☆Stock Star

Weekly Report on the New Energy Vehicle Industry

According to SMM, as of May 23, battery-grade lithium carbonate prices ranged from RMB 61,600 to RMB 64,500 per tonne, averaging RMB 63,050 per tonne, unchanged from the previous working day. Industrial-grade lithium carbonate prices hovered between RMB 60,950 and RMB 61,950 per tonne, averaging RMB 61,450 per tonne, also stable from the prior day. Spot transaction prices for lithium carbonate remained temporarily stable.

The current lithium carbonate market continues to operate weakly, with prices under sustained pressure. On the supply side, some enterprises have indicated maintenance and production cuts, leading to a decline in weekly output. However, with minor rebounds in hedging opportunities, some non-integrated lithium salt plants may resume production or show signs of increased output.

01. Institutional Views

Guosen Securities believes that, amidst geopolitical tensions, domestic automobiles as consumer goods are likely to see increased stimulus policies. The firm remains optimistic about passenger vehicles and locally produced substitutes for auto parts.

1) Focus on complete vehicles: ZERO Run Auto, XPeng, Geely Auto, Yutong Bus, Thalys, with robust new product cycles.

2) Focus on intelligence: Keboda, Huayang Group, Joyson Electronics, BTR, Baolong Technology.

3) Focus on robots: Top Group, Sanhua Intelligent Controls, Double-Ring Transmission.

4) Focus on domestic substitution (globalization): Xingyu Auto Parts, Fuyao Glass, Jifeng Auto Parts, Xinquan Auto Parts, Horizon Robotics-W, among others.

02. Macro Events

National Bureau of Statistics: New Energy Vehicles Increased by 38.9% in April

Recently, Fu Linghui, spokesperson for the National Bureau of Statistics and Director of the Comprehensive Statistics Division of the National Economy, announced at a press conference that in April, new energy vehicle production and charging pile output increased by 38.9% and 43.1%, respectively.

New Standard for All-Solid-State Batteries Issued! Addressing Industry Ambiguity and Testing Method Deficiencies

On May 22, the China Society of Automotive Engineers officially released the group standard "Method for Determining All-Solid-State Batteries," which, for the first time, clarifies the definition of all-solid-state batteries, resolves industry ambiguity and lack of testing methods, and lays the groundwork for technological advancements and industrial applications. The new standard mandates that ion transfer in "all-solid-state batteries" must exclusively occur through solid electrolytes, establishing a clear technical distinction from hybrid solid-liquid electrolyte batteries.

Shanxi: Full Subsidies for Hydrogen Trucks on Highways Implemented from June 1

On May 21, the Shanxi Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Department of Transport, and Provincial Administrative Examination and Approval Service Management Bureau jointly issued the "Notice of the Shanxi Provincial Development and Reform Commission and Other Departments on Implementing Toll Subsidies for Hydrogen Trucks Traveling on Shanxi Highways (Trial)," deciding to implement full toll subsidies for hydrogen trucks on highways from June 1, 2025, to May 31, 2027.

03. Industry News

Xiao Zhengsan of the China Automobile Dealers Chamber of Commerce: Will Continue to Advocate for Policy Suggestions to Relevant Ministries and Commissions on Tax Optimization, etc.

On May 22, at the 2025 China Automobile Dealers Conference, Xiao Zhengsan, President of the Chamber of Commerce, stated that the Chamber will continue to propose policy recommendations to relevant ministries and commissions on hot topics, bottlenecks, and development issues such as accelerating the construction of a unified national market, transitioning from purchase management to use management for automobiles, tax optimization, and automobile exports. The Chamber aims to transform the developmental challenges faced by automobile dealers into momentum for high-quality development through countercyclical adjustments and institutional guarantees.

932,000 passenger vehicles sold in the retail market nationwide from May 1 to 18

On May 21, data from the Passenger Car Association revealed that 932,000 passenger vehicles were sold in the retail market nationwide from May 1 to 18, marking a 12% year-on-year increase and an 18% rise compared to the same period last month. Cumulative retail sales for the year to date reached 7.804 million, up 8% year-on-year. Among them, 484,000 new energy vehicles were sold in the retail market from May 1 to 18, an increase of 32% year-on-year and 15% compared to the same period last month. Cumulative retail sales for the year to date reached 3.808 million, up 35% year-on-year.

