From Jan to May in 2025, the number of electric vehicles registered in countries around the world was approximately 7.520 million units, about 32.4% increase from the same period last year (5.682 mil units).

【Tesla Joins the "New Energy Vehicle Rural Promotion" Program for the First Time】Recently, the Ministry of Industry and Information Technology of China announced the list of new energy vehicles for the 2025 rural promotion program, which includes 124 models, an increase of 25 models compared to 2024, further expanding the coverage. Notably, Tesla's Model 3 and Model Y are also on the list. Tesla has confirmed that this is the first time its models have been included in the "New Energy Vehicle Rural Promotion Program." This marks a significant shift in Tesla's market strategy in China, as it begins to actively target consumers in third-tier cities and below, as well as rural areas.

[Tesla Participates in "NEVs to Rural Areas" Initiative for the First Time] Recently, China's Ministry of Industry and Information Technology announced the catalog of car models promoted under the "NEVs to Rural Areas" initiative for 2025, involving 124 car models, an increase of 25 models compared to 2024, further expanding the coverage. Notably, Tesla's Model 3 and Model Y also appeared on the list. Tesla has also confirmed that this is the first time its models have been included in the "Catalog of NEV Models for Rural Areas". This marks a significant shift in Tesla's strategy in the Chinese market, as it begins to actively target consumer groups in third-tier and lower cities as well as rural areas.

The Gasgoo Automotive Research Institute recently released its rankings of top ADAS component suppliers by Q1 2025 installation volume in China.

Recently, data released by South Korean market research firm SNE Research showed that in the first quarter of 2025, global battery installations for electric vehicles (including battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles) reached 221.8 GWh, up 38.8% from 159.8 GWh in the same period last year.

