BYD's NEV Dominance

STATE OF CHINA'S AUTO INDUSTRY A rebound in CV sales along with NEV expansion and heavy discounting contributed to the March sales recovery China Passenger Vehicle Monthly Sales YoY Change ('000 units) Monthly Retail Sales - (Oct. 2021 Mar. 2023) (%) 2,422 2,500 2,192 2,098 2,222 2,174 2,125 2,332 2,231 2,265 100 2,075 2,007 2,017 2,000 1,864 1,500 1,487 28.6% 1,623 41.6% 40.2% 36.9% 33.2% 1,653 1,469 50 11.2% 1,000 -4.9% -4.6% 2.0% 2.6% -0.5% 965 11.2% 8.2% -1.4% -5.3% -6.5% 0 -30.0% 500 -43.4% ('000 units) YoY Change Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar China Commercial Vehicle Monthly Sales -50 (%) Monthly Retail Sales (Oct. 2021 Mar. 2023) 2,500 100 2,000 29.6% 50 17.3% 1,500 4.5% -29.7%-30.1% -20.2% -24.9% -16.4% -21.2% -12.0% -16.3% -23.3% -20.1% 0 1,000 500- 326 330 364 344 -43.2% 370 -37.0% 250 -50.4% -60.6% 216 239 281 246 258 -47.7% 434 -50 279 273 253 291 324 180 0 Oct Nov Dec Jan Feb March April May June Jul Aug Sep Oct Nov Dec Jan Feb Mar -100 CV segment had its best month since 2021 - a clear sign of recovery from its stimulus hangover PV sales growth was paid for with a price war, and is almost entirely from new energy vehicles Source: CAAM, Automobility analysis Automobility Ltd 7

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