CITIC Securities: In June, domestic electric car sales increased significantly year-on-year, with an expected total annual sales of 16.5 million vehicles in 2025.

CITIC Securities released a research report stating that in June, according to the China Association of Automobile Manufacturers, the sales of new energy vehicles in China reached 1.329 million units, with a year-on-year and month-on-month increase of +26.7% and +1.7% respectively. According to the China Passenger Car Association, the wholesale sales of new energy passenger cars reached 1.241 million units, with a year-on-year and month-on-month increase of +26.4% and +1.6% respectively, with a penetration rate of 49.8%, up 1.6% month-on-month. In terms of categories, the retail sales of A00 and A0 level new energy passenger cars accounted for 26.3% of the total sales in June, a decrease of 0.1% month-on-month. The A level accounted for 21.9%, an increase of 0.2% month-on-month, mainly driven by the BYD Qin PLUS DM-i with a month-on-month increase of 18.1%. The B level and above accounted for 51.8%, a decrease of 0.1% month-on-month. It is expected that 1.3 million electric cars will be wholesaled in July, a year-on-year increase of 31.2%, and the full-year sales forecast for 2025 is 16.5 million units.