China EV Sector Regulatory Changes and Momentum

China mandates 30,000 km reliability testing for NEVs, ending 'ship first, test later' – margin pressure on XPeng, BYD, GAC Aion. Autonomous vehicle safety rules effective 2027. MIIT 15th Five-Year Plan for smart connected NEVs. NIO July deliveries +71% to 35,934, vehicle margin jumps to 18.8%, Goldman Sachs upgrade.