Recently, data released by South Korean market research firm SNE Research revealed that in the first quarter of 2025, global battery installations for electric vehicles (including battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles) reached 221.8 GWh, marking a 38.8% increase from 159.8 GWh in the same period last year. Q1 Global EV Battery Installations: CATL Dominates the Rankings , SVOLT Energy Technology Posts Fastest Growth In the first quarter of this year, six Chinese EV battery manufacturers secured spots in the top 10 global EV battery installation rankings. Among them, CATL maintained its position as the global leader, with battery installations increasing 40.2% YoY to 84.9 GWh. In addition to Chinese automotive brands such as Zeekr, AITO, Li Auto, and Xiaomi, global mainstream automakers including Tesla, BMW, Mercedes-Benz, and the Volkswagen Group also widely adopt CATL's batteries. BYD's battery installations grew 62.0% YoY to 37.0 GWh, securing the second spot. As a company that produces both batteries and electric vehicles (including battery electric vehicles and plug-in hybrid electric vehicles), BYD has launched multiple best-selling car models with strong price competitiveness. In 2024, BYD's EV sales reached approximately 4 million units, and it plans to achieve a sales target of around 6 million units in 2025. Additionally, BYD is actively expanding into the Asian and European markets, accelerating the expansion of its overseas market share. The other four Chinese battery manufacturers also continued to maintain strong growth momentum. CALB's battery installations increased 31.5% YoY to 8.6 GWh, ranking fifth; Gotion High-tech's battery installations reached 7.7 GWh, surging 86.6% YoY, placing it sixth; EVE's battery installations soared 59.6% YoY to 5.7 GWh, ranking ninth; closely following was SVOLT Energy Technology, with battery installations reaching 5.6 GWh, skyrocketing 100.2% YoY, making it the battery manufacturer with the highest YoY growth in the first quarter on this list. The combined battery installations of South Korea's top three battery manufacturers (LG Energy Solution, SK On, and Samsung SDI) accounted for 18.7% of global EV battery installations, a 4.6 percentage point decrease YoY. Among them, LG Energy Solution's battery installations still increased 15.1% YoY to 23.8 GWh, ranking third; SK On's battery installations grew 35.6% YoY to 10.5 GWh, ranking fourth; while Samsung SDI's battery installations decreased 17.2% YoY to 7.3 GWh, primarily due to a decline in battery demand from major automakers in Europe and North America. In terms of specific corresponding car models, Samsung SDI's batteries are primarily used in models from BMW, Audi, and Rivian. In Q1 this year, although sales of BMW models equipped with Samsung SDI batteries, such as the i4, i5, and iX, remained stable, Rivian's standard-range R1S and R1T models adopted LFP batteries not produced by Samsung SDI, negatively impacting Samsung SDI's battery installations. Additionally, the decline in sales of the Audi Q8 e-Tron further dragged down Samsung SDI's battery installation performance. SK On mainly supplies batteries to the Hyundai Motor Group, Mercedes-Benz, and the Volkswagen Group. In Q1 this year, Hyundai Motor Group's sales rebounded following the launch of the revised IONIQ 5 and EV6 models. Meanwhile, the stable sales of compact SUVs like the Mercedes-Benz EQA and EQB provided steady support for SK On's battery installations. Additionally, the robust sales of the Volkswagen ID.7 and ID.4 also drove growth in SK On's battery installations. LG Energy Solution's batteries are mainly used in models from brands such as Tesla, Kia, Volkswagen, and Chevrolet. In Q1 this year, although weak sales of Tesla models led to a 17.3% YoY decline in LG Energy Solution's battery installations for Tesla, strong sales of the Volkswagen ID series and Kia EV3, as well as increased sales of Chevrolet models like the Equinox, Blazer, and Silverado EV produced on the Ultium platform, still drove a 15.1% YoY increase in LG Energy Solution's overall battery installations. Additionally, among the top 10 global EV battery installation rankings in Q1, Panasonic , which primarily supplies batteries to Tesla, was the only Japanese company and the only other battery manufacturer besides Samsung SDI to experience a decline in battery installations. In Q1 this year, Panasonic's battery installations fell 6.3% YoY to 7.2 GWh, ranking eighth. Affected by reduced demand for the Tesla Model 3 and Y, Tesla's sales declined this year, and given its high reliance on Tesla, Panasonic's battery installations also decreased. However, with the upgrade of its 2170 and 4680 batteries, Panasonic's battery installations in the North American market are expected to rebound rapidly. The market share gap between Chinese and Korean battery producers further widened . It is worth noting that from 2017 to 2024, the compound annual growth rate (CAGR) of global EV battery installations reached 47.5%. In Q1 this year, leveraging the world's largest EV market, China's two EV battery giants, CATL and BYD, continued to increase their market shares, collectively accounting for 55% of the global EV battery market. The other four Chinese battery producers on the list, including SVOLT Energy Technology and Gotion High-tech, also significantly enhanced their competitiveness in the global market with remarkable growth rates, achieving a 12.5% market share. This means that Chinese EV battery manufacturers collectively hold a 67.5% market share in the global market. In contrast, the market share of battery installations for South Korea's top three battery producers has shrunk from 23.2% in the same period last year to 18.7%, further widening the gap between Chinese and South Korean battery producers. Meanwhile, Japanese battery producer Panasonic's market share has dwindled to just 3.3%. However, after Trump was re-elected as the US President, the US has officially implemented stringent tariff policies on Chinese batteries and raw materials, escalating tensions in the global supply chain. As a countermeasure, South Korean battery companies are expanding joint venture partnerships with local automakers and strengthening their strategic deployment of local production in the US to ensure continued policy support in the North American market. However, given the high dependence of South Korea's battery industry on Chinese raw materials, medium and long-term measures to restructure the supply chain and diversify the sources of raw material procurement have become urgent. Amidst a complex environment characterized by intensified US protectionism, stricter European environmental protection regulations, and rising price pressures from China, South Korea's battery industry must seek new growth strategies.

The US has adjusted tariff hikes on China. SHFE tin prices remain high and range-bound. [SMM Tin Morning News] Macro: (1) Tesla's Shanghai Gigafactory exported nearly 30,000 Model 3/Y units in April, hitting a new high in nearly a year. (Bullish ★) (2) India has approved the establishment of a Foxconn semiconductor joint venture. (Bullish ★) (3) The US adjusted tariff hikes on China at 00:01 AM EST on May 14. (Bullish ★) (4) Tariffs - ① Sources: The US trade tariff agreements with Japan, South Korea, and India are "close to being finalized." ② Sources: The US is not seeking a depreciation of the US dollar in tariff negotiations. ③ The EU is preparing to impose higher tariffs on imported goods from Ukraine within a few weeks. ④ US media: Trump rewrote trade rules over 50 times in 100 days.

