Jefferies analyst Philippe Houchois said in a report that Tesla's technology and business model “greatly inspired” China's challengers, who now have more access to capital. Tesla's target share price was raised to $775 (previously $650), and four Chinese companies were covered for the first time. Capital resources may make Chinese NEV manufacturers a more important challenger than traditional automakers. Tesla will continue to maintain its industry benchmark position, but it is no longer unique in obtaining capital on preferential terms. Among Chinese companies, BYD (buy) is the best target for investing in Chinese cars and battery technology; Ideal Auto was given a purchase rating for the first time due to extended mileage technology; BAIC Blue Valley gave it a purchase rating for the first time, due to the acceleration of the expansion of direct stores and new SUVs; and NIO and Xiaopeng held ratings for the first time because their growth expectations are already high.