Earnings

The true test will be how sustainable this run-rate is in the second half of this year, Edison Yu's team said.

Li Auto expects to deliver between 76,000 and 81,000 vehicles in the second quarter, meaning a total of 50,319 to 55,319 vehicles for May and June.

Xpeng delivered 18,230 vehicles in the first quarter, slightly above the lower end of its guidance range of 18,000 to 19,000 vehicles.

With sales near the low end of guidance, Li Auto's performance in the first quarter is expected to be somewhat mixed, but the outlook for delivery in the second quarter will be robust, according to Edison Yu's team.

Gotion is in the process of exploring a battery plant in the US, and the site is close to being decided, a company executive said.

BYD reported revenue of RMB 120.17 billion in the first quarter, up 79.83 percent year-on-year, although it was 23.15 percent lower than in the fourth quarter of last year.

Li Auto delivered a record 52,584 vehicles in the first quarter, which is near the lower end of its guidance range of 52,000 to 55,000 vehicles.

In the first quarter, China contributed 20.97 percent of Tesla's revenue, up from 18.82 percent in the fourth quarter but down from 24.79 percent in the same quarter last year.

Lithium carbonate prices fell more than 50 percent in the first quarter, allowing CATL to see record net profit growth of 557.97 percent in the quarter.

BYD's net profit for the full year 2022 was up 445.86 percent year-on-year to RMB 16.6 billion.