BYD's NEV Dominance

STATE OF CHINA'S AUTO INDUSTRY Value-seeking consumers are driving used car sales growth during a period of economic stress Used Car sales % New Car Sales China Vehicle Monthly Sales vs. Used Car Sales (Oct. 2021 Mar. 2023) - (000' units) Used Car Sales 5,000 2,786 2,610 2,522 2,531 2,556 4,000 2,502 2,420 2,383 2,505 2,333 2,328 2,234 48.2% 1,862 3,000 1,737 1,181 2,000 38.4% 38.0% 38.3% 39.0% 38.1% 36.7% 37.0% 37.1% 37.0% 36.2% 36.3% 35.1% 35.4% 35.6% 1,000 0 1,456 1,544 1,618 1,485 (%) 60 2,451 1,976 50 50 1,649 43.1% 42.5% 40 40 37.2% 30 30 1,318 1,077 1,100 1,188 1,417 1,422 1,467 1,485 1,352 1,278 1,416 1,248 1,459 1,450 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 20 20 Oct Nov Dec Jan Feb Expiration of tax incentives on purchase of new cars restores used car pricing advantage Source: China Automobile Dealers Association, Automobility analysis Automobility Ltd 10

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