[Chery Group Exported Nearly 150,000 Vehicles in March] On April 2, Chery Group announced that, after becoming the first Chinese-branded automaker to surpass 6 million in cumulative exports in February, it exported 148,777 vehicles in March, up 72% YoY, setting a new record for monthly automobile exports from China; cumulative exports in Q1 reached 393,311 vehicles, up 53.9% YoY. As of then, Chery had exceeded 100,000 vehicle exports in a single month for 11 consecutive months.

According to Mr. Yin, the milestone is expected to be reached around June 20.

On June 10 local time, Li Chenggang, the International Trade Representative and Vice Minister of Commerce, said in London, when referring to the first meeting of the China-U.S. economic and trade consultation mechanism, that China and the United States had conducted professional, rational, in-depth, and candid communications. The two sides reached a framework in principle on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5, as well as the consensus reached during the Geneva talks.

SMM News on June 11: In the morning of June 11, the auto parts sector surged rapidly, with the index rising nearly 3% at one point during the trading session, and individual stocks experiencing a wave of strong limit-up rallies. By the end of the day's trading, the auto parts index had risen by 2.32%. Among individual stocks, 10 stocks including Tongxin Transmission, Meichen Technology, Dishengli, and Jinqilin hit their daily limits, while multiple stocks such as Zhejiang Huayuan, Xiangyang Bearing, and Lizhong Group followed suit with gains. The reasons behind all these developments are closely tied to the collective "voices" of dozens of automakers yesterday and today. It is reported that on the evening of June 10, four automakers, namely FAW Group, Dongfeng Motor, GAC Group, and Seres, issued separate statements committing to "payment terms not exceeding 60 days." On June 11, a host of automakers including BYD, Great Wall Motor, Xiaomi Auto, XPeng Motors, Chery Group, Leap Motor, BAIC Group, Li Auto, and NIO also followed suit, issuing announcements mentioning their decision to "unify supplier payment terms to within 60 days." In the announcements of these enterprises, many mentioned their active response to the "Regulation on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council. Public information shows that the "Regulation on Ensuring Payments to Small and Medium-sized Enterprises" was revised and adopted at the 43rd executive meeting of the State Council on October 18, 2024, and came into effect on June 1, 2025. It clearly stipulates that large enterprises shall not exceed 60 days for the payment of project funds. Meanwhile, they shall not force small and medium-sized enterprises to accept non-cash payment methods such as commercial bills of exchange to extend payment terms in disguise. Undoubtedly, the automakers' collective response to the decision to "unify supplier payment terms to within 60 days" is undoubtedly a significant positive for auto parts enterprises. On the one hand, the shortening of automakers' payment terms allows parts suppliers to receive payments as quickly as possible, accelerating the speed of capital inflows. Suppliers can use the recycled funds to purchase raw materials, avoiding shortages in raw material supply due to capital constraints that could affect production schedules. This can expedite the capital turnover of auto parts enterprises and reduce the risk of production halts caused by financial constraints. Additionally, it can enhance the operational stability of auto parts enterprises and promote the coordinated development of the entire automotive supply chain. CITIC Securities commented on this, stating that automakers' active response to policies indicates that the automotive industry has entered a stage of high-quality development. Dai Chang from Guohai Securities pointed out that under the catalysis of the trade-in policy in 2024, passenger vehicle sales exceeded expectations. With the continuation of the trade-in policy in 2025, it will support the upward trend in automotive consumption. The industry is expected to remain highly prosperous throughout the year, and we continue to be optimistic about opportunities in the auto sector, particularly high-quality parts suppliers with upward operating cycles. Additionally, according to information from Cailian Press, data released by the China Automobile Manufacturers Association (CAAM) showed that in May 2025, China's automobile production and sales reached 2.649 million units and 2.686 million units, respectively, up 1.1% MoM and 3.7% MoM, and up 11.6% YoY and 11.2% YoY. From January to May, automobile production and sales totaled 12.826 million units and 12.748 million units, respectively, up 12.7% YoY and 10.9% YoY. In terms of new energy vehicles (NEVs), production and sales in