Morgan Stanley's April retail pricing review of major Chinese electric vehicle makers shows a range of outcomes, from small drops to double-digit increases in specific model lines.
BYD registered a 0.3% decline in retail prices month-over-month in April. The bank said price improvements after facelifts for the Seal 06 and Sea Lion 05 were offset by price declines across other BYD models. Morgan Stanley expects additional facelifts and new model introductions, including the Great Tang, to help support BYD's blended pricing going forward.
Li Auto saw retail pricing remain flat on a month-on-month basis. According to the bank, retail discounts for the L6, L7, and L8 narrowed by 3,000 yuan, while discounts for the i-series stayed below 5%. Pricing for the L9 held steady in April ahead of the imminent L9 Livis launch this week.
XPeng recorded a 0.6% increase in retail prices month-over-month. Morgan Stanley reported that the MONA M03's retail price rose by 6,500 yuan following its facelift, while other XPeng models showed no change. The bank noted that any further price increases at XPeng are likely contingent on the timing and reception of the GX launch.
NIO posted the largest month-on-month gain among the named brands, with retail prices up about 4%. Morgan Stanley attributed this rise primarily to the 5566 facelifts, which lifted prices for each affected model by roughly 10%.
Geely Galaxy experienced a notable rise in retail pricing, climbing about 7% month-over-month. The bank linked this increase to 2026 facelifts for the A7, M9, and Starshine 8, with each of those models' retail prices up by more than 10%.
Morgan Stanley observed that retail prices generally improved after declines in March, a trend it credits to several recent facelifts. The bank also anticipates that additional model launches in the coming months will provide further support to retail pricing across these manufacturers.
Contextual note: The bank's analysis focuses on month-on-month retail price movements and highlights the role of facelifts and model introductions in shaping short-term pricing dynamics.