On Wednesday (May 14), the three major U.S. stock indices had mixed performances. The Dow Jones Industrial Average declined, the S&P 500 struggled to break a three-day winning streak, while the Nasdaq extended its gains for a sixth consecutive day. By the closing bell, the S&P 500 turned positive in the final minutes of trading, closing up 0.1% at 5,892.58 points, marking its third straight day of gains, after recovering all its losses for the year the previous day. The Nasdaq Composite Index rose 0.72% to close at 19,146.81 points, extending its winning streak to six days. The Dow Jones Industrial Average fell 0.21% to close at 42,051.06 points. Among its components, Merck & Co. (-4.12%) and Amgen (-3.02%) led the declines, weighing on the index's performance. Since Trump signed an executive order to lower drug prices, multinational pharmaceutical companies have underperformed the broader market. Similar to the previous day's trading, technology stocks remained the primary driver of the broader market. Nvidia extended its gains, closing up 4.16%, with its market capitalization returning to $3.3 trillion. The previous day, Jensen Huang announced in Riyadh that Nvidia would sell over 18,000 artificial intelligence chips to Saudi Arabia-based company Humain. Nvidia's rival, AMD, rose 4.68% after the company also reached a $10 billion strategic cooperation agreement with Humain. Before today's market open, AMD's board of directors also approved a new $6 billion share repurchase program. Driven by these developments, the Philadelphia Semiconductor Index closed up 0.6%, narrowing its year-to-date loss to 0.39%. The Nasdaq 100 Index rose 0.57%, accumulating a 3.27% gain over the past three trading days this week and a 1.46% increase year-to-date. Earlier this week, high-level economic and trade talks between China and the United States reached important consensus and made substantive progress, directly reflected in a significant reduction in bilateral tariff levels. Financial markets responded positively, and risk appetite in the U.S. stock market also increased. Adam Turnquist, Chief Technical Strategist at LPL Financial, commented, "Macro policy uncertainty has become higher, with many unknowns remaining, but 'for now, investors have accepted the backdrop of trade easing.'" Mark Hackett, Chief Market Strategist at Nationwide, said that investors are returning to fundamentals, but they may not be pleased with the current situation, as "the market has surged from oversold to overbought in record time." Hackett added, "Unless we see a significant acceleration in economic growth, this will limit upside potential in the near term." Performance of Popular Stocks Large-cap technology stocks had mixed performances. (Ranked by market capitalization) Microsoft rose 0.85%, Nvidia rose 4.16%, Apple fell 0.28%, Amazon fell 0.53%, Alphabet Class C rose 3.68%, Meta rose 0.51%, and Broadcom fell 0.13%. Tesla rose by 4.07%, and Elon Musk held talks with the Governor of Qatar Central Bank and the Chairman of Qatar Investment Authority. Additionally, data showed that Tesla's Shanghai Gigafactory exported nearly 30,000 Model 3 and Model Y car models in April this year, hitting a new high in nearly a year. Among Chinese ADRs, the Nasdaq Golden Dragon China Index rose by 1.17%, outperforming the broader US stock market. Most popular Chinese ADRs rose, with Tencent Music Entertainment Group up by 15.66%, Li Auto up by 2.72%, New Oriental Education & Technology Group up by 2.45%, Alibaba Group Holding up by 1.82%, TAL Education Group up by 1.7%, Baidu up by 1.55%, XPeng Motors up by 0.67%, and NIO up by 0.24%. Pinduoduo fell by 0.47%, JD.com fell by 4.08%, and Legend Biotech fell by 10.55%. Corporate News [US and Qatar Sign Economic and Military Cooperation Agreements Worth Over $243.5 Billion] The US White House issued a statement on the 14th, saying that the US and Qatar signed multiple agreements worth over $243.5 billion on the same day, including projects such as Qatar's purchase of Boeing passenger planes and armed drones from the US. The statement said that Qatar Airways signed contracts worth $96 billion with US-based Boeing and GE Aerospace to purchase up to 210 Boeing 787 Dreamliners and Boeing 777X aircraft. In the military field, the two sides signed multiple defense cooperation agreements, including Qatar's purchase of MQ-9B armed drones worth nearly $2 billion and anti-drone weapon systems worth about $1 billion from the US. In addition, US and Qatari companies also signed multiple cooperation agreements involving energy infrastructure and high-tech development. [Apple Reportedly Plans to Add Eye-Tracking Scroll Function to Vision Pro Headset] Apple is developing a new feature for the Vision Pro headset that allows users to browse content by rolling their eyes, aiming to further enhance the device's interactive experience. According to people familiar with the matter, this eye-tracking scroll function is being tested in visionOS 3, the latest version of the upcoming operating system for the Vision Pro headset. The sources said that Apple hopes to leverage the existing eye-tracking hardware and software of the Vision Pro to further advance the system. Apple plans to unveil the new Vision Pro operating system at its annual developers' conference starting on June 9. [Ford Recalls Approximately 274,000 SUVs Due to Safety Concerns] Ford Motor Company announced that it is recalling approximately 274,000 Expedition and Lincoln Navigator SUVs across the US due to issues that may cause the vehicles to lose braking function while driving, increasing the risk of collisions. [AMD Announces New $6 Billion Share Repurchase Program] AMD announced today that its board of directors has approved a new $6 billion share repurchase program. The new authorization supplements the remaining balance of approximately $4 billion under its existing share repurchase program as of March 29, 2025, bringing the total current repurchase authorization to approximately $10 billion. [Roche Warns of Reconsidering US Investments Due to Trump's Drug Pricing Order] Swiss pharmaceutical company Roche stated that if US President Trump implements an executive order to reduce prescription drug costs, the company will need to reconsider its planned investments in the US. Roche announced last month that it plans to invest $50 billion in the US pharmaceutical and diagnostics sectors over the next five years, creating over 12,000 job opportunities. Roche expects the executive order to have no impact on its business this year but stated that it will undermine the US's position as the world's leading pharmaceutical and healthcare ecosystem, stifle US economic growth, and lead to job losses. [Alibaba Open-Sources Tongyi Wanxiang Wan2.1-VACE, a Video Generation and Editing Model] Alibaba has officially open-sourced Tongyi Wanxiang Wan2.1-VACE, a model that supports video generation and editing. A single model can simultaneously support a full range of basic generation and editing capabilities, including text-to-video generation, image-referenced video generation, video inpainting, local video editing, video background extension, and video duration extension. A reporter from the Science and Technology Innovation Board Daily learned that two versions, 1.3B and 14B, have been open-sourced, with the 1.3B version capable of running on consumer-grade graphics cards. [Cisco Reports Q3 Revenue of $14.15 Billion, Exceeding Market Expectations] Cisco reported Q3 revenue of $14.15 billion, compared to analysts' expectations of $14.05 billion. The company expects full-year revenue to be in the range of $56.5 billion to $56.7 billion, up from its original forecast of $56 billion to $56.5 billion. It expects Q4 adjusted EPS to be in the range of $0.96 to $0.98, compared to analysts' expectations of $0.95. The quarterly dividend remains unchanged at 41¢, in line with analysts' expectations. [CoreWeave Reports Net Loss of Over $300 Million in Q1, Shares Rise 6% After Hours] CoreWeave released its first earnings report since its US IPO. Q1 revenue was $981.6 million. Q1 net loss was $314.6 million, with an adjusted net loss of $149.6 million. The Q1 adjusted EBITDA margin was 62%, and the loss per share was $1.49. The company's shares rose over 6% in after-hours trading on the US stock market. [Bridgewater Buys Alibaba Aggressively in Q1, Establishes Positions in JD.com and Gold ETFs] Bridgewater Associates has released its Q1 holdings report (13F) as of March 31 this year. In terms of increasing holdings, Bridgewater bought over 5.4 million shares of Alibaba, with a staggering 21-fold increase MoM, directly catapulting it to become the fourth-largest holding. Additionally, it purchased 1.88 million shares of Baidu (a 956% increase), 320,000 shares of Apple, 400,000 shares of Amazon, nearly 500,000 shares of Pinduoduo, and 1.3 million units of the Core MSCI Emerging Markets ETF-iShares, among others. In terms of establishing new positions, Bridgewater bought 1.1 million units of the SPDR Gold Shares ETF in Q1, making it the sixth-largest holding, and newly acquired 2.78 million shares of JD.com. In terms of reducing holdings, Bridgewater cut its largest holding, the SPDR S&P 500 ETF Trust (SPY), by nearly 60%, reduced its holdings in Nvidia by 18.74% (650,000 shares), Meta by 31.47% (195,000 shares), and Google by 16% (578,000 shares), significantly slashed its position in Robinhood by 80%, and fully liquidated its positions in Lyft and Rivian, among others. As of March 31 this year, Bridgewater's total assets under management stood at $21.6 billion, up 1.47% QoQ.