Institution: Global Sales of New Energy Vehicles Exceeded 4 Million in Q1 2025, Up 39% Year-on-Year

On May 21, according to the latest statistics from TrendForce, global sales of new energy vehicles, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles, totaled 4.02 million in Q1 2025, a 39% year-on-year increase. New energy vehicles accounted for 18.4% of global automobile sales in Q1.

Passenger Car Association: A Total of 21 Brands Pushed OTA Upgrades in April

On May 20, data from the Passenger Car Association showed that a total of 391 functions were updated across the industry in April (265 the previous month), with 21 brands implementing OTA upgrades. The number of OTA upgrade brands has gradually returned to normal levels, but the number of OTA functions is still significantly lower than the average in the second half of 2024, particularly for the "assisted driving" module. Affected by the ongoing impact of new OTA regulations, only 13 assisted driving functions were upgraded in the overall market this month, far from the level before the policy adjustment. Among them, new force brands updated a total of 126 functions (6 the previous month), a significant increase from the previous month; independent brands updated a total of 256 functions (259 the previous month), with 11 independent OTA upgrade brands this month; joint venture and luxury brands updated a total of 9 functions.

04. Company Developments

Xiaomi YU7 Officially Launched; Lei Jun Asserts 'YU7 Price of RMB 190,000 Is Impossible'

On May 22, at Xiaomi's strategic new product launch event in the evening, Xiaomi founder, chairman, and CEO Lei Jun officially unveiled Xiaomi YU7. Regarding the much-anticipated price, Lei Jun stated, 'RMB 190,000 is impossible.' Prior to the launch event, Lei Jun posted on Weibo that the official price of YU7 would not be announced at the 22nd launch event, nor would pre-orders be opened, with YU7 expected to be officially launched in July.

XPeng Motors: Humanoid Robot for Industrial and Commercial Scenarios to be Launched by 2026

On May 21, He Xiaopeng, Chairman of XPeng Motors, announced that XPeng's large-scale foundation model for the physical world will be fully applied in the field of AI automobiles by 2025. The company is also developing larger-scale cloud-based foundation models and edge-side models. Next, XPeng Motors will transition from developing L2+ assisted driving to higher-level L3 and L4 autonomous driving technologies, aiming to launch a humanoid robot for industrial and commercial scenarios by 2026, evolving rapidly through data-driven mass production scenarios.

WeRide Q1 2025 Financial Report: Total Revenue of RMB 72.44 Million, Gross Margin of 35%

On May 21, WeRide released its Q1 2025 financial report. The report indicated that WeRide's total revenue in the first quarter was RMB 72.44 million, with a gross margin of 35%. Among them, WeRide's Robotaxi revenue reached RMB 16.1 million, accounting for 22.3% of total revenue, with the revenue share increasing by 10.4% year-on-year. Concurrently, the company announced that it had been authorized by the board of directors to repurchase up to USD 100 million worth of shares within the next 12 months, demonstrating the company's firm confidence in its future development prospects.

Guoxuan High-Tech: The Company's G-Wall Quasi-Solid-State Battery Recognized by Mainstream Automakers and Applied to On-Board Testing of Multiple New Models

On May 19, Guoxuan High-Tech stated during an investor conference call that the company's G-Wall quasi-solid-state battery has received high recognition from numerous mainstream automakers both domestically and internationally and has been successfully applied to on-board testing of multiple new models. This provides solutions for B-class and above BEV models with long range and high safety exceeding 1,000 kilometers. Additionally, the cell energy density of the Jinshi battery pilot samples reached 350Wh/kg, with the cell capacity increased by 150% to 70Ah compared to previous models, and it has passed multiple rigorous safety tests. The company has established the first pilot line for all-solid-state batteries and initiated the design work for the mass production line of the first-generation all-solid-state batteries.

05. Secondary Market

Industry Performance

Industry Valuation

New Energy Vehicle Sales

06. Raw Material Prices

Spot Prices of Lithium Compounds

Cathode Material Prices

Electrolyte Prices

- End -