During the week from May 19 to 25, orders from 12 major electric vehicle (EV) manufacturers in China lost 7% WoW, CLSA said in its report. In the mass market, BYD COMPANY (01211.HK)  -13.200 (-3.251%)    Short selling $973.82M; Ratio 10.079%   seized 70,000 orders during the period, with price cuts receiving a positive response.

GEELY AUTO (00175.HK)  -0.080 (-0.452%)    Short selling $125.98M; Ratio 8.354%   's orders numbered 21,000, below the 23,300 the previous week. LEAPMOTOR (09863.HK)  -1.350 (-2.379%)    Short selling $48.77M; Ratio 6.538%   's orders subsided from 9,700 to 8,700. Channel sources divulged that Leapmotor's C11 and C16 models are offering a RMB3,000 discount in response to BYD's price cuts.

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In the mid-to-high-end market, XIAOMI-W (01810.HK)  -0.750 (-1.451%)    Short selling $1.62B; Ratio 15.488%   's orders receded from 50,000 last week to 45,000, affected by recent negative media reports swaying buyer interest, while the market estimated the YU7 to be priced at RMB220,000. As for LI AUTO-W (02015.HK)  +4.100 (+3.789%)    Short selling $636.78M; Ratio 16.598%   , orders remained resilient at 10,000 units. XPENG-W (09868.HK)  -4.050 (-5.037%)    Short selling $562.45M; Ratio 28.681%   's orders sank from 7,100 to 6,800.

The broker foresaw that price pressure will persist in the short term, exerting pressure on sector margins, while new technologies and exports were expected to act as catalysts to improve sales structure and margins.

As for stocks, CLSA viewed BYD to be relatively advantageous due to its strong export momentum, setting a TP of HKD483 for H shares. The broker believed Geely's product cycle can render some support, with a TP of HKD23, both rated as Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-30 16:25.)

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