Citigroup released a research report indicating that by 2025, to alleviate the impact of the expiration of subsidies, around ten automobile manufacturers, including Ideal-W (02015.HK) (LI.US), Xiaopeng-W (09868.HK) (XPEV.US), NIO-SW (09866.HK) (NIO.US), ZEEKR (ZK.US), BYD (01211.HK), and LEAPMOTOR (09863.HK), have announced a variety of car purchasing incentive measures. These measures include providing cash or charging credit subsidies for buyers who do not qualify for the trade-in subsidy, as well as offering interest-free loans, Insurance discounts, and cash rebates. Citigroup believes that the series of measures introduced by automobile manufacturers aims to cope with the sales off-season at the beginning of 2025, but it is anticipated that these measures will negatively impact profits in the first quarter of this year.