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Recently, major domestic new energy vehicle manufacturers have successively released sales data for April.

BYD passenger cars sold 373000 new energy vehicles in April, a year-on-year increase of 19.4% and a month on month increase of 0.3%; Geely Automobile sold 126000 new energy vehicles, a year-on-year increase of 144.2% and a month on month increase of 4.9%; Zero Run delivered 41000 vehicles in April, a year-on-year increase of 173.5% and a month on month increase of 0.6%; Xiaopeng Motors sold 35000 new energy vehicles, a year-on-year increase of 273.1% and a month on month increase of 5.5%; Ideal Automobile sold 34000 new energy vehicles, a year-on-year increase of 31.6% and a month on month decrease of 7.5%; The sales volume of GAC Aion new energy vehicles reached 28000 units, a year-on-year increase of 0.7% and a month on month decrease of 17%; NIO sold 24000 new energy vehicles, a year-on-year increase of 53% and a month on month increase of 58.9%.

Whether it is year-on-year or quarter on quarter data, the performance of new energy vehicle manufacturers is generally better than in previous periods, demonstrating the growth resilience of the new energy vehicle market in April. From the specific growth rate, the growth performance of new car making forces is more impressive, mainly due to the launch of their new products and the "fixed price" and "zero interest" car buying strategies. Leading car companies represented by BYD have slightly slowed down their growth performance.

There is actually some expectation for the growth of the new energy vehicle market in April.

At the end of April, listed companies in the lithium battery industry chain released their first quarter reports intensively. From the inventory indicators as of March 31, especially the inventory level of power battery companies, it can be seen that battery companies have been stocking up in advance for the strong downstream demand in the second quarter.

However, in terms of price, there is a further downward trend in the industry chain.

Firstly, in the automotive sector, car companies generally increased their marketing efforts in April, and the bidding pressure from end car companies will be transmitted to the middle and upper reaches.

From the trend of battery cell prices in April, the performance is relatively stable. However, in the upstream material end, such as lithium carbonate and lithium hexafluorophosphate, the downward trend is more obvious. Recently, the decline of lithium carbonate futures LC2505 has further expanded after the impact of tariffs. As of May 7th, LC2505 closed at 64000 yuan/ton. Other materials, such as negative electrode materials, copper foil, and separators, have relatively stable price performance.

From the changes in material prices, it can also be seen that lithium salt materials face greater price pressure. Unlike other materials, lithium salt materials not only face downstream price pressure, but also upstream supply pressure. Gaogong Lithium Battery previously analyzed that the concentrated release of global lithium salt supply from 2025 to 2026 may further drive down the prices of related materials.

This also leads to a greater decrease in lithium salt materials compared to other materials.

At present, the downward trend in upstream material prices may exert certain pressure on the performance and profits of lithium battery material companies in the second quarter, while material companies are also facing a new round of inventory impairment risks. In contrast, the stability of battery cell prices is expected to benefit battery cell companies due to the widening gap between costs and selling prices.

Looking ahead to the market situation in the second quarter, risks are gradually concentrated in the upstream material sector, which further tests the price transmission and inventory turnover capabilities of material enterprises. In contrast, due to the reduction in material costs and stable terminal sales, midstream and downstream battery and automotive companies benefit more.