emission standards (which include RBOB Gasoline vehicles that were registered before June 30, 2012, as well as diesel and other fuel vehicles registered before June 30, 2014) will be included in the scrap and upgrade subsidy program, and the maximum subsidy limits for automobile replacement across the country will be standardized. Zhao revealed that over 6.5 million vehicles will be scrapped and replaced nationwide in 2024, and the market penetration rate of New energy Fund passenger vehicles has exceeded 50% for seven consecutive months starting from June. The annual retail sales of New energy Fund passenger vehicles in the domestic market.
Express News | The National Development and Reform Commission: The annual domestic retail volume of Electric Vehicles reaches 11 million units.
U.S. stocks preview | "CES Technology Spring Festival" is buzzing! NVIDIA reached a historic high in pre-market trading; the "golden touch magic" is back, with NVIDIA concept stock Aurora soaring nearly 40%.
The investment director at Morgan Stanley states that US stocks may face severe challenges in the next six months due to rising bond yields and the strengthening dollar raising concerns about inflation; a Wall Street bond short seller predicts that the yield on ten-year USA Bonds will rise to 5.5% by the end of the year; under the impact of high interest rates, the bankruptcy rate of American companies has reached its highest level since the financial crisis.
Express News | Li Auto: Li Auto, in cooperation with the China Aerospace Science and Industry Corporation's Third Academy of Aerospace Materials, has launched the Nano Y Shield thermal insulation material, which causes the cold surface temperature of the Battery to drop
Nvidia (NVDA.US) announced collaboration in the automobile sector with BYD (01211.HK) and Xiaomi (01810.HK) among others.
Nvidia (NVDA.US) CEO Jensen Huang announced that the company will collaborate with several automobile manufacturers, including BYD (01211.HK), Li Auto-W (02015.HK), Xiaomi-W (01810.HK), ZEEKR (ZK.US), Tesla (TSLA.US), Mercedes-Benz, and Toyota.
China Galaxy Securities: The promotion and popularization of autonomous driving shows that the concentration of leading car manufacturers continues to increase.
Looking towards 2025, advanced intelligent driving will enter a period of accelerated popularization, with 'Asia Vets equality' bringing accelerated supply-side product iteration.
Cui Dongshu: In November, the retail sales of Electric Vehicles increased nearly 50% year-on-year, with strong growth momentum continuing.
In 2024, there will be intense changes in the domestic New energy Fund landscape, with the leading effects of traditional car manufacturers such as BYD, Geely, and Chery becoming increasingly evident, while the lower to mid-range segments remain relatively strong.
The 7th batch list of exempt vehicle purchase tax for Electric Vehicles in 2024 has been announced. Cui Dongshu: Products with high energy density in Battery are relatively abundant.
In 2024, there are a total of 20,085 models of Electric Vehicles in the tax exemption directory. Due to the large number in the first batch, the quantity of Electric Vehicles in the directory is relatively higher than the normal levels in recent years.
Express News | Ideal Autos: In the first week of 2025 (2024.12.30-2025.1.5), sales were 0.0067 million vehicles.
China Merchants International recommends the Industry's complete vehicle/parts by first promoting Geely (00175.HK) and FUYAO GLASS (03606.HK), followed by BYD (01211.HK).
China Merchants published a report indicating that domestic Electric Vehicle companies performed strongly in December last year, with high growth expected this year, particularly during the policy vacuum period in January and February, which allows for low absorption of quality stocks. Among them, BYD (01211.HK) delivered 0.509 million Electric Vehicles last month, representing a year-on-year and month-on-month increase of 49.8% and 1.1%, respectively; with a total delivery of 4.25 million vehicles for the year, an annual increase of 41.1%. This year’s sales are estimated to be between 5 million and 5.5 million vehicles, which reflects a 23.5% year-on-year growth based on the median, with a goal to double overseas expansion. This year will focus on the iteration of pure electric platforms, and the second generation of new blade Battery technology will be released to improve charging speed and endurance.
In "The Big Action," China Securities Company: This year, replacing old with new and "increasing strength and expanding scope" may significantly boost the total retail sales.
CICC published a report indicating that it reviewed the historical subsidy policies for Consumer four-wheeled goods in mainland China, estimated the fiscal scale of each policy round, and designed a calculation framework for the fiscal multiplier, estimating the current multiplier for each round of subsidy policies and the cumulative multiplier within two years after the policy withdrawal. The calculations show that the fiscal subsidy has a high current multiplier and a strong driving force for related consumption. CICC pointed out that due to the overdraft effect in the future, the cumulative multiplier will gradually drop below 1. The multipliers for the past rounds of consumption subsidies have trended downward, and the rise in product ownership may affect policy effectiveness. Generally speaking, more expensive Commodities have a higher current fiscal multiplier and a lower long-term multiplier, such as Automobiles.
CITIC Securities: Maintain Ideal Autos-W (02015) "Buy-A" rating with a Target Price of 142.58 Hong Kong dollars.
Guotou Securities expects Li Auto's net income attributable to shareholders to be 8, 15.4, and 26.4 billion yuan for the years 2024-2026.
According to the China Automotive Industry Association, the value of automobile exports fell by 7.8% year-on-year in November last year.
The China Automotive Industry Association has released the latest data showing that in November 2024, the total export volume of automobiles reached 0.549 million units, a monthly decrease of 6.2% and an annual increase of 4.8%. The export value was 90.7 billion USD, a monthly decrease of 15.1% and an annual decrease of 7.8%. Despite the export volume maintaining year-on-year growth, the export value has experienced a "double decline," indicating a downward trend in export prices. In the first eleven months of last year, the cumulative export volume of complete automobiles from the mainland reached 5.834 million units, an annual increase of 22.5%; the cumulative export value reached 107.37 billion USD, an annual increase of 15.8%. From the segmented market.