New Energy Vehicle Weekly Report: State Administration for Market Regulation Releases the 2026 Edition of the Vehicle Recall User Guide

Star Securities New Energy Vehicle Industry Weekly Report: According to Shanghai Nonferrous Metals Network, this week, lithium ore prices continued to fluctuate downward following lithium carbonate. On the supply side, the available circulating sources in the market have gradually decreased recently. Overseas mines have increased their willingness to release goods amid the volatility, with several overseas mines conducting multiple auctions this week. On the demand side, inquiries and procurement sentiment for lithium ore are currently strong. Due to recent large fluctuations in the market, upstream and downstream players are engaging in intensified negotiations, and market sentiment remains cautious, but overall transaction conditions have improved. The overall market transaction prices continue to follow the fluctuation trend of lithium carbonate prices.

Brokerage Opinions

Guosheng Securities pointed out that in components, technological reuse and industrial cooperation are progressing simultaneously, with emerging sectors experiencing high prosperity. Domestic and international (Optimus, Xiaopeng Iron, etc.) robots are expected to enter mass production gradually within the year; consumer-side NOA continues to deepen, and robotaxi commercialization accelerates; AI computing power demand is increasing, with liquid cooling solutions expected to become mainstream; automotive parts companies share core technologies in ball screws, motors, reducers, lightweighting, and thermal management, and are strengthening and expanding their capabilities through industry cooperation. There is considerable room for new business development.

Huayuan Securities recently observed that policies for Robotaxi domestically and abroad are accelerating relaxation, and leading participants’ commercialization processes are speeding up. They remain optimistic about the industry’s potential for accelerated growth this year. Recommendations include focusing on Robotaxi operation service providers (WenYuan Zhixing, Xiaoma Zhixing, Radish Run, CaoCao Mobility, Qianli Technology), vehicle companies with rich data accumulation and similar technical routes to Tesla (Xiaopeng Motors, Li Auto), high computing power autonomous driving chip suppliers (Horizon Robotics, Black Sesame Intelligence), top-tier line control chassis suppliers (Nexteer, Bethel, Zhejiang Shibao), high-performance domain controller suppliers (Desay SV, Joyson Electronics, Jingwei Hengrun, Cobada, ThunderSoft), LiDAR companies (Hesai Technology, Sensing Tech, Tydar), RoboX (Jiushi Intelligence, New Stone Age, Xidi Zhijia, Yikong Zhijia, etc.).

Macro Events

Market Supervision Administration Releases 2026 Version of Vehicle Recall User Guide

On March 19, the Market Supervision Administration issued the revised “Vehicle Recall User Guide (2026 Edition).” The new guide adds a dedicated section on “Recall News and Announcement Interpretation,” providing clear guidance for vehicle owners reading recall notices. Owners should verify the recalled models and production dates, and determine whether their vehicle falls within the recall scope using the Vehicle Identification Number (VIN). If in doubt, they can call the manufacturer’s service hotline or consult with the 4S dealership. Owners should pay close attention to the potential consequences of defects and emergency response methods, and complete recall repairs promptly to eliminate safety hazards. Used car users may not receive recall notices in time, so it is recommended to proactively check.

Jiangsu: By 2030, Over 300 Typical Application Scenarios Supported by Urban Large Models and Intelligent Agents

On March 18, the Jiangsu Provincial Committee of the Communist Party of China and the Jiangsu Provincial Government issued the “Action Plan for Promoting High-Quality Urban Development in Jiangsu.” The plan proposes promoting digital transformation of infrastructure, implementing the “Smart Jiangsu” project, building urban operation control centers, constructing digital foundations, and piloting urban intelligent agent applications. It aims to improve “vehicle-road-cloud integration” applications and implement parking facilitation projects. By 2030, there will be over 300 typical application scenarios supported by urban large models and intelligent agents.

National Development and Reform Commission Launches New Major Foreign Investment Projects with a Planned Investment of $13.4 Billion

Recently, the NDRC announced a new batch of 13 landmark major foreign investment projects with a planned investment of $13.4 billion. These projects mainly focus on manufacturing sectors such as electronics manufacturing, chemicals, automobiles, and machinery, aiming to accelerate industrial cluster development. This is the ninth update of the list of landmark major foreign investment projects by the NDRC. These projects are characterized by large investment amounts, strong industry-driving effects, and prominent technological leadership. To date, these projects have cumulatively invested $108 billion, demonstrating significant demonstration and driving effects.

