On June 4th, CMB Securities published a report stating that new energy vehicles in the auto industry generally rebounded, with bullish outlook on BYD, Chang'an and Li Auto. The report mentioned that BYD delivered 330,000 vehicles in May, up 38.2% year-on-year. It performed strongly under fierce competition. The QinL/Hanmao 06 with DMi5.0 had a super low fuel consumption and super high cost performance, accelerating the replacement of gasoline vehicles and driving sales growth in June. The release of heavy-duty vehicle models with DMi5.0 will continue to improve its competitive advantages. The bank pointed out that Li Auto delivered 35,000 vehicles in May, up 23.8% year-on-year, of which more than 12,000 were L6. The company adjusted its product price system in April, and sales momentum is gradually recovering. Its market share in the new energy vehicle market above RMB 200,000 increased year-on-year and reached 13.5% in the first four months, ranking first among domestic brands. The report also stated that NIO lowered the monthly BaaS battery rental price by 26% to 33% in March, and subsequently launched RMB 1 billion gasoline vehicle replacement subsidies, with obvious price reduction and sales promotion effect. However, Xpeng's sales recovery is still slow, and it is expected to improve after the salesperson responsible have implemented channel adjustments and product line enhancements in the near future.