摩根大通-北京车展回顾：十大观察与令我们意外的车型-Debrief of the Beijing Auto Show 10 observations and the models that surprised us-20260428

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DebriefoftheBeijingAutoShow

10observationsandthemodelsthatsurprisedus

Showtime-whosurprisedus?WehostedaninvestortourvisitingtheannualBeijingAutoShowonApril23-24(thelargestautoshowinChinaandglobally,

clickhere

)andconducted11meetingsacrossindustryexperts,OEMsandautonomousdrivingsuppliers.Our10keyobservationsarehighlightedinthisnote:1)SurgingpopularityofultralargeSUVs,2)uniquetechnology"ask"byyoungbuyers,3)flashcharging,4)laserfocusonoverseasmarkets,5)foreignbrandsstrivingtocomeback,6)L3functionalityincreasinglyastandardfeature,7)mitigatingcostinflation,8)humanoidrobotstillalongroad,9)producthomogeneityratherthandifferentiation,and10)live-streamingandnoshortageofcompetition.

WinnersoftheAutoShoware….Ofallthemainstreamdebutsattheautoshow(excludingthosesoft-launchespriortotheautoshow),wethinkBYD’sGrand-TangSUVamongChinesebrandsandBMW’siX3SUVamongforeign,pleasantlysurprisedusontheirexteriordesign,interiorcontentandrelativeattractivenesstopeers.

AutostockstendtobeweakposttheAutoShowhistorically….Aftera17%relativestockoutperformanceinMarch(vs.MXCN),Chinaautos(measuredbyMSCIChinaAutos)startedtoslip,underperformingtheMXCNby5%monthtodate,inpartduetoprofittaking.Ouranalysisofthesector’sperformancearoundtheautoshowoverthepast20yearssuggeststhatthesectoronaveragehasyieldeda~2%positivereturnonemonthbeforetheautoshowbuthasbeenflattodownonemonthposttheautoshow.In2Q26,wethinkthesequentialMoMandYoYsalesreboundorimprovementwillbemoresignificantfromMay.

OurAI-driven“Chinaautobuyersentimentindex”suggeststhatoverallChinesebuyersarestillkeentobuycars,withtheindexnowshowingthetenthconsecutiveweekofareboundfromthetroughbelow25%quantileinlateFebruary.Bybrands,weseeapauseindemandforChinesebrandscollectivelywhiledemandforEuropeanbrandsispickingup(relevantchartsattheendofthenote).

Ourrecommendations:1)FocusonNEVoverICEashighoilpriceschangebuyers’behaviorduetobetterownershipcostofNEV,2)selectOEMswithsuperior2Qor2H26QoQorHoHvolumegrowth,and3)OEMswithpositiveearningsrevisionsexpectationsbyinvestors:BYD,Leapmotor,NioandXpeng.WeremainrelativelycautiousonLiAutoandSOEJVs.

Wesummarizeour10observationsattheautoshowbelowwithphotosofthemainmodelsattheendofthenote.

•Firstobservation-Surgingpopularityof6-seaterlargeluxurySUVsatattractiveprices:OurfirstimpressionwalkingthroughtheautoshowthisyearwasthesheernumberofandfocusbyOEMsonpremiumlarge6-seaterNEVSUVs(oftenover5-metersinlengthandover3-meterswheelbase)withluxuriouscontentand,inseveralcases,atattractivemassmarketpricesstarting~Rmb220k.Variouspowertrainoptions(BEV,PHEVandEREV)

HeadofAPACAutoResearchNickLaiAC

(65)6801-3176

nick.yc.lai@

J.P.MorganSecuritiesSingaporePrivate

Limited/J.P.MorganSecurities(AsiaPacific)Limited/J.P.MorganBroking(HongKong)

