OEM Trend
IT Home: March 29 marked the official start of pre-sales for BYD’s second-generation Denza D9 MPV. The new lineup offers six configurations, priced between 389,800 and 489,800 yuan — a point where hybrid and pure electric versions align. According to the automaker, units will start rolling out to dealerships nationwide in April.
IT Home: Xiaomi founder, chairman, and CEO Lei Jun took to Weibo on March 29 with a question: "The new SU7 delivered 4,000 to 5,000 units in its first week. How’s that for speed?" Initial deliveries for the new SU7 began on March 23. Earlier in the month, Lei Jun pledged to streamline the delivery experience, aiming to get the vehicle into customers' hands faster.
IT Home: NIO has officially opened its first store in Costa Rica, according to a post on the company’s Weibo account. Located in the Combai Mercado Urbano shopping center in San Rafael de Escazu, the showroom was established in partnership with local distributor Horizontes Cielo Azul. This marks NIO’s first retail footprint in Latin America and its first overseas store featuring three brands.
Interface News: Dongfeng Nissan recently announced that its NX8 model will officially hit the market on April 8, 2026, with pricing revealed the same day. Initial deliveries to owners will kick off simultaneously.
CLSA: Brazilian automaker CAOA recently pledged an additional 5 billion reais ($955 million) for its Anápolis plant in Goiás. The capital injection aims to boost capacity, modernize technology, and introduce advanced manufacturing processes. Notably, the facility will also begin local production of the Changan UNI-T.
CLSA: BYD reported full-year 2025 revenue of 803.96 billion yuan — a 3.46% annual increase that fell short of the 836.26 billion yuan estimate. The automaker’s core vehicle business generated 648.646 billion yuan, climbing 5.06%, while revenue from mobile phone components and assembly slipped 2.74% to 155.237 billion yuan. These divisions represented 80.68% and 19.31% of total turnover, respectively. Net profit for the year dropped 19% to 32.62 billion yuan, missing analyst expectations of 35.65 billion yuan.
CLSA: XPeng announced in a Hong Kong filing that its Chinese name will change to "Xiaopeng Group" from "Xiaopeng Automobile Co., Ltd." effective April 1, 2026. The English name, "XPeng Inc.," remains unchanged. Accordingly, the Chinese stock short name for its Class A ordinary shares on the Hong Kong Stock Exchange will switch from "Xiaopeng Automobile-W" to "Xiaopeng Group-W" when trading opens on April 1.
LatePost: Onvo is developing a sedan and an SUV aimed at the 200,000-yuan market segment. Sources close to the project say the sedan will target small families while doubling as a commercial vehicle. Although both models were planned earlier, development was paused early last year during NIO’s CBU reform before resuming in late August. Onvo also hasn’t ruled out introducing additional mass-market models depending on how conditions evolve.
Supply Chain News
Gasgoo: Axera recently released its financial results for 2025. Total revenue climbed 18.8% year-on-year to 562 million yuan, while gross profit came in at 121 million yuan, holding the margin steady at 21.6%. Emerging businesses are claiming a larger share of the top line. The smart automotive sector, in particular, notched a breakthrough: revenue surged 618.2% to 48.17 million yuan.
IT Home: EVE Energy recently unveiled its 2025 earnings. Revenue for the year jumped 26.44% to 61.47 billion yuan. Net profit attributable to shareholders rose 1.44% to 4.134 billion yuan, while net profit excluding non-recurring items slipped 2.09% to 3.096 billion yuan.
CLSA: App data from Tianyancha reveals Contemporary Amperex Technology Service Co., Ltd. recently increased its registered capital from 1.5 billion yuan to 1.94 billion yuan — a roughly 29% boost. Founded in August 2021 and led by legal representative Yang Jun, the company operates battery swap facilities, battery leasing, and charging services. It is a wholly-owned subsidiary of CATL.
Industrial Economy
CLSA: A Huatai Securities report attributes recent weakness in lithium prices to liquidity contractions and shifting risk appetites following events in the Middle East. Yet, supply risks in China’s Yichun region and overseas in Zimbabwe persist, while high oil prices are lifting demand forecasts for EVs and energy storage. Under neutral assumptions for 2026 — global NEV sales growth of 10%–15% and energy storage cell shipment growth of 50%–60% — the global lithium carbonate market is poised to remain in a tight balance.
CLSA: Several online auto platforms report that surging European gasoline prices, fueled by the Middle East conflict, have driven a noticeable spike in used electric vehicle sales. French retailer Aramisauto noted that EVs jumped to 12.7% of sales over three weeks, up from 6.5%, while gasoline cars slid to 28% from 34%.
Gasgoo: Consumer-focused embodied robotics firm Gesong Tech has closed a new funding round exceeding 100 million yuan. Investors included Shenzhen Capital Group, Vertex Ventures, Qianhai Ark, Origin Yuan, Glimmer Capital, Kunlun Capital, and Rongyi Investment. This follows a 100-million-yuan round closed in late 2025, which was co-led by InnoAngel Fund and Kinzon Capital.
Policy Situation
CCTV News: The intelligent connected vehicle (ICV) sector is entering a new phase defined by the deep integration of "vehicle-road-cloud" systems and large AI models. Yesterday (March 28), authorities released a set of group standards for ICVs and complex road driving to speed up the commercialization of key technologies. The 2026 National New Quality Productive Forces and Intelligent Industry Development Conference saw the release of 12 standards across two series: "Collaborative ICVs Based on Advanced Mobile Communications" and "Complex Road Intelligent Driving." Backed by the Chinese Association of Automation and 11 research institutes, including Central South University, these standards translate national R&D achievements into industry rules — filling critical gaps in collaborative driving tests and decision-making for complex road conditions.
