Smart and Sustainable Electric Mobility
BYD's average profit per vehicle fell by about RMB 1,400 in the fourth quarter from the third quarter, mainly due to promotions through discounts and incentives offered to dealers, a team of analysts said.
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BYD achieved a significant improvement in earnings, demonstrating strong resilience despite tougher competition in the industry, the company said.
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Gotion said further reductions in raw material costs and the introduction of Volkswagen's management system have helped it improve efficiency.
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Steps being taken by Nio should bear fruit in the coming quarters, but a material improvement in the sales trajectory may take more time, Edison Yu's team said.
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"In light of China's EV market remaining ultra competitive for the foreseeable future, Xpeng's strategy continues to resonate well with us, making the stock our Top Pick in the group," Deutsche Bank said.
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While demand for Li Auto's vehicles remains robust, investor concerns about competition have increased, particularly around Huawei-backed Aito, said Deutsche Bank analyst Edison Yu's team.
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Nio's gross margin will be under pressure due to lower deliveries, but stronger execution is starting to show up, which could help vehicle margins recover in the second half, according to Deutsche Bank.
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Deutsche Bank expects Xpeng to report mixed results for the second quarter, while the outlook for the third and fourth quarters will show meaningful sequential improvement driven by a strong G6 order book.
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Deutsche Bank expects Li Auto's management to guide third-quarter deliveries at around 100,000 units, driven by strong demand for the Li L7 and Li L8.
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Gotion's earnings preview implies it will post a net profit of RMB 7,439 to RMB 124.4 million in the second quarter, a year-on-year increase of 129.46 percent to 283.68 percent.
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