Electric-Vehicle Deliveries Reach a Record High In June

On 11 July 2022, the CAAM released June 2022 auto production and sales data, with electric-vehicle deliveries reaching a record high in June. Considering the continued release of supply and demand and the continued high boom in the industry, Haitong International predicts that the overall new energy vehicle terminal sales are expected to reach 1.4-1.5 million units in the third quarter.

1. Electric-vehicle sales reach record high, retail penetration rate exceeds 27%

June passenger car production and sales data: 532,000 electric passenger cars were retailed in June, up 130.8% YoY and 47.6% YoY; the domestic penetration rate of electric-vehicles reached 27.4% in June, up 12.8 % YoY; 566,000 electric passenger cars were produced in June, up 146.9% YoY and 30.3% YoY. According to the Association of Passenger Car, the "dumbbell" structure of the pure electric market improved in June, with sales of B-class electric vehicles standing out, up over 80% YoY.

(1)Electric-vehicle sales were generally strong YoY and MoM, especially in the second camp where Neta performed strongly, with Xiaopeng, AION, and Neta doubling their growth rates. The number of companies whose wholesale sales of electric passenger cars exceeded 10,000 units was 16 (up 3 MoM and 11 YoY), accounting for 85% of the total number of electric passenger cars, further increasing market concentration.

In June, BYD sold 134,036 new energy vehicles, up 163% YoY; cumulative electric-vehicle sales this year reached 641,350 units, up 315% YoY. Tesla's Shanghai plant delivered 78,906 units in June, an increase of 138% YoY; of which 968 units were exported and 77,938 units were delivered domestically, an increase of 177% YoY, as production and sales at the Shanghai plant returned to normal levels.

New model launches by OEMs have accelerated since June: Li Auto released its new large SUV L9, which will be delivered in August; the first SUV based on the second generation NT2 technology platform, the NIO ES7, was officially launched; and Neta opened the pre-sale of the Neta S Yew Edition. The intensive launch of intelligent new models by new forces and independent and joint-venture brands are expected to drive demand upwards at an accelerated pace in the second half of the year.

In June, the auto industry resumed production, the policy is good plus the new models are expected to be listed in the electric-vehicle terminal demand in the second half of the year to accelerate upward, the new forces and independent brands to improve the market share of the trend continues. July for the traditional off-season, Haitong International forecasts new energy vehicle terminal sales in 47-48 million units level, and the third quarter is expected to reach 1.4-1.5 million units overall.