中国汽车制造商：10张图看10个趋势（2026年6月总结）

10 Figures; 10 Trends (Jun-26 Summary) CITI'S TAKE Jeff ChungAC+852-2501-2787jeff.m.chung@citi.com Summary below on Jun-26 insurance retail sales trend. Figure 1: Who gained NEV market shares –BYD, SAIC Motor, Xpeng, Nio, etc.,gained NEV market shares MoM in Jun-26; Insurance retail data suggest Jun-26China domestically produced NEV-PV sales were +9% MoM (-10% YoY), slightlybeating CPCA retail MoM pace. Further reading: (1) China Auto Manufacturers -CPCA Jun Update; Export Strong, NEV Wholesale Slight Miss; (2) China AutoManufacturers - Auto Policies & Demand Outlook for 2H Kyle Wu+852-2501-8483kyle.wu@citi.com Figure 2: ICE penetration up MoM in Jun –Jun-26 PV insurance data suggests ICEsales penetration increased to 39.7% (+2.0ppt MoM) as falling crude oil prices couldboost ICE purchase, while BEV/PHEV/EREV trending at -1.0/-0.3/-0.7ppt MoM. Figure3:Nio/Changan/Xpeng gained BEV market share MoM in Jun–Nio/Changan/Xpeng/GAC gained BEV market share at +0.3/+0.3/+0.1/+0.1pptMoM, while Seres/Geely/BYD lost BEV market share at -0.7/-0.4/-0.3ppt MoM. Figure4:BYD/Dongfeng/GAC gained PHEV market share MoM in Jun–BYD/Dongfeng/GAC gained PHEV market share by +2.9/+0.8/+0.4ppt MoM inJun, while Geely/Changan/GWM lost share by -3.1/-0.7/-0.5ppt MoM. Figure 5: Seres/Li Auto lost EREV market share MoM in Jun –Leapmotor/Changangained EREV market share by +2.2/+0.4ppt MoM in Jun, while Seres/Li Auto lostshare by -2.1/-1.9ppt MoM. Figure 6: Chinese brands’ ICE market shares down MoM in Jun –Chinese brandsICEmarket share decreased by-2.0ppt MoM to 32.8%in Jun,whileGerman/Japanese/US brands were trending at +2.2/-0.2/-0.3ppt MoM. Figure 7: Geely led Chinese brands’ ICE market in Jun –Among Chinese brands(ICE), Chery/GWM/FAW gained ICE share by +2.0/+0.7/+0.7ppt MoM in Jun, whileSAIC Motor/Geely/Changan lost share by -1.3/-1.3/-1.2ppt MoM. Geely led Chinesebrands’ ICE market in the month with market share of 30.3%. Figure 8: Tesla summary –Tesla Insurance retail (domestically produced) saw -15%YoY/ +9% MoM to 52,078 units. Its wholesales reached 89,091 units in Jun (+24%YoY/ +4% MoM) and export volume reached 36,171 units (+258% YoY/ -7% MoM). Figure 9: PV inventory down MoM in Jun –Based on our estimation, PV inventory atend-Jun declined by 0.5 month MoM to 2.7 months; NEV inventory at end-Jundeclined by 0.2 month MoM to 1.9 months, and ICE inventory at end-Jun decreasedby 1.0 month MoM to 4.0 months. Figure 10: Local Chinese brands’ NEV market shares –Chinese brands NEV marketshare remained high level of 83.9% (+0.3ppt MoM) in Jun, versus US brands’ 11.1% (-0.5ppt MoM). See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research, Thinkercar Source: Citi Research, Thinkercar Companies Mentioned: BAIC Motor (1958.HK; HK$0.79; 2; 10 Jul 26; 16:10) | Brilliance (1114.HK; HK$1.99;1H; 10 Jul 26; 16:10) | BYD (1211.HK; HK$84.9; 1; 10 Jul 26; 16:10) | BYD (002594.SZ;Rmb90.0; 1; 10 Jul 26; 15:00) | Chery (9973.HK; HK$26.76; 1; 10 Jul 26; 16:10) |Chongqing Changan Automobile (000625.SZ; Rmb7.11; 2; 10 Jul 26; 15:00) | DongFeng Automobile Co Ltd (600006.SS; Rmb5.27; Not Rated; 10 Jul 26; 15:00) |Geely Automobile (0175.HK; HK$18.64; 1; 10 Jul 26; 16:10) | Great Wall Motor(2333.HK; HK$8.64; 1; 10 Jul 26; 16:10) | Great Wall Motor (601633.SS; Rmb15.26;3; 10 Jul 26; 15:00) | Guangzhou Automobile (2238.HK; HK$2.19; 2; 10 Jul 26; 16:10)| Guangzhou Automobile (601238.SS; Rmb5.19; 2; 10 Jul 26; 15:00) | Leapmotor(9863.HK; HK$37.74; 1; 10 Jul 26; 16:10) | Li Auto (LI.O; US$12.1; 2; 10 Jul 26; 16:00) |Li Auto Inc (2015.HK; HK$47.42; 2; 10 Jul 26; 16:10) | NIO (NIO.N; US$4.78; 1; 10 Jul26; 16:00) | NIO (9866.HK; HK$38.66; 1; 10 Jul 26; 16:10) | SAIC Motor (600104.SS;Rmb10.12; 2; 10 Jul 26; 15:00) | Seres Group (601127.SS; Rmb59.9; 3; 10 Jul 26;15:00) | Seres Group (9927.HK; HK$47.8; 2; 10 Jul 26; 16:10) | Tesla (TSLA.O;US$407.76; Not Rated; 10 Jul 26; 16:00) | Xiaomi (1810.HK; HK$25.84; 1; 10 Jul 26;16:10) | XPeng (XPEV.N; US$13.03; 1; 10 Jul 26; 16:00) | XPeng (9868.HK; HK$51.25;1; 10 Jul 26; 16:10) 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 attributab