Limited

JiajieShen,CFA

(86-21)61066352

jiajie.shen@

SACRegistrationNumber:S1730520030006J.P.MorganSecurities(China)Company

Limited

CathyLiu

(852)2800-8629

cathy.xiao.liu@

J.P.MorganSecurities(AsiaPacific)Limited/

J.P.MorganBroking(HongKong)Limited

RebeccaWen

(852)2800-8505

rebecca.y.wen@

J.P.MorganSecurities(AsiaPacific)Limited/

J.P.MorganBroking(HongKong)Limited

ShirleyFeng

(86-21)6106-6149

shirley.x.feng@

SACRegistrationNumber:S1730524040001J.P.MorganSecurities(China)Company

Limited

JoseMAsumendi

(44-20)7742-5315

jose.m.asumendi@

J.P.MorganSecuritiesplc

Seepage21foranalystcertificationandimportantdisclosures,includingnon.USanalystdisclosures.

m

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J.PMorgan

2

andlongdrivingrangesinpureEVmodemakethemappealingtobothyoungandfamilybuyers.Webelievethisparticularsegmentmayseethelargestincreaseincompetitioncomparedtolastyearbutitalsoimpliesa“consumptionupgrade”asbuyerscannowbuysuchlargemodelsatattractivepricesthatwereonlypossibleatoverRmb300-350kinthepast.Wethinkthegrowthofthisparticularlarge6-seaterNEVSUVsegmentcanpotentiallybeover30%to~1.2mnunitsin2026basedonourdiscussionwithindustryexpertsanddifferentOEMmanagementteamsattheautoshow.Thetablebelowoutlineskeynewmodelsinthisspace-amongall,wethinkBYD’sGrandTang,Nio’sES9,Leapmotor’sD19andVolkswagen’sID.9Xaremostcompetitiveandshouldgeneratesolidpre-orders,henceleadingtostrongstockperformance.

Table1:KeymodelsofOEMsattheBeijingAutoShow

OEM

Model

ModelType

Powertrain

MSRP(Rmb)

L×W×H(mm)

BYD

GrandTang

Full-sizeSUV,6-seat

PHEV/BEV

250,000–320,000

5263×1999×1790

BYD

Sealion08

Mid-to-largeSedan,5-seat

PHEV/BEV

Est300,000-350,000

5150×1999×1760

LiAuto

L9Livis

Full-sizeSUV,6-seat

EREV

559,800

5255×2000×1810

AITO(Seres)

M9

Full-sizeSUV,6-seat

EREV/BEV

469,800–589,800

5285×2026×1845

Leapmotor

D19

Full-sizeSUV,6/7-seat

EREV/BEV

219,800–269,800

5252×1998×1805

Nio

ES9

Full-sizeSUV,6-seat

BEV

528,000–658,000

5365×2029×1870

Xpeng

GX

Mid-to-largeSUV,6-seat

EREV/BEV

399,800

5265×1999×1800

Geely

Zeekr8X

Mid-to-largeSUV,5-seat

PHEV/BEV

356,800–500,800

5092×1998×1774

Geely

GalaxyM7

Mid-to-largeSUV,5-seat

PHEV

139,800–156,800

4770×1905×1685

Mercedes-Benz

GLCLWB

Mid-sizeluxurySUV,5-seat

ICEMildHybrid

399,800–525,300

4826×1890×1714

BMW

iX3long-wheel

Mid-sizeluxurySUV,5-seat

BEV

Est350,000-400,000

4885×1895×1635

Volkswagen

ID.ERA9X

Full-sizeSUV,6-seat

EREV

309,800–359,800

5207×1997×1810

Source:Autohome,J.P.Morgan.

•Secondobservation-Youngbuyersaskingformoreintermsoftechnologycontent:Comparingthenewdebutsacrossbrandsattheautoshow,wenotefourcriticalfeaturesthatshoulddrivethepotentialsuccessofunderlyingmodelsandappealto(young)Chinesebuyerswhoaretach-savvyandwillingtoembracenewcontent.Thesefeaturesinclude:

1.Ultra-fastchargingandhighvoltagecharging(from800Voltto1,000Volt).ThisisespeciallytrueafterBYD(

clickhere

)andCATL’s(

clickhere

)recentintroductionoftheirupgradedbatterytechnologyandultra-fastchargingsolution.WithBYDorCATL’slatestsolution,thechargingtimefrom10%to~95%SOC(stateofcharge)iswithin9minutes.Inthepast,similarchargingtimecouldonlysupport10%to~70-80%SOC.

