BYD's NEV Dominance

STATE OF CHINA'S AUTO INDUSTRY Foreign brands are especially weak in comparison to Chinese brands in 2023 China PV Sales by Brand Origin (% in terms of sales volume) 2017-2022 China PV Sales by Brand Origin (YTD, 2023) Brand Total Sales Volume Local OEMs 42% 44% 39% 36% YoY 41% 47% Origin (thousand units) 52% Local 2,683 5.3% Germany 1,007 -9.2% Japan 797 -31.3% Global OEMs 61% 58% 56% 64% USA 483 -9.3% 59% 53% 48% Korea 82 -12.8% 2017 2018 2019 2020 2021 2022 2023 YTD Local brands are very likely to outsell foreign brands for the first time since the opening and reform era began in the 1980s Gains accrue to a very small number of local players Japan OEMs are the biggest loser in the price war so far in 2023 Source: CAAM, desktop research, Automobility analysis Automobility Ltd 19

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