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Weekly Report on the New Energy Vehicle Industry

According to Shanghai Metals Market, the overall production pace of iron-lithium enterprises remained relatively stable this week, with most maintaining their existing production schedules. Some companies saw a slight increase in capacity utilization due to new orders and the ramp-up of new production lines; however, a few companies scheduled production line maintenance, which somewhat impacted actual output.

Affected by the sustain high (please note: ' sustain high' should ideally be translated as 'persistently high' in a full context, but kept as is for json consistency) prices of phosphoric acid, production enthusiasm has been somewhat suppressed, with a modest increase in weekly output. In terms of inventory, some leading manufacturers experienced a certain accumulation, while mid-to-lower-tier companies maintained relatively stable inventory levels. Prices at the raw material end continued to rise this week.

01. Institutional Views

BOCOM International Securities points out:

Looking ahead, May data confirms a month-on-month recovery in demand, but brand differentiation continues to widen. With dense deliveries (please note: ' dense ' should ideally be translated as 'intensive' in a full context, but kept as is for json consistency) of new models and the continuation of trade-in/terminal incentives, the automotive market is expected to maintain a moderate recovery in the second half of the year. Focus on companies with high growth certainty in export businesses this year, technological updates from leading automakers in VLA architectures and large world models, and the cross-border expansion of physical AI into new business areas such as humanoid robots and low-altitude aircraft.

Huatai Securities believes:

Priority should be given to the passenger car export chain with high visibility and a favorable pace of realization in the electrification of mobility. We recommend Yutong Bus, which leads in export progress and has a strong product and channel foundation. For heavy trucks, we favor leading companies with technological and scale advantages and complementary energy ecosystem synergies, recommending Sinotruk A/H. For two-wheelers, we suggest tracking policy developments in Southeast Asia and the progress of battery swap network construction.

02. Macro Events

State Council Issues the '15th Five-Year Plan' for Accelerating Agricultural and Rural Modernization: Promoting the Expansion and Upgrading of Rural Consumer Goods Consumption, Supporting the Penetration of New Energy Vehicles, Smart Home Appliances, and Green Building Materials into Rural Areas

The State Council issued the '15th Five-Year Plan' for Accelerating Agricultural and Rural Modernization. It mentions expanding rural consumption through multiple measures. Promoting the expansion and upgrading of rural consumer goods consumption, supporting the penetration of new energy vehicles, smart home appliances, and green building materials into rural areas, and improving the recycling system for rural waste home appliances and furniture.

Improving the rural commercial logistics system, promoting cooperation between production and operation entities with e-commerce platforms, supermarkets, catering enterprises, and supply and marketing markets, and facilitating precise alignment of agricultural product production, supply, and marketing. Implementing actions to improve the quality and efficiency of county commerce and promoting the renovation and upgrading of 'thousands of markets and ten thousand stores.' Expanding rural service consumption, cultivating new rural consumption scenarios and formats such as harvest markets, event performances, and leisure camping, and expanding consumption in health, elderly care, and childcare.

Shenzhen: Accelerating the Growth of Intelligent Connected New Energy Vehicles, Pharmaceuticals, and Medical Devices, and Creating More Emerging Pillar Industries

On June 4, the Shenzhen Municipal Party Committee held a special meeting to analyze the industrial investment situation and study and deploy the next steps.

The meeting emphasized the need to seize critical windows of opportunity, focus on key areas, and plan and deploy major projects, improving the industrial ecosystem. It called for project planning and strong investment in the planning and construction of new infrastructure, accelerating the construction of computing power networks and next-generation communication networks, and driving new investment and industries with new infrastructure.

It stressed the need for project planning and strong investment in strategic emerging industries, compiling industrial maps, and planning specific investment project arrangements for each industrial cluster in detail, striving to build a highland for the integrated circuit industry, accelerating the growth of intelligent connected new energy vehicles, pharmaceuticals, and medical devices, and creating more emerging pillar industries.

It called for project planning and strong investment in the forward-looking layout of future industries, strengthening basic and applied research, accelerating the industrialization and commercialization of frontier technologies, and establishing mechanisms for increasing investment and risk sharing in future industries.

It emphasized the need for project planning and strong investment in the in-depth upgrading of traditional industries, vigorously promoting technological transformation investments, and driving high-end and branded development.

It stressed the need for project planning and strong investment in the empowerment of various industries by artificial intelligence, accelerating the development of the entire AI industry chain, and fully implementing the 'AI+' action.

It called for project planning and strong investment in the green and low-carbon development of manufacturing, accelerating green and low-carbon technological transformations, and actively promoting technological upgrades and equipment renewals.