2.Intelligentpowertrainsystemthatleadstodrivingcomfortandenhancesthedrivingexperience,includingnotonlyairsuspension,butalso4-wheeldrive,steer-by-wire,activerear-wheelsteering,forinstance.

3.ApplicationofphysicalAIandWorldModelinin-carconnectivityandADASsolution.

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3

4.AdvancementtoL3functionalitycoveringmuchbroader,sophisticated

drivingconditionsandwithextremelylimiteddriverintervention.

•Thirdobservation–Ultra-fastcharging:Thishasrapidlyevolvedfromamarketingdifferentiatorintoacorecompetitiveproductspecification,andthetechnologyarmsraceamongOEMsandbatterysuppliersisnowreshapingbothproductstrategyandbusinessmodels.

BYD'ssecond-generationFlash-Chargebattery(our

note

publishedMarch2026)achieves10–97%SOCin~9minutesatroomtemperature,whilealsomaintainingstronglow-temperatureperformanceat–30°C.BYDissimultaneouslyscalingitsproprietarymegawatt-classchargingnetworktoatargetof20,000stationsbyend-2026.AccordingtoRebeccaWen(J.P.MorganAsiaAutosandEVBattery),BYD’sexternalbatterysupplynowaccountsforover20%ofitsEVbatteryvolume,withsignificantgrowthinbothChinaandoverseasmarkets(albeitfromlowbases)(seedetailsinour

note

publishedon19-Mar).

Onthesupplierside,CATL'sGen3ShenxingbatteryreleasedonCATLTechDay(JPM

note

publishedon21-April)pushestheenvelopefurtherwitha15Cpeakchargerateandover90%capacityretentionafter1,000fast-chargecycles,whileitsnewlyunveiledNaxtraSodium-ionBatterytargetsmassproductionbyend-2026forentry-levelandcold-weatherusecases.CATLtargets4,000charge-swapstationsbyend-2026across190cities.

Critically,bothplayersarenowracingtobuildoutintegratedreplenishmentecosystems,underscoringthatthefast-chargebattlehasmovedwellbeyondchemistryintoafullecosystemcompetitionofbattery,network,andsoftware.

FromanOEMperspective,webelieveultra-fastchargingisshapinguptobeagenuinegamechangerforBYD'sglobalcompetitiveness—andnotjustadomesticproductfeature.Notably,thetechnologywillbeextendedtoPHEVmodelsaswellbasedonourdiscussionwithmanagementatautoshow,broadeningtheaddressablemarketandremovingoneofthelastremainingchargingobjectionsforPHEVbuyers.ManagementhighlightedthatBYDisactivelylookingtobuildcharginginfrastructureoverseasinordertosupportits1.5mnunitoverseassalestargetthisyear,withtheSingaporeflashchargingnetworkcitedasareferencecasewherecapexishigherthandomesticinstallationsbutthepaybackperiodislessthantwoyears,amodelweexpecttobereplicatedacrossothermarkets.

Table2:CATLvs.BYDfastchargingbattery

DateDebut

CATL

ShenxingGen1

Aug-23,2024

ShenxingGen2(Plus)

Apr-25,2025

ShenxingGen3

Apr-26,2026

BYD

FlashchargingGen1

Mar-25,2025

FlashchargingGen2

Mar-26,2206

Room

temperature

FastchargingspeedFullchargingtime

AverageCrate

MaxC-rate

11.4min(SOC10-80%)

nodisclosure3.7C

5C

5min(SOC5-70%)

nodisclosure7.8C

12C

3min44s(SOC10-80%);

1min(SOC10-35%)

6min27s(SOC10-98%)

10C15C

6min(SOC10-70%)5min(SOC10-70%)

20min(SOC0-100%)9min(SOC10-97%)

6C7.2C

10C12C

Low

temperature

Fastchargingspeednodisclosure

LFP:-10°C

15min(SOC5-80%)AvgC-rate:3C

Na-battery:-40°C

10mins(SOC30-70%)

LFP:-30°C

9min(SOC20-98%)

AvgC-rate:5.2C

LFP:-30°C

nodisclosure12min(SOC20-97%)AvgC-rate:3.8C

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J.PMorgan

4

AvgC-rate:2.4C

Source:Companydata,J.P.Morgan.

