Tina Hou
+86(21)2401-8694 |
@
Goldman Sachs (China) Securities
Company Limited
Jenny Du
+86(21)2401-8978 |
@
Goldman Sachs (China) Securities
Company Limited
%/% in Apr.
Key pricing trends: NEV dealer discount widened wow n
while ICE narrowed wow.
Upstream battery pricing dynamics: Battery grade n
lithium carbonate price increased to
(+% wow), while prismatic cell (LFP) and prismatic
cell (NCM) prices were stable wow.
19 May 2026 | 11:39AM CST
CHINA NEW ENERGY VEHICLE WEEKLY CHARTBOOK
2026 Week 20 - Weekly NEV orders rebounded to +4%/+11% wow/yoy driven by new models
Bottom line: Weekly NEV orders rebounded to grow by
+4% wow and +11% yoy driven by new model launches
(. Luxeed V9 EREV MPV, ONVO L80 and Li Auto L9
facelift).
A curated compilation of the most topical charts on weekly
passenger vehicle market performance, organized into the
following categories: (1) Key NEV brands’ weekly orders
amount, (2) Key events to watch, (3) NEV/ICE dealer price
discount tracker, and (4) Upstream battery pricing dynamics.
2026 Week 20 highlights:
Key brand orders: Nio / Li Auto / HIMA showed the n
highest growth at +113%/+113%/+11% wow driven by
new model launches.
CPCA weekly trend: As of May 1-10, PV retail volume n
was 407k units (-21% yoy/+36% mom), while PV
wholesale volume was 320k units (-23% yoy/+7% mom)
per CPCA. Meanwhile, NEV retail volume was 226k units
(-13% yoy/+27% mom), and NEV wholesale volume was
193k units (-16% yoy/+23% mom), with NEV penetration
at %/% in May 1-10, compared to
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have
a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment
decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts
employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the .
Equity Research
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Weekly order summary
Key brand weekly order trends during 2026 week 20 (5/11-5/17):
Key NEV OEMs combined orders were +4% wow and +11% yoy in week 20 driven by new model launches (. Luxeed V9 n
EREV MPV, ONVO L80 and Li Auto L9 facelift).
Nio / Li Auto / HIMA showed the highest growth at +113%/+113%/+11% wow due to new launches. n
In terms of YTD orders, Nio / HIMA / Tesla showed relatively defensive growth at +40%/+12%/-3% yoy. n
19 May 2026 <#>
Goldman Sachs China New Energy Vehicle Weekly
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rYrUkYtY8XyU7N8Q8OoMpPtRrPjMnNsPiNoPwPaQpOrOxNmMrNvPsQqN
Exhibit 1: NEV brand weekly orders summary
Source: ThinkerCar, Data compiled by Goldman Sachs Global Investment Research
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Goldman Sachs China New Energy Vehicle Weekly
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Key events to watch
2026 Week 21, May 18-24
May 18: BYD to launched Denza N9 flash-charging model. n
May 20: XPeng to officially launch GX. n
May 21: BYD to launch Yuan Plus facelift. n
May 21: Nio to report 1Q26 results. n
May: BYD to officially launch Da Tang. n
2026 Week 22, May 25-31
May 27: Nio to officially launch ES9. n
May 28: Li Auto to report 1Q26 results. n
May 28: XPeng to report 1Q26 results. n
May 28: BYD to host technology event per media. n
2026 Week 23, Jun 1-7
Jun 1: NEV OEM monthly volume release. n
2026 Week 24-26, Jun 8-Jun 28
Jun 10-11: CPCA will release PV/NEV industry and by model wholesale/retail
19 May 2026 <#>
Goldman Sachs China New Energy Vehicle Weekly
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EnzeCVRidXgYw325hQKy20we1SRJ4TDhcUOwV/AWWYJn48c9RMGttIpV/XoUizXZ
Retail end-pricing
NEV: average dealer discount vs. MSRP was % as of May 16, vs. %/% as of May 9, 2026/May 26, 2025; BYD n
average dealer discount vs. MSRP was % as of May 16, vs. %/% as of May 9, 2026/May 26, 2025.
ICE: average dealer discount vs. MSRP was % as of May 16, vs. %/% as of May 9, 2026/May 6, 2025. n
Exhibit 2: NEV dealer discount trend
By brand dealer discount is based on best-selling models.
Source: Autohome, Data compiled by Goldman Sachs Global Investment Research
Exhibit 3: ICE dealer discount trend
By brand dealer discount is based on best-selling models.
Source: Autohome, Data compiled by Goldman Sachs Global Investment Research
19 May 2026 <#>
Goldman Sachs China New Energy Vehicle Weekly
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Upstream battery pricing dynamics
Battery grade lithium carbonate price increased to (+% wow), while prismatic cell (LFP) and prismatic cell
(NCM) prices were stable wow.
Exhibit 4: Battery and battery raw materials prices
Source: ICC Sino, Data compiled by Goldman Sachs Global Investment Research
19 May 2026 <#>
Goldman Sachs China New Energy Vehicle Weekly
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Disclosure Appendix
Reg AC
We, Tina Hou and Jenny Du, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also
certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Contributing Authors: Tina Hou Goldman Sachs (China) Securities Company Limited, Jenny Du Goldman Sachs (China) Securities Company Limited.
Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment Research division.
GS Factor Profile
The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (. our universe of rated stocks) and its sector peers. The four key attributes depicted
are: Growth, Financial Returns, Multiple (. valuation) and Integrated (a composite of Growth, Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized
ranks for specific metrics for each stock. The normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may vary
depending on the fiscal year, industry and region, but the standard approach is as follows:
Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a higher percentile indicating a higher growth company.
Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial stocks, only ROE), with a higher percentile indicating a company with higher financial returns. Multiple is based
on a stock’s forward-looking P/E, P/B, price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stocks, only P/E, P/B and P/D), with a higher percentile indicating a
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Financial Returns and Multiple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters in the future. Growth uses inputs for the fiscal year at least seven quarters in the future
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Rating Distribution Investment Banking Relationships
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Global 50% 34% 16% 65% 60% 45%
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