Insights

Deutsche Bank expects Xpeng to deliver 134,000 and 149,000 cars in the third and fourth quarters, respectively, driving full-year 2025 volume to 480,000 units.

"In China, we see intense competition and Tesla is no longer seen as the technology leader."

Deutsche Bank expects Xiaomi to deliver 100,000 YU7 SUVs and 280,000 SU7 sedans in 2025.

China's smart NEV market has been dominated by local brands, but global auto brands have caught up, said Deutsche Bank.

About 116,000 vehicles were exported from China to the US in 2024 and were dominated by US-branded models, analysts said.

Counterpoint highlighted BYD's tech leadership, vertically integrated production model, and the fact that Tesla is facing multiple challenges.

As Nio's car sales rise, battery swap services are expected to see rapid growth, analysts said.

BYD could become the "Toyota" of the global EV market, said JPMorgan.

Goldman Sachs raised its EV sales forecast for Xiaomi, citing more favorable demand and manufacturing capacity outlook.

Deutsche Bank forecasts the BYD brand to sell 5.1 million cars in 2025, Denza brand at 250,000 and Fang Cheng Bao at 160,000 cars.