•Fourthobservation–Laserfocusonoverseasopportunities:OverseasexpansionhasbecomeadefiningstrategicpriorityforChineseOEMs,andthe2026BeijingAutoShowprovidedanothervisibleconfirmation—withameaningfulandgrowingpresenceofoverseasdealers,importersandmanagementteamsacrossbooths,judgingbythelanguagesweheard,largelyfromEurope,LatinAmerica,SoutheastAsiaandtheMiddleEast.

Thisisatrendwehaveconsistentlyobservedanddocumentedacrosssuccessiveautoshows:firstflaggedatthe2024BeijingAutoShowwhereBAICaloneinvitedover200overseasdealerparticipants,andreinforcedatbothShanghai2025andGuangzhou2025—theshiftfromOEM/supplierrepresentativestodealersandimportersasthedominantforeignpresencesignalsthatChinesebrands'globaldistributionnetworksarenowgenuinelymaturing.

Thecommercialrationaleisclear:overseasprofitabilityperunitisoften2–3xhigherthandomestic,makingexportsacriticalearningsbufferamidfiercedomesticcompetition.AccordingtoCAAM,Chinaexported7.1mnvehicles(PV+CV)in2025,indicatingroughlyoneinfourvehiclesproduceddomesticallywasexported.Weexpectcontinuedgrowthin2026,withsupportfromtheacceleratinglocalcapacitybuildoutacrossThailand,Indonesia,Brazil,Hungaryandbeyond.

AttheOEMlevel,BYDistargeting1.5mnunitsin2026(>40%y/y)withmanagementguidingpotentialupsideiftherearenobatterycapacityconstraints;Geelyistargeting640kexportunits(+52%y/y)withupsideto~750kunits;Changanistargeting750kunits,SAICistargeting1.3mnunitsinFY26.Intermsofoverseasrevenueasashareoftotal,weestimatethatBYDandGreatWallleadat~50–60%,followedbyGeelyat~40%,Leapmotorat~30%,andXPengat~20%.WebelievethatOEMswithmeaningfuloverseascapacitiesshouldbenefitthemost-BYDandGeely.

Table3:ChineseOEMs'overseas%volume/revenuein2025.26E

Exportvolumeas%oftotalsales

Exportrevenue%ofautorevenue

2025

2026.JPMe

2025.JPMe

2026.JPMe

XPeng

10%

15%

~15%

~20%

BYD

23%

28%

~40%

~50-60%

Leapmotor

11%

8-10%

~12%

10%-12%

Geely

14%

19%

~30%

~40%

GWM

38%

~30%

70-80%

~50-60%

Source:CompanyreportsandJ.P.Morganestimates.

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J.PMorgan

5

Table4:SummaryofkeyOEMs'overseasproductionbase

OEM

LocationModeStatus/Est.StartCapacity(Units/Year)

BYD

Thailand(Rayong)Uzbekistan

Brazil

Full-ProcessJointVentureFull-Process

Jul2024(Operational)

Jun2024(Operational)

2025

150,000

50,000

PhaseI:150k

150,000

150,000

Hungary

Turkey

Full-Process

Full-Process

2026(Est)

Late2026(Est)

IndonesiaFull-Process2026(Est)150,000

SAIC(MG)

Thailand/IndiaFull-ProcessOperational200,000+(Combined)

Pakistan/EgyptCKDAssembly2026(Est)50,000+

Europe(TBD)Full-ProcessTBDTBD

GWM

Rayong,ThailandTula,Russia

Brazil

Full-Process

Full-Process

Full-Process

Jun2021(Operational)

Jun2019(Operational)

Aug2025(Operational)

80,000

80,000-150,000PhaseI:50k

PromotingKD(Knock-Down)plantprojectsin10countries,includingMalaysia,Indonesia,Vietnam,Pakistan,Tunisia,andEcuador.

Leapmotor

SpainKD2026(Expected)

XPeng

Indonesia/Malysia

Austria(Magna)

KD

OEM(Magna)

2026(Expected)

Operational

Small-scale

Tensofthousands

Source:CompanyreportsandJ.P.Morgan.

