BYD's NEV Dominance

STATE OF CHINA'S AUTO INDUSTRY Tesla's price war may have mitigated weakened demand, but has thus far not expanded Giga Shanghai production volumes (units) Tesla China Sales Distribution (Jan. 2021 Mar. 2023) - Comments China Sales 120,000 Exports 100,000 62,493 76,663 77,613 78,906 80,000 34,502 33,923 17,200 65,754 26,843 19,346 60,000 23,200 41,926 40,000 20,000 1,512 9,825 8,461 0 40,500 33,315 60 14,17422,340 968 19,756 5,522 54,504 Jan Feb Mar Apr May Jun 13,870 39,208 12,206 42,463 37,798 40,479 Jul Aug Sep Oct Nov Dec Jan Feb Mar Weaker demand in China, combined with added global capacity have created a situation where global capacity now exceeds demand for Tesla Tesla's models have aged in hyper-competitive EV market Giga Shanghai along with new global capacities face risk of underutilization Tesla claims to be leveraging its cost advantage to grow its share internationally, but results in China are decidedly mixed Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q12023 Source: Desktop research, Automobility analysis Automobility Ltd 24 24

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