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<Research>M Stanley Foresees CN Car Trade-in Subsidy Effects Not to Boost Sales Hugely until 2Q; Mass Brands May Seize Demand Growth
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Morgan Stanley published a research report on Chinese automakers, after the car trade-in subsidy policy was introduced in Mainland China lately. The broker viewed that the benefits of the policy will diminish for 1Q25, because consumer demand for car purchases has been met in advance at the end of 2024. Volume was expected to ramp up more meaningfully from 2Q25. Coupled with the more model launches around Shanghai Auto Show in April, auto sales may leapfrog from 2Q25. Similar to last year, Morgan Stanley thought mass-market brands are set to capture policy boost. Meanwhile, traditional brands with more sales channels in lower-tier cities will also be on the ride of the policy. Morgan Stanley was upbeat on GEELY AUTO (00175.HK), GWMOTOR (02333.HK), CHANGAN AUTOMOBILE (000625.SZ), XPENG-W (09868.HK) and BYD COMPANY (01211.HK). AAStocks Financial News |
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