Table5:Chinaexportbreakdown(%)byregion

Region

2020

2021

2022

2023

2024

2025

CentralandSouthAmerica

20%

23%

23%

17%

18%

20%

MiddleEast

14%

10%

15%

13%

15%

17%

Europe

9%

16%

20%

18%

15%

17%

FormerSovietUnion

8%

9%

8%

25%

26%

15%

SoutheastAsia

13%

11%

13%

10%

10%

15%

Africa

14%

10%

7%

4%

6%

9%

Asia(others)

13%

10%

5%

3%

4%

4%

Oceania

5%

6%

6%

4%

3%

4%

US/Canada

4%

3%

3%

2%

3%

1%

Japan/SouthKorea

0%

1%

1%

1%

2%

2%

Source:CPCA.

•Fifthobservation-Selectedforeignbrandsstrivetoregainlostground:TheirreversibleelectrificationandsmartificationoftheChinesepassengervehiclemarkethasforcedglobalautomakersintoanacceleratedstrategicreconfiguration.Atthe2026BeijingAutoShow,leadingforeignbrands—particularlytheGermantrioandToyota—unveiledcomprehensivelocalization-drivenrestructuringprogramsaimingtoregainshareandrestoresustainableprofitabilityintheworld’slargestNEVmarket.

•VolkswagenGroup(coveredbyJoseAsumendi):Full-chainlocalizationasthecorethesis

Volkswagen’sCapitalMarketsDayheldalongsidetheautoshoweffectivelysignaledthetransitionofitsChinastrategyfocusingondeliverythroughlocalizationandenhancedtechnologyoffering.

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Thecompany’sHefeiChinaTechnologyCenterhasbecomeVW’ssecond-largestR&Dhubglobally,capableoffull-cycledevelopmentofelectronicarchitecturesandADASsystems,shorteningmodeldevelopmentleadtimefrom48to24-30months.Supplychainlocalizationhasreached95%,withtheshareoflocalsourcingrisingfrom35%to65%,deliveringa40%costreductionversusthepriorMEBplatform,accordingtomanagement.TheGrouphassetafurther10%cost-downtargetfor2026whichwewelcome.

Ontheproductside,VWhasadoptedaflexiblepowertrainportfoliocoveringBEV,PHEV,andrange-extenderarchitectures.AllnewmodelswillfeatureL2++assisteddrivingasstandard,withL3autonomytargetedforvolumedeploymentby2028.Attheshow,thefirstbatchoffullyChina-developedmodelsdebuted,includingtheAudiE7XelectricSUV(globalinteriorpremiere),LFP-batteryversionsoftheQ6Le-tronandA6Le-tron(20%lowerbatterycostversusNMC),andtheChina-specificElectronicArchitecture1.0,whichenablesfull-vehicleOTAandAI-poweredintelligentcockpitacrossalllocalplatforms.

•GermanLuxury(BBA+Porsche,coveredbyJoseAsumendi):Software-definedvehiclesanddeeptechpartnerships

BMW,Mercedes-Benz,andAudi(orso-called“BBA”byChineseOEMs)collectivelyusedtheshowtosignaladecisivebreakfromtransitional“oil-to-electric”adaptationstowardpurpose-builtEVarchitecturesandlocallyembeddedtechnologystacks.Outofallthefollowingmodelswevisited,weweremostimpressedbyBMW’snewiX3LWBSUVforitsboldexteriordesign,panoramicvisiondisplayandcompetitiveEVrange.

BMWpresented16premieres,highlightedbytheglobaldebutofthelong-wheelbaseNeueKlasseiX3LWBSUV(longwheelbased)tailoredspecificallyforChina.Themodelintegratesan800Vhigh-voltagesystemdeliveringover900kmCLTCrangeand400kmofrangereplenishmentin10minutes.BMW’spartnershipwithMomentaforfull-scenarionavigation-assisteddrivingandwithAlibabaforAIlarge-modelcockpitintegrationillustratesastrategicpivottowardecosystemcollaboration.Withmorethan3,000engineersinShenyang—oneofBMW’slargestglobalR&Dcenters—thecompanyisinstitutionalizingChinaasacoretechnologybaseratherthanaregionaladaptationhub.BesidesthewholenewiX3,BWMalsoshowcasedwholenewi3electricsedanthatoffersanextensiverangeof1,000kminpureEVmode,accordingtomanagement.

