Earnings

Deutsche Bank raised its forecast for Li Auto's deliveries this year to 160,000 units from 155,000, but believes the company could face some incremental headwinds in 2023.

Li Auto delivered 28,687 vehicles in the second quarter, above the upper end of its previous guidance range of 21,000-24,000 vehicles.

Xpeng delivered 34,422 vehicles in the second quarter, above the upper end of its previous guidance range of 31,000 to 34,000 vehicles.

The Chinese market contributed 22.4 percent to Tesla's revenue in the second quarter, down from 24.8 percent in the first quarter.

JAC's gross profit from its main businesses decreased by about RMB 832 million in the January-June period compared to the same period last year due to rising prices of raw materials.

BYD's strong growth in NEV sales has driven a significant improvement in its earnings and eased the pressure on earnings from upstream raw material prices.

"We continue to believe Nio can exit 2022 at around a 25,000 monthly deliveries run-rate," said Edison Yu's team.

Nio plans to start delivering a model for the mass market in the second half of 2024, and the price of the model is in the range of RMB 200,000 to 300,000.

Nio refrained from raising vehicle selling prices in the face of rising raw material costs in the first quarter, which had a negative impact on gross margins.

There have been rumors recently that CATL may recognize a loss on its futures investment in its first-half earnings report, leading to very poor second-quarter results.