China Technology: China June NEV Delivery Update

研报英文原文证据摘录

China Technology: China June NEV Delivery Update

t a FY target of 550k-600k, which, needless to say, requires the

Potential Upside/Downside -20.9%company to meaningfully grow its deliveries in 2H26 to meet mgt's target. The highly Source: Bloomberg, Barclays Research

anticipated new MONA L03 model will be officially launched on July 3rd, with pre-sales starting

the same day and a global launch to follow. LI delivered 30.9k units, -7% mom and -15% yoy,

LI EQUAL WEIGHTtaking 1H26 volume to 193.5k units, -5% yoy. In 2Q26, the company delivered 98.3k units, +3%

China Technology POSITIVEqoq and -11% yoy, compared to its guidance range of 95k-100k. The all-new L8 was released on

Price Target USD 14.00June 23rd. LI redesigned the vehicle to better serve family users, removing a back seat from the

Price (30-Jun-26) USD 11.74prior version and providing more room for passengers, while noting the model offers a back-

Potential Upside/Downside +19.3%seat experience that is on par with cars priced above RMB 1mn. Source: Bloomberg, Barclays Research

Xiaomi delivered over 30k units, flattish mom and up ~20% yoy. As a reminder, mgt guided

~550k deliveries for full-year 2026, and so far Xiaomi has delivered around 170k units in 1H26. XPEV UNDERWEIGHT

This implies monthly deliveries of ~63k units for the rest of the year, which could rely heavily on China Technology POSITIVE

the new EREV model release in 2H26. If the official launch date is pushed to the later part of the Price Target USD 16.00

year, Xiaomi would potentially need to produce well north of 60k units per month to meet its Price (30-Jun-26) USD 13.24

550k target, putting pressure on capacity. Potential Upside/Downside +20.8%

Source: Bloomberg, Barclays Research

China Technology

Jiong Shao, CFA

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