摩根士丹利-中国电动汽车时代的经销商：直面直销挑战-2021.9.12-54页(1).pdf
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China Autos & Shared Mobility
Dealers in EV Era: Confronting the
Direct Sales Challenge
Direct sales is the new business model for EVs, calling into question the need for third-
party dealers. We expect the profit pool for China's dealers to shrink, but EV evolution
could accelerate dealer consolidation, bring higher ROE to top dealers under the agency
model while phasing out laggards.
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of
interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment
decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on
communications with a subject company, public appearances and trading securities held by a research analyst account.
September 12, 2021 09:00 PM GMT
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Shelley Wang, CFA
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Contributors
Jack Yeung
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Tim Hsiao
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Joey Xu, CFA
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Cindy Huang
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