How Market Share Reshuffled in June

研报英文原文证据摘录

How Market Share Reshuffled in June

Update

July 20, 2026 12:36 AM GMT

Morgan Stanley Asia Limited+MChina Autos & Shared Mobility | Asia Pacific Tim Hsiao

Equity Analyst

How Market Share Reshuffled Tim.Hsiao@morganstanley.comMorgan Stanley & Co. LLC +852 2848-1982

Andrew S Percoco

Equity Analystin June Andrew.Percoco@morganstanley.com +1 212 296-4322

Morgan Stanley Europe S.E., Madrid Branch+

Key Takeaways Javier Martinez de Olcoz Cerdan

Most OEMs' market shares were broadly stable MoM in June. XPeng/Nio saw new Javier.Martinez.Olcoz@morganstanley.com +34 9141-81289

models boost share with 0.3-0.4ppt gains.

Morgan Stanley Asia Limited+

Leapmotor's record-high sales reframe the competitive hierarchy among EV Peggy Wang

startups. Research Associate

Peggy.Pc.Wang@morganstanley.com +852 3963-3934

Li Auto's share slip attributable to decline in L-series orders prior to facelifts. L6 Shelley Wang, CFA

refresh to be summer recovery test. Equity Analyst

Shelley.Wang@morganstanley.com +852 3963-0047

BYD's Ocean/Dynasty franchise held steadily, underscoring its dominance with Joey Xu, CFA

consecutive new launches. EquityJoey.Xu@morganstanley.comAnalyst +852 3963-0337

Based on June stats, the cleanest directional signals sit with newly launched

models from BYD, XPeng, Li Auto, etc. into 2H.

XPeng's June market share +0.4ppt MoM to 3.2% (vs. YTD 2.9%). Market share in

tier-1 cities increased the most, which should be supported by GX's share gain in

China Autos & Shared Mobility

flagship SUV segment. We expect MONA L03 to be the next driver of market share Asia Pacific

growth in August. Industry View In-Line

Li Auto's share -0.5ppt MoM to 3.1% (vs. YTD 4.2%), as L-series orders weakened

ahead of the facelift, despite L9 wholesale exceeding 6k units in June, the highest