May reached 1.27 million units and 1.307 million units, respectively, up 35% YoY and 36.9% YoY. NEV sales accounted for 48.7% of total new vehicle sales. From January to May, NEV production and sales totaled 5.699 million units and 5.608 million units, respectively, up 45.2% YoY and 44% YoY. In terms of exports, China exported 551,000 vehicles in May, up 6.6% MoM and 14.5% YoY. From January to May, total vehicle exports reached 2.49 million units, up 7.9% YoY. SMM summarized the key points of the announcements from several automakers as follows: [FAW Group: Fulfilling Responsibilities, Building a Healthy Supply Chain Ecosystem] FAW Group announced that as a large state-owned automotive enterprise group, it has always regarded suppliers as its closest partners, adhering to the principles of shared destiny and mutual benefit to achieve high-quality development together. Recently, national ministries and commissions, including the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC), have issued a series of deployment requirements to ensure the stability of the industrial and supply chains and promote high-quality development of the automotive industry. FAW Group has resolutely implemented these requirements, continuously optimizing its internal procurement and financial settlement processes to maintain a healthy and stable market economic order. Firstly, it has improved mechanisms and strengthened execution by clarifying payment terms and methods, setting a "60-day payment" requirement for affiliated units, and enhancing financial supervision and process management. Secondly, it has optimized processes to improve efficiency by strengthening internal coordination among departments such as procurement and finance, further streamlining approval processes, and ensuring smooth payment procedures. Thirdly, it has leveraged technology for precise control by fully utilizing digital cloud workbenches to achieve real-time monitoring of nodes throughout the entire process, including contract execution, invoice matching, and payment applications, ensuring that all payables are paid on schedule. [Dongfeng Motor: Fulfilling Central State-Owned Enterprise Responsibilities, Unifying Payment Terms to Within 60 Days!] On June 10, to thoroughly implement the spirit of national policies and support the healthy development of small and medium-sized enterprises, Dongfeng Motor Corporation (hereinafter referred to as Dongfeng Motor) officially announced that it would unify payment terms to within 60 days. This move is an important initiative by Dongfeng Motor to actively respond to the Regulations of the State Council on Ensuring Payments to Small and Medium-sized Enterprises, aiming to drive efficient capital flow between upstream and downstream enterprises through concrete actions and facilitate the coordinated development of the industry chain. [GAC Group: A Solemn Commitment on Supplier Payment Terms] GAC Group has consistently been committed to providing customers with safe and high-grade products and services. The healthy development of the supply chain system is the foundation for ensuring product safety and quality. To this end, GAC Group will, as always, adhere to a supplier payment term of no more than 60 days to ensure efficient capital turnover in the supply chain. It will work hand in hand with upstream and downstream partners to jointly promote the high-quality development of the industry. [Seres: An Initiative on Jointly Promoting High-Quality Industry Development] Seres actively responds to the Initiative on Maintaining Fair Competition Order and Promoting Healthy Industry Development issued by the China Association of Automobile Manufacturers. The achievements made by China's NEV industry have not come easily. We call for a more orderly marketization, with enterprises strengthening self-discipline to jointly promote the high-quality development of the industry. We are willing to continue working hand in hand with industry peers to jointly maintain a fair and orderly market environment and build a new era of intelligent electric mobility! Seres is actively promoting product integration and intelligent manufacturing clustering, effectively facilitating the coordinated development of upstream and downstream enterprises in the industry chain and enhancing the competitiveness of the entire industrial cluster. Seres has been making payments in accordance with contractual agreements with suppliers, with a normal payment term of 60 days, achieving a win-win situation for both OEMs and suppliers. [BYD: Fulfilling Social Responsibilities and Promoting High-Quality Industry Development] To implement a series of deployment requirements made by the state and relevant ministries on ensuring the stability of the industry chain and supply chain and promoting the high-quality development of the automotive industry, and to support the