Industry News

Three Departments: By 2030, the National Fuel Cell Vehicle Fleet Will Double by 2025, Aiming for 100,000 Vehicles

On March 16, the Ministry of Industry and Information Technology, Ministry of Finance, and National Development and Reform Commission issued a notice on conducting hydrogen energy comprehensive application pilot projects. It states that by 2030, hydrogen energy in urban clusters will achieve large-scale application across multiple fields, with the terminal hydrogen price dropping below 25 yuan/kg, and in some advantageous regions down to around 15 yuan/kg; the national fuel cell vehicle fleet will double from 2025, aiming for 100,000 vehicles. The expansion of application scale will promote breakthroughs in hydrogen energy application technologies, processes, and equipment, including fuel cells, electrolyzers, storage and transportation devices, and materials, leading to iterative upgrades and making hydrogen energy a new economic growth point to support comprehensive green transformation of the economy and society.

China Automobile Circulation Association: Over 40 Member Companies Unveil Standards to Protect Consumer Rights

On March 15, the China Automobile Circulation Association launched the “Standard Escort for Transparent Consumption” special campaign. Over 40 member companies in used cars and auto parts publicly committed to service standards and quality promises, effectively safeguarding consumers’ legal rights. The standards cover all service aspects such as used car circulation, appraisal, evaluation, and parts wholesale and retail. Through standardization, they aim to unify, regulate, and make service quality transparent, promoting high-quality industry development. For example, used car companies pledge no major accidents or water-damaged cars, providing complete vehicle history reports; appraisal agencies commit to full recording of testing processes and objective, fair results; parts vendors promise traceability of original or branded parts with transparent quality.

Cui Dongshu, Secretary General of the Passenger Car Association: In February, Average Passenger Car Price Reached 180,000 Yuan, Up 15,000 Yuan Year-on-Year

On March 15, Cui Dongshu stated that the retail average price of passenger cars was 165,000 yuan in 2021, rising to 184,000 yuan in 2024. The 2025 average price is 170,000 yuan, a decrease of 14,000 yuan from 2024. As of February 2026, the average price is 180,000 yuan, an increase of 15,000 yuan compared to the same period last year.

Company News

WeRide: Signs Strategic Cooperation with ELEVATE Slovakia to Launch First Autonomous Driving Project in Slovakia

On March 19, WeRide announced a national-level strategic partnership with ELEVATE Slovakia, officially launching Slovakia’s first autonomous driving project. This is the first large-scale commercialization plan driven by the country at the European level, covering multiple product lines. Slovakia becomes the fourth European market where WeRide has a presence, after France, Belgium, and Switzerland. The company’s global operations now cover 12 countries and over 40 cities.

Geely Auto: Core Net Profit Attributable to Parent to Grow 36% in 2025

On March 18, Geely Auto released its 2025 annual results. Total revenue reached 345.2 billion yuan, a 25% increase year-on-year, setting a new record. Core net profit attributable to the parent was 14.41 billion yuan, up 36%, with high-quality growth driven by scale effects and optimized high-value product mix. Gross profit increased to 57.3 billion yuan, up 25%. By the end of 2025, total cash reserves rose 46% to 68.2 billion yuan, maintaining ample and stable liquidity.

Leapmotor: Announces 2025 Financial Results — Double Sales for Two Consecutive Years and First Full-Year Profit

On March 16, Leapmotor released its 2025 financial report. In 2025, the company delivered 596,555 vehicles, doubling sales for two consecutive years and ranking first among Chinese new power brands. Net profit was 540 million yuan, achieving its first full-year profit and becoming the second Chinese new carmaker to do so. Revenue reached 64.73 billion yuan, a 101.3% increase from 2024. Gross margin hit a new high of 14.5%. Cash on hand was 37.88 billion yuan, with positive operating and free cash flow. The company’s globalization strategy accelerated, with exports reaching 67,052 units, ranking first among Chinese new power brands.

Qianli Technology Launches New Generation Intelligent Driving

On March 17, at NVIDIA GTC 2026, Geely Auto announced a breakthrough in “cab-integration” technology, jointly developing the “Super Eva+G-ASD 4.0” with Qianli Technology and Jiayue Xingchen, which will soon be launched and mass-produced. The Zeekr 001X will be the industry’s first to feature a super intelligent agent integrating smart cockpit, assisted driving, and digital ecosystem, enabling dialog-based cockpit-driving collaboration and full-scenario digital ecosystem services.

Secondary Market

Industry Performance

Industry Valuation

New Energy Vehicle Sales

Raw Material Prices

Lithium Compound Spot Prices

Cathode Material Prices

Electrolyte Prices

（Editor: Guo Jiandong）

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