BYD's NEV Dominance

STATE OF CHINA'S AUTO INDUSTRY A weak opening in 2023 was expected after expiry of stimulus, which was not completely offset by aggressive pricing moves 30 30 CV PV China Auto Sales (2015 - 3/2023) YoY Change ■Total: -6.7% ■CV: -2.9% ■ PV: -7.3% ■NEV: +27.2% / 339k units ■ICE: -12.7% / -650k units -2,8% (million units) -8,2% +7,1% +2,2% -1,8% +3,8% 28,9 28,0 28,1 26,9 26,3 4,2 25,8 3,7 4,4 25,3 25 24,6 3,3 23,5 4,3 4,8 3,5 5,1 3,8 20 20 15 24,4 24,7 23,7 23,6 21,4 21,5 21,1 20,2 10 19,7 5 ◉ ☐ 6,1 5,1 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023.1-3 Comments Overall sales were down ~6.7% in Q1 year- over-year Weaker sales in early 2023 were anticipated due to several factors: - Pull-ahead of sales - Expiration of subsidies. YOY comparisons in Q22023 will show favorability due to extraordinary events in 2022 Q12023 NEV sales are up 27.2%, YOY and gasoline-powered vehicles sales were down 12.7% Source: CAAM, Automobility analysis Automobility Ltd 4

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