中国汽车制造商：6月新能源汽车数据库更新；CR5达57.1%（环比+0.1个百分点）
Jun NEV Database Update; CR5 at 57.1% (+0.1ppt MoM) CITI'S TAKE Jeff ChungAC+852-2501-2787jeff.m.chung@citi.com CPCA announced Jun-26 NEV PV wholesales volume at 1.48mn units, +19%YoY/+10% MoM. Jun NEV penetration rate reached 62.8% (+13.0pptYoY/+1.7ppt MoM). During the month, BEV PV wholesale volume was +27%YoY/+11% MoM to 980.9k units, and PHEV PV +6% YoY/+7% MoM to500.5k units. 6M26 NEV PV wholesale volume +5% YoY to 6.79mn units,with BEV +8% YoY to 4.29mn units and PHEV +0% YoY to 2.50mn units.CR5 at 57.1% in Jun-26, +0.1ppt MoM/-1.4ppt YoY. Kyle Wu+852-2501-8483kyle.wu@citi.com BYDlogged wholesale volume of 397.3k units of sales, +5% YoY/+5% MoM, and Junmarket share -3.6ppt YoY/-1.1ppt MoM to 26.8%. Song DM/Tai 7 PHEV +9%/+13%MoM to 67.5k/19.2k units, and Dolphin +15% MoM to 25.5k. BYD’s BEV export salesmix was 43.6% in Jun-26 (-10.9ppt MoM/-19.9ppt YoY on PHEV ramp-up), withblended global export MSRP at Rmb345k (+3% MoM/+1% YoY). GeelyJun NEV wholesale volume +30% YoY/+21% MoM to 158.8k units, with marketshare of 10.7% (+0.9ppt YoY/+1.0ppt MoM). Zeekr 7X -5% MoM to 7.3k units duringJun, Zeekr 9X/8X -24%/-18% MoM to 6.4k/4.7k units. Galaxy Starship 7/Starshine8 PHEV +37%/+26% MoM to 19.4k/2.6k units. CheryJun NEV sales +61% YoY/+13% MoM to 106.9k units, with market share of7.2% (+1.9ppt YoY/+0.2ppt MoM). GWMJun NEV sales -5% YoY/+14% MoM to 34.6k units. Ora 5 sales +157% MoM to5.0k units, High Mountain logged 5.3k units in Jun (-12% MoM), Tank 400/500PHEV logged 1.7/2.3k units (-17%/-20% MoM). Tesla ChinaJun sales logged 89.1k units, +24% YoY and +4% MoM. Model 3/Ylogged 32.6k/56.5k units of sales, +5%/+3% MoM. NIOwholesales volume +63% YoY/+8% MoM to 40.6k units, and Jun market sharereached 2.7% (+0.7ppt YoY/+0.0ppt MoM). ES8 -22% MoM to 9.0k units. ES6/EC6-30%/-4% MoM to 1.2k/0.5k units. ET5/ET5T -12%/-19% MoM to 0.6k/1.8k units.Onvo L90 booked 3.5k units and L80 4.1k units in Jun. XPengwholesales unit +16% YoY/+25% MoM to 40.1k units with Jun mkt shr -0.1pptYoY/+0.3ppt MoM to 2.7%. P7/G6 sales logged +10%/+1% MoM to 6.5k/6.6k units.MONA M03 booked 14.2k units (+0% MoM). Li AutoJun sales -15% YoY/-7% MoM to 30.9k units with Jun mkt shr -0.8pptYoY/-0.4ppt MoM to 2.1%. L9/L8/L7/L6 logged +138%/+33%/-69%/-82% MoM to6.1k/0.6k/0.8k/0.9k units in Jun. i6/i8 booked 21.5k/0.8k units in Jun (+3%/-50%MoM). Huawei AITOJun sales -30% YoY/+0% MoM to 30.3k units with mkt share -1.4pptYoY/-0.2ppt MoM to 2.0%.LeapmotorJun wholesale unit +95% YoY/+14% MoM to93.4k units, with market share of 6.3% (+2.4ppt YoY/+0.3ppt MoM). If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenues. One factor in equity research analyst compensation is arranging corporate access events betweeninstitutional clients and the management teams of covered companies. Typically, company management is more likely toparticipate when the analyst has a positive view of the company.For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider in such financial instruments (and