Tesla's sales have been "continuously declining," with shipments in the Chinese market falling for the seventh consecutive month after a significant setback in the European market in April. On Wednesday, preliminary data from the China Passenger Car Association showed that Tesla's Shanghai factory delivered a total of 58,459 Model 3 sedans and Model Y multipurpose sports utility vehicles last month, a 6% decrease compared to the same period in 2024. Breakdowns of domestic sales and exports were not disclosed. The data indicated that, more broadly, wholesale sales of new energy vehicles (including electric vehicles and hybrid vehicles) in China in April were set to increase by 42% YoY, reaching 1.14 million units. Due to protests in the US and Europe triggered by Musk's involvement in global political activities, people began to boycott the Tesla brand, and Tesla's global sales in Q1 fell to their lowest point in three years. Tesla suffered a setback in the European market in April, with double-digit declines in its six major markets. Sales in the UK hit a "two-year low," while sales in Germany were nearly "halved." In stark contrast to Tesla, BYD's sales in April soared 44.7% YoY to 313,245 units, hitting a new record high. It is worth noting that this figure includes both hybrid and pure electric vehicles. Faced with this dilemma, Tesla CEO Musk recently stated during an earnings call that the company would accelerate the launch of cheaper car models and move full steam ahead on its next-generation EV platform. However, investors seem to be losing patience, questioning whether Tesla can maintain its leading position in the fierce global competition. Tesla's stock price has fallen by more than 27% since the beginning of the year.

