中国新能源汽车厂商双月定价趋势（折扣与MSRP）：2026年6月末

Inthisbimonthlypricingtrend report,wemonitortheNEV-PVpricingof +852-2501-2787jeff.m.chung@citi.comKyle Wu Discount iscalculatedasthedifferencebetween4S shopretail priceandtheMSRP.Inthesecondhalfof Jun-26,ChinaNEV-PVsectorweightedaverage retail discount was -0.6ppt MoM to6.2% (versus end-May).NEV-PVsectorweightedaverageMSRPwas+0.4%MoMtoRmb177,653. +852-2501-8483kyle.wu@citi.com Tesla: retail discount stands at 0.9% (+0.Oppt MoM); MSRP at Rmb289,540(flatMoM)Nio:retaildiscount standsat2.1%(-0.4pptMoM);MSRPatRmb320,307(+2.3% MoM)Xpeng:retail discount stands at 3.6% (+0.Oppt MoM); MSRP atRmb178,334(flat MoM)LiAuto:retail discount stands at5.9%(-0.3ppt MoM);MSRP atRmb294,286(+1.0%MoM)AITO:retaildiscountstandsat1.0%;MSRPatRmb319,310Leapmotor:retail discount stands at 4.7%(-1.6ppt MoM);MSRP atRmb122,473(-0.3%MoM) Traditional local brands (forNEVmodelsonly) BYD:retaildiscountstandsat7.0%(+0.2pptMoM);MSRPatRmb131,726(-0.2%MoM)Geely:retaildiscountstandsat9.9%(-2.6pptMoM);MSRPatRmb113,004(+0.1% MoM)Great Wall:retail discount stands at 6.4%(+0.6ppt MoM);MSRPatRmb267,145(-0.3%MoM) Traditional luxury brands BeijingMercedes:NEV+ICEweighted-averageretailpriceatRmb294,980(-1.9% MoM/-0.8%YoY)1.7% MoM/+0.4% YoY)Audi Group:NEV+ICEweighted-average retail priceat Rmb241,706(-1.0%MoM/-5.1% YoY) SeeFigure6-11forCPCAdiscountsummary SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations. Source: Citi Research, CPCAFigure9.CPCA:LuxuryICEDiscount 2026 CitigroupInc.Noredistribution without Citigroup'swriten permission.Source:Citi Research,CPCA 2026 Citigroup Inc.Noredistribution without Citigroup's wrttenpermission.Source:Citi Research,CPCA ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparation and contentofthisresearchreport areeither(i)designated by"Ac"intheauthorblockor(ii)listed inboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoa specificissuerwhichareattributabletoanotherACcertifyinganalyst identified inthepricecharts orratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportissuerand securityreferenced and were prepared in an independent manner, including withrespecttoCitigroup GlobalMarketsInc.and its affiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Analysts'compensationisdeterminedby Citi ResearchmanagementandCitigroup'sseniormanagementand isbasedupon activities and services intendedtobenefittheinvestorclients of CitigroupGlobal MarketsInc.and its affiliates (the“Firm").Compensationisnotlinkedto specifictransactionsorrecommendations.Likeall Firmemployees,analystsreceivecompensationthatisimpactedbyoverall Firmprofitabilitywhichincludesinvestmentbanking,salesandtrading,andinstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismore likelytoparticipatewhentheanalysthasapositiveviewofthecompany.Forfinancial instruments recommended in the Productinwhich the Firm is not amarketmaker,theFirm isa liquidityprovider in suchfinancialinstruments(and anyunderlying instruments)andmayactasprincipal in connectionwithtransactionsinsuch instruments.The Firm is a regularissuer oftradedfinancial instruments linked to securities that mayhave beenrecommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm mayengagein securitiestransactionsina mannerinconsistent withthe Productand,withrespecttosecurities coveredbytheProduct,will buyorsell from customers onaprincipal basis.UnlessstatedotherwiseneithertheResearchAnalystnoranymemberoftheirteamhasviewedthematerialoperations ofthe Companiesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months.Forimportantdisclosures (includingcopiesofhistorical disclosures)regardingthecompanies thatarethe subjectofthis Citi Researchproduct("theProduct"),pleasecontactCitiResearch,388GreenwichStreet,6thFloor,NewYork,NY,10013Attention:Legal/Compliance[E6WYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionofthe https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.Valuationand Riskassessmentscanbefound inthetextofthemostrecentresearchnote/reportregardingthesubjectcompany.PursuanttotheMarketAbuseRegulationahistoryofallCitiResearchrecommendationspublishedduringthepreceding12-monthperiodcanbeaccessedviaCiti Velocity(https://www.citivelocity.com/cv2)oryour standard distribution portal.Historicaldisclosures (foruptothepastthreeyears)will beprovided upon request.CitiResearchEquityRatingsDistributio