Smart and Sustainable Electric Mobility
After a disappointing 2022, some tailwinds will drive a recovery in retail sales and production in the Chinese auto sector in 2023, Goldman Sachs said.
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"The short is answer is yes but we share investor frustration following the guidance cut last week," Edison Yu's team wrote.
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Li Auto showed strong execution and sequential growth, while Zeekr's sales performance was the biggest positive surprise of last year, said Edison Yu's team.
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Major automakers including BYD, Tesla, NIO, and Li Auto were relatively unaffected, as they all have a certain level of order backlog, according to CICC.
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"Going into year-end, we see several potential positive developments for NIO," said Deutsche Bank analyst Edison Yu.
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The sharp decline in gross margin was due to a huge hit of $803 million from inventory provisioning and loss of purchase commitments related to the accelerated phase-out of Li ONE.
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"We expect a somewhat messy quarter due to accelerated phase-out of the Li ONE materially hurting margins," Deutsche Bank analyst Edison Yu's team said.
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There are no major concerns about XPeng regarding liquidity in the near term and there is still time to win back market share, according to Edison Yu's team.
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Fab 5 China EV sales came in stronger than expected as new product cycles at Li Auto and NIO really start to kick in, leading to record monthly volumes despite a weak macro backdrop, said Edison Yu's team.
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"We think a large part of the rally was caused by a short squeeze as investors were caught being too negative on the group given Covid and competition concerns," said Deutsche Bank analyst Edison Yu's team.
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