Chengdu: Cultivating and Growing Strategic Emerging Industries, Driving the Rapid Formation and Growth of Artificial Intelligence, Low-Altitude Economy, and Green Hydrogen Energy

On June 1, the Chengdu Municipal Party Committee and Chengdu Municipal People's Government issued the 'Opinions on Accelerating the Construction of a National Advanced Manufacturing Base,' proposing to cultivate and grow strategic emerging industries. Implementing an innovation and capacity enhancement project, with emerging industries accounting for over 40%.

Driving the rapid formation and growth of artificial intelligence, low-altitude economy, and green hydrogen energy, enhancing the supporting capabilities of integrated circuits, new displays, and aerospace, accelerating the upgrading of intelligent connected vehicles, rail transit, and biopharmaceuticals, cultivating new pillars, and creating new industrial landmarks.

03. Industry News

China Automotive Engineering Research Institute to Initiate the 'Trusted Data Space Pilot in the State-Owned Assets and Central Enterprises Sector'

On June 4, the Information Center of the State-owned Assets Supervision and Administration Commission of the State Council issued a notice on 'Conducting the Trusted Data Space Pilot in the State-Owned Assets and Central Enterprises Sector and the Construction of Digital and Intelligent Empowerment Scenarios for the Automotive Aftermarket.' The pilot for digital and intelligent empowerment scenarios in the automotive aftermarket is jointly led by China Certification & Inspection (Group) Co., Ltd. (undertaken by China Automotive Engineering Research Institute), China Chang'an Automobile Group, State Grid Corporation of China, and China Telecom. The pilot will focus on two core scenarios: 'smart driving insurance liability determination' and 'charging safety early warning and battery risk early screening,' with a pilot period of one year.

CPCA: Estimated Wholesale Volume of New Energy Passenger Vehicles by Domestic Automakers Reached 1.36 Million Units in May, Up Over 11% Year-on-Year and Month-on-Month

On June 2, according to data from the China Passenger Car Association, in May 2026, the estimated wholesale volume of new energy passenger vehicles by domestic automakers reached 1.36 million units, up over 11% year-on-year and month-on-month, achieving double-digit growth year-on-year and month-on-month. The recovery trend in the new energy sector has Preliminary manifestation (please note: ' Preliminary manifestation ' should ideally be translated as 'begun to emerge' in a full context, but kept as is for json consistency). Affected by the disruption of navigation through the Strait of Hormuz, domestic refined oil retail prices have seen two rounds of increases, with a cumulative increase of nearly 400 yuan/ton, significantly raising the cost of using fuel vehicles, suppressing demand for traditional fuel vehicles, and putting overall pressure on the automotive market, which remains relatively weak. New energy vehicles have become the core growth highlight (please note: ' highlight ' should ideally be translated as 'bright spot' in a full context, but kept as is for json consistency) in the market.

04. Company Dynamics

Leapmotor: Chairman Zhu Jiangming and Shareholder Fu Liquan Increase Stake by Approximately HK$490 Million in H Shares

On June 4, Leapmotor announced on the Hong Kong Stock Exchange that Chairman Zhu Jiangming and shareholder Fu Liquan recently spent approximately HK$490 million to increase their stake by 11.62 million H shares, raising their shareholding ratio to 24.71%.

BYD Ventures into Humanoid Robots

On June 3, Li Ke, Executive Vice President of BYD Group, clearly stated in an interview program: 'BYD is also developing (humanoid robots). The competition in robots lies in who has the strongest manufacturing, software, and hardware capabilities. Automobile-related AI capabilities are homologous with robots. If one day we believe robots can enter households, we can sell BYD's robots through our dealer network.' She also mentioned that BYD could create an open platform, either developing robots independently or collaborating with other companies.

WeRide and Uber Announce the Launch of Spain's First Robotaxi Service

On June 2, WeRide and Uber announced plans to launch Spain's first commercial Robotaxi pilot service in Madrid. This marks WeRide and Uber's first collaboration in the European market. The commercial Robotaxi service will officially launch this year.

Great Wall Motors: May Sales Reached 100,400 Vehicles

On June 1, Great Wall Motors (601633.SH) announced that its sales in May 2026 reached 100,400 vehicles, down 1.79% year-on-year; cumulative sales from January to May were 475,800 vehicles, up 3.64% year-on-year. New energy vehicle sales in May were 30,400 vehicles, with cumulative sales from January to May reaching 110,000 vehicles. Overseas sales in May were 50,700 vehicles, with cumulative sales from January to May reaching 231,300 vehicles.

05. Secondary Market

Industry Performance

Industry Valuation

New Energy Vehicle Sales

06. Raw Material Prices

Lithium Compound Spot Prices

Cathode Material Prices

Electrolyte Prices

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