China Mobility Tech Going global: stronger growth & lower pricing risk, sell-through tells the real story; Buy BYD/Leapmotor/XPeng

研报英文原文证据摘录

China Mobility Tech Going global: stronger growth & lower pricing risk, sell-through tells the real story; Buy BYD/Leapmotor/XPeng

EQUITY RESEARCH | 25 June 2026 | 4:09PM CST

China Mobility Tech

Going global: stronger growth & lower pricing risk, sell-through

tells the real story; Buy BYD/Leapmotor/XPeng

Momentum accelerating, Chinese brands moving into top ranks

Automotive sector is the largest consumer market in terms

of total revenue globally. China OEMs have acquired another

3% share over the last year to reach 10% in the global ex-

China/US markets (vs. 20% for white goods). During 1Q26,

Chinese brands moved up in ranks in the UK, Korea, and

Italy, now they’re among top 3 NEV brands in the UK, Korea,

Spain, Italy, Turkiye, Thailand, Brazil, and Australia. Despite a

higher base, China NEV exports have been accelerating,

+63% yoy in 1Q26 vs. +6%/+21% yoy in 1Q25/2025, driven

by increasing supply of competitive models.

Risks of price competition moderate, Thailand lowered

We do not see overseas momentum acceleration translating

to aggressive pricing yet. Per our overseas price

competition framework (report): (1) Is the auto market in

contraction? (2) Do Chinese OEMs have high penetration? (3)

Is there excess production capacity?, compared with Jan

2026, we see pricing risk in Thailand has reduced as a

result of strong demand rebound, while all other markets

remain unchanged. Pricing in Thailand/UK are trending

positive, while Brazil is negative from a high base.

Sell-through tells the real story; Buy BYD/Leapmotor/XPeng

Three sets of numbers are disclosed, management export target, export wholesale, and overseas retail sales. We believe

that retail number is the most important in understanding the success and growth of companies, and a leading indicator of