Mercedes-Benzunveiledthelong-wheelbaseall-electricGLCSUVbasedonitsdedicatedMB.EAplatform,abandoningpriorICE-derivedEVcompromises.Featuring800Varchitectureandsilicon-carbideinverters,thevehicleintegratesADASandcockpitsystemslargelydesignedbylocalteams.OutsideGLC,BenzisscheduledtolaunchnewlocalizedGLESUVin2H26basedonourdiscussionwithBAICmanagement.WebelieveGLCandGLEwillbetwocriticalmodelsthatdriveBenzaswellasBAIC’svolumeandprofitabilityinChinamarketin2026/27.Additionally,thenewS-ClassintroducesMB.OS,Mercedes’proprietaryoperatingsystem,integratingdrivingassistance,infotainment,andvehicledynamicsintoaunifieddomain-controlarchitecture—anexplicitendorsementofthesoftware-definedvehicleparadigm.

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7

Audi,beyonditsVolkswagenGroupsynergies,announcedajointintelligentEVtechnologycenterinShanghaiwithSAIC,withChineseengineersdeeplyinvolvedincockpitandHMIdesign.Notably,thenew-generationICEA6LintegratesHuaweiQiankun’sadvanceddriver-assistancesystem—demonstratingthateventraditionalcombustionplatformsarebeinginfusedwithdomesticsmart-drivingcapabilitytoremaincompetitive.Additionally,Audi’snew“AUDI”logobrand(asopposedtotraditionalfour-ringlogo),introducedlastyearhasstartedtogaintractionfromChinesebuyerswithitsfirstsportsedan(pricedcompetitivelyfrom~Rmb220k).Thesecondmodel(apremiumSUV)withtheAUDIletterlogoisscheduledtodebutin2H26.

Porsche’sglobaldebutoftheall-electricCayennefamily,builtonan800Vplatformwitha0–100km/haccelerationof2.5secondsinTurboform,reinforcesthatperformancedifferentiationremainsviableinpremiumEVniches.However,eveninthissegment,costdisciplineandsoftwareintegrationarebecomingcentraltosustainingmargins.

•JapaneseOEMs:Multi-pathwayhedgingwithacceleratedlocalization.Japaneseautomakershaveadoptedacomparativelydiversifiedtechnologicalhedge.Toyotareaffirmedits“multi-pathway”strategy,showcasingbZ-seriesBEVswhileretainingstrongICEandhybridofferingssuchasPradoandthenewRAV4.UnlikeEuropeanpeers,ToyotacontinuestodoubledownonhybridupgradeswhileacceleratingtherolloutofChina-specificBEVs—fivelocalizedmodelsareplannedwithintwoyears.Thisbalancedportfoliomitigatestransitionriskbutmaycapupsideinamarketincreasinglyrewardingpure-playEVinnovationandhigh-levelintelligentdriving.

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Table6:Summaryofkeymodelslaunchedbyforeignbrands

Brand

Model

Dimensions

(L×W×H/Wheelbase)mm

Type

AnnouncedPrice/

EstimatedPrice

Range(1000RMB)