On May 6, Tesla's official Weibo account posted a video with the caption, "Over 95% of the parts in every Model 3 and refreshed Model Y are made in China." Image source: Screenshot from Tesla's Weibo post The video shows that the localisation rate of Model 3 and refreshed Model Y vehicles produced at Tesla's Giga Shanghai has exceeded 95%. This means that over 95% of the parts in every Model 3 and refreshed Model Y purchased by consumers are made in China. Tesla's official statement emphasizes its commitment to global R&D while actively establishing a localized supply chain. Official data indicates that Tesla's total R&D investment in 2024 was RMB 33.1 billion, and in Q1 2025, it invested RMB 10.3 billion in R&D. Tesla believes that dedicated investment in its products provides users with the utmost safety assurance, enabling them to drive Tesla vehicles that offer exceptional value. This is Tesla, and this is "Made in China with Intelligence"! Notably, Tesla's large-scale ESS battery, the Megapack, uses LFP batteries imported from China. Due to tariff policies, there are reports that Tesla's plan to ship parts for Cybercab self-driving taxis and Semi electric trucks from China to the US has been suspended. In April this year, Tesla's official website in China showed that the Model S/X car models no longer offered a separate "Order New Car" option. Instead, the corresponding model pages only displayed a "View Available Cars" button. Clicking on this button revealed a series of model information. However, the Model Y and Model 3 still displayed the "Order Now" option at that time. According to publicly available information, Tesla recently announced that its net profit in Q1 was $409 million, a 71% decrease YoY. Analysts attribute this decline primarily to product aging and a global sales slump caused by Elon Musk's political activities. The company's total revenue for the quarter decreased by 9.2% to $19.3 billion, with automotive revenue dropping by 20% to $12.9 billion.