摩根士丹利：中国电动汽车时代的经销商：直面直销挑战（英文版）

Direct sales is the new business model for EV start-ups: Following Tesla's direct sales initiative, and with traditional OEMs such as Daimler and Volkswagen intention to opt for direct sales, the market has been questioning whether third-party dealers are still needed in the EV era. We expect the profit pool for the entire China dealer industry to shrink, but we believe EV evolution could accelerate dealer consolidation, bringing higher ROE to top dealers  under the agency models while proving c