healthy development of small and medium-sized enterprises, BYD Auto announced that it will unify supplier payment terms to within 60 days. BYD stated that it will drive the high-quality development of China's automotive industry through concrete actions. In the future, BYD Auto will continue to promote the steady and long-term development of China's automotive industry through technological innovation and management optimization, working hand in hand with upstream and downstream partners. [Great Wall Motor: A Commitment to Unifying Payment Terms to Within 60 Days] To thoroughly implement the Regulations of the State Council on Ensuring Payments to Small and Medium-sized Enterprises, Great Wall Motor Co., Ltd. announced that it will unify supplier payment terms to within 60 days to ensure the stability of the automotive industry chain and supply chain, promote fair market competition, stimulate innovation vitality, and improve development efficiency. [Xiaomi Auto: Unifying Supplier Payment Terms to Within 60 Days] Xiaomi Auto announced on its official Weibo account that it will resolutely implement the deployment requirements made by the state and relevant competent departments on promoting the high-quality development of the automotive industry and ensuring supply chain stability, unifying supplier payment terms to within 60 days. [Chery Group: Unifying Supplier Payment Terms to Within 60 Days] Chery Group stated that recently, national ministries and commissions, including the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC), have made a series of deployment requirements to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry. Chery Group is resolutely implementing these requirements and has decided to unify supplier payment terms to within 60 days starting from June 10, in order to accelerate the capital turnover efficiency of the industry chain and ensure the stability of the industry chain and supply chain. [Leap Motor: Will Continue to Adhere to the "60-Day Payment" Principle to Ensure Efficient and Smooth Payment Processes] Leap Motor posted on Weibo that it will continue to adhere to the "60-Day Payment" principle, with zero arrears as the standard, streamline the approval process, continuously strengthen departmental collaboration, and ensure efficient and smooth payment processes. [Li Auto: Will Continue to Implement Payment Terms Within 60 Days] Li Auto posted on Weibo that it has always been committed to creating safer, more comfortable, and more convenient products and services for users. Li Auto will continue to implement payment terms within 60 days and work with industry partners to jointly promote the high-quality development of China's automotive industry. [NIO: Will Continue to Implement Payment Terms Within 60 Days] NIO posted on Weibo that it is committed to becoming a user enterprise leading in technology and experience, existing for user satisfaction, developing ultimate products through technological innovation, providing services that exceed expectations, and building a community for common growth. The healthy development of the supply chain system is the foundation for ensuring product quality and enhancing user experience. NIO will continue to implement payment terms within 60 days and work with upstream and downstream partners to jointly promote the high-quality development of China's automotive industry, creating a sustainable and better future together. [XPeng Motors: Will Unify Payment Terms to Within 60 Days] XPeng Motors posted on Weibo that in order to actively respond to and implement a series of deployment requirements from the state and relevant departments aimed at promoting the high-quality development of the automotive industry, ensuring the stability of the industry chain and supply chain, and supporting the healthy development of small and medium-sized enterprises, XPeng Motors has announced that it will unify payment terms to within 60 days. As a "pioneer in future mobility," XPeng Motors will actively fulfill its corporate social responsibility and commitment, striving to empower the industry chain and upstream and downstream partners through AI technological innovation, and jointly promoting the steady and far-reaching high-quality development of China's automotive industry. [BAIC Group: Strictly Adhering to Settlement Within 60 Days for All Qualified Partners Starting Today] BAIC Group posted on Weibo that starting today, it will strictly adhere to settlement within 60 days for all qualified partners, comprehensively cancel unreasonable settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers, and alleviate the cash flow pressure on small and medium-sized suppliers. Below are screenshots of announcements from major automakers:

Today, multiple automakers including BYD, Great Wall Motor, XPeng Motors, Xiaomi Auto, Chery Group, and BAIC Group issued statements on the same day, committing to "payment terms not exceeding 60 days." Yesterday, six automotive producers, namely China FAW Group Corporation Limited, Dongfeng Motor Corporation Limited, Guangzhou Automobile Group Co., Ltd., Seres Group Co., Ltd., Geely Auto Group, and Changan Automobile, issued statements on the same day, making the same commitment. As of now, over 10 automakers have made relevant commitments. BYD: Unifying supplier payment terms to within 60 days According to BYD's official Weibo account, in order to implement a series of deployment requirements made by the state and relevant ministries and commissions to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry, and to support the healthy development of small and medium-sized enterprises, BYD announced that it would unify supplier payment terms to within 60 days. BYD stated that it would take concrete actions to promote the high-quality development of China's automotive industry. In the future, BYD will continue to work with upstream and downstream partners to jointly drive the steady and long-term development of China's automotive industry through technological innovation and management optimization. Great Wall Motor: Committing to unify payment terms to within 60 days Great Wall Motor Co., Ltd. announced that it would unify supplier payment terms to within 60 days to ensure the stability of the automotive industry chain and supply chain, promote fair market competition, stimulate innovation vitality, and improve development efficiency. Xiaomi Auto: Unifying supplier payment terms to within 60 days Xiaomi Auto's official Weibo account announced that it would resolutely implement the deployment requirements made by the state and relevant competent authorities to promote the high-quality development of the automotive industry and ensure the stability of the supply chain, unifying supplier payment terms to within 60 days. XPeng Motors: Unifying payment terms to within 60 days XPeng Motors stated that in order to actively respond to and implement a series of deployment requirements made by the state and relevant departments to promote the high-quality development of the automotive industry, ensure the stability of the industry chain and supply chain, and support the healthy development of small and medium-sized enterprises, XPeng Motors announced that it would unify payment terms to within 60 days. Chery Group: Unifying supplier payment terms to within 60 days Chery Group issued a statement saying that recently, national ministries and commissions such as the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC) have made a series of deployment requirements to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry. Chery Group resolutely implements these requirements and has decided to unify supplier payment terms to within 60 days starting from June 10th to accelerate the capital turnover efficiency of the industry chain and ensure the stability of the industry chain and supply chain. Leap Motor: Will adhere to the "60-day payment" principle as always to ensure efficient and smooth payment processes Leap Motor posted on Weibo that it would adhere to the "60-day payment" principle as always, with zero arrears as the standard, streamline the approval process, continuously strengthen interdepartmental collaboration, and ensure efficient and smooth payment processes. BAIC Group: Strictly fulfill settlement within 60 days for all partners meeting payment conditions from today onwards BAIC Group stated that from today onwards, it would strictly fulfill settlement within 60 days for all partners meeting payment conditions, comprehensively cancel unreasonable settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers, and alleviate the cash flow pressure on small and medium-sized suppliers. Li Auto: Will continue to implement a payment term within 60 days Li Auto stated that it would continue to implement a payment term within 60 days and jointly promote the high-quality development of China's automotive industry with industry partners. NIO: Will continue to implement a payment term within 60 days NIO posted on Weibo that it would continue to implement a payment term within 60 days and work together with upstream and downstream partners to jointly promote the high-quality development of China's automotive industry. SAIC: Unifies supplier payment terms to within 60 days, does not use commercial acceptance bills SAIC announced in an article on its official WeChat official account that, in order to actively implement the national decision-making and deployment to ensure the stability of the industrial chain and supply chain and promote the high-quality development of the automotive industry, it would unify supplier payment terms to within 60 days and not adopt settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers. It would fulfill its responsibilities