【招银国际】Leap, BYD, Aion led discount increase in Jan-250211（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 11 Feb 2025 CMB International Global Markets|Equity Research|Sector Update Auto Leap,BYD,Aion led discount increase in Jan We summarize the Jan 2025 price discounts at d

2、ealers for major automakers in this report.Note that Jan discounts for each automaker are calculated based on the weighted average of Dec 2024 retail sales volume for each model,as Jan 2025 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.3ppts MoM

3、in Jan 2025,based on our calculations,mainly driven by Chinese automakers,including BYD,Leapmotor and GAC Aion,and German brands,such as BMW and Audi.BYD plans to cover the majority of its models with autonomous driving(AD)functions this year,which may have resulted in higher discounts for its exist

4、ing models.We still believe Geely and Xpeng could be more resilient than most peers this year.The NEV trio and Leapmotor.In Jan 2025,both NIO and Li Autos average discounts remained flat MoM(Figure 1&2),which could partly explain their larger-than-peers MoM sales volume declines last month.Xpengs av

5、erage discounts widened by 0.8ppts MoM in Jan 2025(Figure 3),as the discounts for the G6 and X9 widened by 4-5ppts MoM.The discounts for the Mona M3 remained at a very low level.Xpeng may roll out its redesigned P7 in 1Q25,followed by the G7 in 2Q25.Leapmotors average discounts widened by 3.1ppts Mo

6、M to 9.1%in Jan 2025(Figure 4),as the discounts for the C01,C11 and C10 rose by 3-6ppts MoM.The discounts for the C16 also widened by about 1.7ppts,at a faster pace than we had expected.Great Wall Motor.Great Walls average discounts at dealers widened by 0.2ppts MoM to 10.9%in Jan(Figure 5),as the d