BOCOM INTL: New energy vehicles continued to grow in February, with increased sales driven by trade-in promotions and promotions from car companies.

BOCOM INTL released a research report, stating that recently, several car companies have launched new models or facelifts, including the official launch of the Xiaomi SU7 Ultra, the first appearance of the 2025 Xiaopeng G6, and the unveiling of the exterior design of the first pure electric SUV by Li Xiang Cars, the Li Xiang i8, which further enriches the market supply. After the Spring Festival, many car companies (including Tesla, Xiaopeng, Zhi Ji, and Avita) have launched promotional activities. Recently, Hongmeng Zhi Xing has introduced a three-year interest-free plan, and Li Xiang has initiated a significant price reduction in the L series, which is expected to further boost sales. With the release of trade-in policies in some regions, increasing penetration of intelligent driving, and the launch of new models, the industry believes that new energy vehicles are expected to continue their high growth trend. The industry is optimistic about BYD Company (01211, 002594.SZ/Buy) in the fields of intelligent driving, exports, and DM5.0 vehicle volumes; as well as XPENG-W (09868/Buy) in the new vehicle cycle. Key points from BOCOM INTL: - In February, the delivery volume of many car companies increased significantly compared to the same period last year. - According to the delivery volume data of some car companies announced in February, thanks to the trade-in subsidy policy and promotional activities launched by various car companies, the new energy vehicle market continued to grow significantly in February, with sales of 10 car companies increasing by 129% year-on-year and 2.6% month-on-month. BYD Company Limited: - Leading industry player BYD Company Limited saw a 164% year-on-year increase in sales in February, with a total sales volume of 322,846 units. The BYD Company Limited Automotive Dynasty and Ocean sold 304,673 units, the Formula Leopard Automotive sold 4,942 units, the Teng Shi Automotive sold 8,513 units, and the Yangle Automotive sold 105 units. Overseas sales of passenger cars reached 67,025 units, accounting for 21% of the total sales volume of BYD Company Limited passenger cars. Xiaomi: - Deliveries in February continued to exceed 20,000 units and have exceeded 20,000 units for five consecutive months, with a cumulative delivery of over 180,000 units. On February 27th, Xiaomi SU7 Ultra was launched, with a price of 529,900 yuan, much lower than the previous pre-sale price of 814,900 yuan. The SU7 Ultra's total orders broke 15,000 units. The industry is optimistic about the sales prospects of Xiaomi cars and is paying attention to the progress of the second-phase production capacity deployment. Xiaopeng Motors: - In February, a total of 30,453 units were delivered, a year-on-year increase of 570%, with a slight increase compared to the previous month, marking four consecutive months of delivery of over 30,000 units. The Xiaopeng MONAM3 has delivered over 15,000 units for three consecutive months, and the Xiaopeng P7+ has been on the market for three months with a total delivery volume of over 30,000 units. The redesigned models Xiaopeng P7i and G7 are expected to be launched in the first and second quarters of 2025, respectively, further enriching the company's product matrix and strengthening its market competitiveness. Li Xiang Cars: - 26,263 new vehicles were delivered in February, a year-on-year increase of 29.7% but a 12.2% decrease compared to the previous month. Nio: - 13,192 new vehicles were delivered in February, a 62.2% year-on-year increase. Among them, the Nio brand delivered 9,143 units, a 12.4% year-on-year increase; and the Le Dao brand delivered 4,049 units. LEAPMOTOR: - 25,287 units were delivered in February, a 285% year-on-year increase with a slight increase compared to the previous month. On February 21st, the LEAPMOTOR new T03 was officially launched with a starting price of 59,900 yuan, expected to further consolidate its advantages in the niche market. In addition, the pre-sale launch events for the LEAP 3.5 technology and the B10 model will be held on March 10th. Hongmeng Zhi Xing: - A total of 21,517 new vehicles were delivered in February, with a year-on-year/half-year increase of 1.8% and a decrease of 38.5%. Among them, the Wenjie new M7 series delivered 5,204 units in February, and the Zhijie R7 delivered 8,748 units in February.