Mercedes-Benz

PureElectricGLCLLongWheelbase

4,949×1,970×1,710/3,027

BEVSUV:Dual-motorAWD,peakpower360kW;94kWhbatterypack

TBA

Mercedes-Benz

PureElectricCLA260L

4,763×1,836×1,471/2,830

BEVSedan:Rearsinglemotor165kW;60kWhLFPbattery

229

BMW

NewGenerationiX3LongWheelbase

TBA

BEVSUV:800Vhigh-voltageplatform;Largecylindricalbattery

Est.350-450

BMW

NewGenerationi3LongWheelbase

4,885×1,895×1,480/3,005

BEVSedan:Dual-motorAWD345kW/645N·m;108kWhlargecylindricalbattery

Est.300-420

Audi

A6Le-tron

5,073×1,942×1,522/3,076

BEVSedan:Single-motorRWD260kW/Dual-

motorAWD405kW;107kWhternarylithiumbattery

309.8-439.8

Audi

E7X

TBA

BEVSUV:900Vhigh-voltageplatform;quattroall-wheeldrive

TBA

Volkswagen

ID.ERA9X

5,207×1,997×1,810/3,070

EREVSUV:1.5Trangeextender+frontandreardualmotors380kW;CLTCpureelectricrange

406km

329.8+

Volkswagen

ID.AURAT6

4,920×1,865×1,625/2,965

BEVSUV:Single-motorRWD/Dual-motorAWD;CLTCmaxrange650km

Est.150-250

Volkswagen

Yuzhong07

4,853×1,852×1,566/2,826

BEVSedan:Rearsinglemotor170kW;59.9kWhbatterypack

Est.180-250

Toyota

Bozhi7

5,130×1,965×1,500/3,020

BEVSedan:Rearsinglemotor207kW/AWD380kW;88.13kWhLFPbattery

Limited-time147.8-

199.8(MSRP169.8-229.8)

EREV/BEVSUV:EREV:1.5Trangeextender+

Limited-time149.9-

Nissan

NX8

4,870×1,920×1,680/2,917

195kWmotor;BEV:215/250kWrearsinglemotor;

199.9(MSRP159.9-

800Vhigh-voltageplatform

209.9)

Cadillac

VISTIQ

5,222×2,026×1,799/3,094

BEVSUV:Dual-motorAWD443kW/880N·m;

468.8-508.8(Limited

95.7kWhternarylithiumbattery

time428.8-468.8)

Buick

ZhijingE7

4,850×1,910×1,676/2,850

PHEVSUV:1.5L/1.5Tplug-inhybridsystem;Totalsystempower237/280kW;32.6kWhbatterypack

Launchpromotionalprice154.9-194.9

Hyundai

IONIQV(Venus)

4,900×1,890×1,470/2,900

BEV/EREVSedan:Pureelectric/rangeextenderdualpowertrains;800Vhigh-voltageplatform

Est.180-280

Source:InformationcollectedbyJ.P.MorganattheBeijingAutoShow,companywebsitesandselectedOEMmanagementmeetingsduringAutoShow.

•Sixthobservation-AdvancingtoL3adoptionandL4functionality:

DuringourAutotour,wevisitedtwomainADASchipsuppliersinChina:

HorizonRobotics(coveredbyCherryLiu)andBlackSesame(notcovered).Wesummarizeourmeetingtakeawaysbelowandbelievetheycollectivelysuggestthestrategicdevelopmentoftheindustry.AmongOEMs,weclearlyseemoreareadvancingfromofferingL2+asastandardfeatureinthepastto

a)offeringL3functionalityin2026,b)exploringcommercializationofL4includingrobotaxiasearlyas2027inselectedcitiesinChina,andc)expandingthesameunderlyingAI-modeltohumanoidrobotbusiness.

1.PlatformizationandEcosystemBuilding:Bothcompaniesaretransitioningfromproject-basedsalestoscalableplatformmodels.HorizonRoboticsisbundlingchipswithintelligent-drivingsoftware,chargingpervehicle,andaimingforrepeatable,volume-drivengrowth.BlackSesameispositioningitselfasaplatformcompany,supportingOEM-gradedeliverycyclesandbuildinganecosystemforthird-partyalgorithmpartners.Thisplatformizationenablesautomakerstorapidlyadoptandcustomizeautonomousdrivingfeatures,fosteringacollaborativeenvironmentthatacceleratesinnovationanddeploymentacrossChina’sautomarket.Forexample,Horizon’spartnershipwithVolkswagenandBlackSesame’sSaaSMeXroboticsbrandillustrate

AsiaPacificEquityResearch

28April2026

NickLai

(65)6801-3176

nick.yc.lai@

J.PMorgan

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howecosystembuildingwilldrivebroaderadoptionandintegrationofautonomoustechnologies

2.Advancedchipdevelopmentandintegration:Bothfirmsareinvestingheavilyinnext-generationchipswithhighercomputepowerandintegrationcapabilities.Horizon’sroadmaptargetschipswith1,000–

2,000TOPSby2028,whileBlackSesameisplanninga3nmchipwithover2,500TOPS.Thesechipswillsupportincreasinglysophisticatedautonomousdrivingfeatures,makingmid-to-highlevelintelligentdrivingast