as a state-owned enterprise with practical actions, ensure the high-quality and efficient circulation of funds for upstream and downstream enterprises, and promote better collaborative operation among partners. FAW Group: Sets "60-day payment" as the payment term requirement for affiliated units FAW Group stated in an article that it would continuously optimize internal procurement and financial settlement processes and take practical actions to maintain the healthy and stable order of the market economy. First, it would improve mechanisms and strengthen implementation. It would clarify payment terms and payment methods, set "60-day payment" as the payment term requirement for affiliated units, and strengthen fund supervision and process management. Second, it would optimize processes and improve efficiency. It would strengthen internal collaboration among departments such as procurement and finance, further streamline approval links, and ensure unobstructed payment processes. Third, it would leverage technology for precise control. It would make full use of the digital cloud workbench to achieve real-time monitoring of the entire process nodes, including contract execution, invoice matching, and payment applications, to ensure that every payable is paid on schedule. Dongfeng Motor: Payment Terms to Be Unified to Within 60 Days Dongfeng Motor announced that on June 10, in order to thoroughly implement the spirit of national policies and support the healthy development of small and medium-sized enterprises, Dongfeng Motor Corporation Limited (hereinafter referred to as Dongfeng Motor) officially declared that it would unify its payment terms to within 60 days. This move is an important initiative by Dongfeng Motor to actively respond to the "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council, aiming to promote the efficient circulation of funds upstream and downstream through practical actions and facilitate the coordinated development of the industry chain. Dongfeng Motor will actively fulfill its social responsibilities and obligations as a central state-owned enterprise, further leverage its role as the "leader" of the industry chain, and collaborate with upstream and downstream enterprises to build an automotive industry ecosystem with greater resilience and innovative vitality, injecting new momentum into the high-quality development of China's automotive industry. GAC Group: Adhering to Supplier Payment Terms of No More Than 60 Days to Ensure Efficient Capital Turnover in the Supply Chain GAC Group stated that it has always been committed to providing customers with safe and high-grade products and services. The healthy development of the supply chain system is the foundation for ensuring the safety and high grade of products. To this end, GAC Group will, as always, adhere to supplier payment terms of no more than 60 days to ensure efficient capital turnover in the supply chain, and work hand in hand with upstream and downstream partners to jointly promote the high-quality development of the industry. Seres: Payments Made in Accordance with Contractual Agreements with Suppliers, with Normal Payment Terms of 60 Days Seres announced that it is actively promoting product integration and intelligent manufacturing clustering, effectively facilitating the coordinated development of upstream and downstream enterprises in the industry chain and enhancing the competitiveness of the entire industrial cluster. Seres has consistently made payments in accordance with contractual agreements with suppliers, with normal payment terms of 60 days, achieving a win-win situation for both the OEM and suppliers. Changan Automobile: Unifying Supplier Payment Terms to Within 60 Days Changan Automobile announced that, together with its subsidiaries Changan Aepower, Changan Kaicheng, Deepal, and Avatr, it is declaring to the industry that it will unify supplier payment terms to within 60 days. Through practical actions, it will fulfill its social responsibilities as a central state-owned enterprise, ensure the efficient circulation of funds for small and medium-sized enterprises, facilitate the coordinated operation of the industry chain, and work together to promote the high-quality development of the industry. Geely Auto Group: Unifying Supplier Payment Terms to Within 60 Days Geely Auto Group stated that in order to actively respond to and implement the "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council and the "Initiative on Maintaining Fair Competition Order and Promoting the Healthy Development of the Industry" issued by the China Association of Automobile Manufacturers (CAAM), Geely Auto Group announced that it would unify supplier payment terms to within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of a leading enterprise, and promote the high-quality development of the automotive industry.

