Chinese electric vehicle startups NIO, Xpeng, Li Auto, and Leapmotor have set ambitious sales targets for 2025, anticipating another intense price war as the country’s car market braces for a performance jump in a competitive landscape, local media reported.
Why it matters: Although some of the figures were not verified, this information provides a window into how far Chinese EV makers have diverged methods and how the cut-throat competition is shaping long term trends.
Details: NIO, Xpeng, and Leapmotor are aiming to double sales in 2025, while Li Auto set a 700,000-vehicle sales target for next year, a jump of 40% from this year, people familiar with the matter told 36Kr (in Chinese). The targets of NIO and Leapmotor were confirmed by their founders on their respective third-quarter earnings calls last month.
- Li Auto delivered almost 442,000 extended-range hybrids from January to November, close to its annual goal of 500,000 units for this year. Leapmotor said on Dec.1 that it had achieved its goal of selling 250,000 EVs this year ahead of schedule. NIO and Xpeng’s year-to-date deliveries hit 190,832 and 153,373 cars respectively.
- Xiaomi, which has delivered more than 100,000 SU7 sedans, is eyeing even stronger sales growth with an aim of delivering 360,000 cars next year. The longer-term annual sales outlook for Huawei’s Harmony Intelligent Mobility Alliance (HIMA) could be 1 million units, according to the report.
- Meanwhile, Mercedes-Benz and BMW expected sales to shrink by 10-15% in China next year, the report said, without elaborating. BYD has not provided any guidance for 2025, but Jefferies analysts estimated sales from the EV giant could hit 5.2 million units with an expected growth rate of 21%.
READ MORE: Chinese EV sales climb in November ahead of holiday season
Context: Sales of China’s passenger new energy vehicles (NEVs), including all-electrics and plug-in hybrids (PHEVs), experienced year-on-year growth of 39.8%, reaching 8.3 million units from January to October, according to figures compiled by the China Passenger Car Association (CPCA).
- Meanwhile, overall passenger car sales grew only 3% to almost 18 million units. Particularly, NEVs outsold gasoline-powered passenger cars in July for the first time, a trend that has continued since. However, the growth rate of all-electrics slowed to 14.1% as of October this year due to strong demand for PHEVs, the CPCA figures showed.
Related
