BYD's NEV Dominance

STATE OF CHINA'S AUTO INDUSTRY New Energy Vehicles remain as the only product category with sustained growth in the China auto market ('000 units) 1,000 YoY Change Monthly Sales 219.1% China NEV Monthly Sales (Oct. 2021 Mar. 2023) (%) 250 814 200 786 750 140.8% 593 708 714 666 150 139.4% 105.8% 125.0% 531 114.7% 596 118.8% 132.8% 653 525 100 114.1% 107.5% 500 450 465 466 98.3% 431 46.6% 86.4% 74.7% 408 383 50 351 53.3% 49.6% 299 40.4% 0 250 -5.3% -50 0 -100 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Comments NEV sales have stepped down from late 2022, but remain above 25% of the market ☐ BYD remains the 800 pound gorilla and has extended its lead in 2023 ☐ Overcapacity is a huge problem, and we can expect cut-throat pricing and added pressure to expand sales in overseas markets Source: CAAM, CPCA, Automobility analysis Automobility Ltd 12

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