China EV Monthly Chartbook: Exports Stay Strong; Competition Moves Upmarket

Research evidence excerpt

China EV Monthly Chartbook: Exports Stay Strong; Competition Moves Upmarket

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YoY). The top four (Chery 22%, BYD 19%, SAIC 14%, Geely 12%) still comprised most of

the volume, but Geely picked up 4ppt of market share YoY while SAIC gave back 3.4ppt. Exhibit 2 - Chery and BYD Led China's May PV

Across regions, NEVs consistently outpaced the overall PV market share. In Europe, Exports,200 Leapmotor Posted Sharpest YoY Gain500%•

180 450%

160 400% Chinese brands reached 9.4% of the PV market in May, but 20.4% of the NEV market, with Thousands

Chery (+1.4ppt YTD) and Geely (+1.2ppt) leading the market share gains. SAIC is the only 140120 350%300%

group losing ground (-0.1ppt) as MG fades. Southeast Asia share was 14.9% in May, off 10080 250%200%

the 21% spike in April; NEV share is 54%. Chery (+2.5ppt YTD) is, again, the biggest gainer, 6040 150%100%

20 50% ahead of BYD (+1.3ppt). Latin America has the deepest penetration at 16.7% of total share 0 0%

Chery BYD SAIC Group Geely Changan GWM Tesla Leapmotor Dongfeng GAC Group

Group (incl. GM Group Group (incl. and 92% of NEV sales, where BYD (+1.8ppt) did the most work. ANZ also crossed 20% for JVs) Ford JV)

the first time, hitting 26.2% in May (59% NEV). . Exports (May 2026, Units) YoY (RHS) Source: Marklines, Jefferies

Average retail ASP edged up to RMB173k (+0.1% MoM, +3.5% YoY), with the mix doing more

work than the headline. BEV ASP rose 2.5% MoM, ICE slipped 2.3%. The more telling split is by

brand origin: Chinese NEV ASP fell 1.5% MoM and 3.5% YoY (price competition biting), while

Chinese ICE ASP actually rose 1.5% MoM. Luxury weakened (-4.5% MoM, Mercedes/BMW/

Audi all down) and JVs were flat. Within premium NEVs, the spread widened: Tank, NIO and

Zeekr held up, while AITO, Li Auto and Xpeng all weakened.