Smart and Sustainable Electric Mobility
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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"Promotional activity appeared more aggressive than anticipated," Deutsche Bank said.
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Li Auto's third-quarter results were somewhat mixed, with a strong outlook for fourth-quarter sales, according to Deutsche Bank.
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China's lithium battery industry's overcapacity will continue into 2024, and battery prices will still decline next year, TrendForce 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 management still has a long way to go in restoring creditability among investors, this should be viewed as a meaningful step in the right direction," Edison Yu's team said.
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BYD had a record gross margin of 25.7 percent for its auto business in the third quarter, a 4-percentage point improvement from the second quarter.
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MG, Tesla, and BYD were the brands that exported the most NEVs from China in the first half of the year, contributing 25.3 percent, 22 percent, and 15.4 percent, respectively.
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Shares of Xpeng have fallen back to the level prior to the Volkswagen deal, despite improving operations and strategic opportunities, Morgan Stanley noted.
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BYD's average profit per vehicle improved by about RMB 2,700 in the third quarter from the second quarter, driven primarily by scale advantage, analysts said.
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