[Geely Auto Group: Unifying Supplier Payment Terms to Within 60 Days] In response to the State Council's "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" and the China Association of Automobile Manufacturers' (CAAM) "Initiative on Maintaining Fair Competition and Promoting Healthy Industry Development," Geely Auto Group announced that it will unify supplier payment terms to within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of a leading enterprise, and promote the high-quality development of the automotive industry. (Cailian Press) [Changan Automobile: Unifying Supplier Payment Terms to Within 60 Days] Changan Automobile, along with its subsidiaries Changan Aiteon, Changan Kaicheng, Deepal, and Avatr, announced to the industry that it will unify supplier payment terms to within 60 days. This practical action demonstrates the company's commitment to fulfilling the social responsibilities of a central state-owned enterprise, ensuring efficient capital flow for small and medium-sized enterprises, facilitating smooth coordination within the industry chain, and jointly promoting the high-quality development of the industry. (Cailian Press) [BYD Auto: Unifying Supplier Payment Terms to Within 60 Days] According to BYD Auto's official WeChat account, in order to implement a series of deployment requirements from the state and relevant ministries on ensuring the stability of the industry chain and supply chain and promoting the high-quality development of the automotive industry, and to support the healthy development of small and medium-sized enterprises, BYD Auto announced that it will unify supplier payment terms to within 60 days. The company will take practical actions to drive the high-quality development of China's automotive industry. In the future, BYD Auto will continue to promote the steady and long-term development of China's automotive industry through technological innovation and management optimization, working hand in hand with upstream and downstream partners. (Cailian Press) [Chery Group: Unifying Supplier Payment Terms to Within 60 Days] Chery Group stated in a document that, in response to a series of deployment requirements from national ministries and commissions, including the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC), on ensuring the stability of the industry chain and supply chain and promoting the high-quality development of the automotive industry, Chery Group will resolutely implement these requirements. Starting from June 10th, the group will unify supplier payment terms to within 60 days to accelerate the efficiency of capital turnover in the industry chain and ensure the stability of the industry chain and supply chain. (Cailian Press) [XPeng Motors: Unifying Payment Terms to Within 60 Days] XPeng Motors stated that in order to actively respond to and implement a series of deployment requirements from the state and relevant departments aimed at promoting the high-quality development of the automotive industry, ensuring the stability of the industry chain and supply chain, and supporting the healthy development of small and medium-sized enterprises, XPeng Motors announced that it will unify payment terms to within 60 days. [Jinyinhe: Solid-State Battery Collaboration Project Will Have No Significant Impact on Short-Term Performance] Jinyinhe (300619. SZ) announced that the cumulative deviation in the closing prices of the company's stock trading over three consecutive trading days exceeded 30%, indicating abnormal fluctuations in stock trading. The strategic cooperation agreement recently signed between the company and its client aims to deepen collaboration in the field of solid-state batteries. Both parties will continue to build a globally competitive lithium battery production site in the future. This strategic cooperation strengthens the company's technological layout in the solid-state battery sector. The agreement signed by both parties is a long-term strategic cooperation agreement. As of now, both parties are advancing in an orderly manner according to the strategic plan, but there are still uncertainties regarding the transaction, which will have no significant impact on the company's performance in the short term. Related Reading: "Cobalt-related product prices continue to fall": Co3O4 prices drop by 7,650 yuan in a single week. Will the decline stop next week? [Weekly Observation] [SMM Analysis] Rio Tinto and Codelco join forces to enter the Lithium Triangle, investing $900 million to develop a world-class salt lake project [SMM Analysis] Separator prices remain stable [SMM Analysis] Raw material prices drag down overall prices, but a bottom-out rebound may occur during the policy window period The battery and solid-state battery sectors strengthen again, with multiple automakers announcing the latest progress. Lopal shares hit the daily limit for nearly six consecutive trading days. [Hot Stock] [SMM Analysis] Cathode material production in May increased MoM, while downstream end-use demand growth was sluggish [SMM Analysis] Anode material production in May increased due to rising demand [SMM Analysis] Co3O4 production in May increased MoM, with most industry players maintaining a cautious wait-and-see attitude Cobalt-related product prices collectively "fall", while cobalt chloride smelter prices remain firm. Will they maintain high-level fluctuations in the future? [Weekly Observation] [SMM Analysis] Impact of US tariffs on China on the export methods and prices of Chinese ESS battery cells to the US—Exploration of three methods: "direct export from China, re-export via Malaysia, and US domestic production" (Part 1) [SMM Analysis] Impact of US tariffs on China on the export methods and prices of Chinese ESS battery cells to the US—Exploration of three methods: "direct export from China, re-export via Malaysia, and US domestic production" (Part 2) [SMM Analysis] Impact of US tariffs on China on the export methods and prices of Chinese ESS battery cells to the US—Exploration of three methods: "direct export from China, re-export via Malaysia, and US domestic production" (Part 3) [SMM Analysis] New breakthrough in lithium battery technology: Can a single injection extend battery life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially becoming the year's most sluggish period [SMM Analysis] Ternary cathode material production in May increased by 3.52% MoM [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM