5 Chinese EV makers set monthly sales records as discounts draw young buyers

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BYD, Li Auto, Xpeng, Zeekr and Leapmotor posted new monthly delivery records in September as new models and promotions proved enticing

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Employees work on an EV production line at a Leapmotor factory in Jinhua, in China’s eastern Zhejiang province, on September 18, 2024. Photo: AFP

Daniel Renin Shanghai

Published: 8:29pm, 1 Oct 2024Updated: 9:26am, 2 Oct 2024

Top Chinese electric vehicle (EV) makers rode discounts and promotions to higher sales in September, as five companies – BYD, Leapmotor, Li Auto, Xpeng and Zeekr – set new monthly delivery records.

“September was a high season for car sales, and the major players, after launching new models and offering price cuts, took advantage of consumers’ buying interest to propel their sales,” said Phate Zhang, founder of Shanghai-based electric-car data provider CnEVPost. “The upwards momentum is set to continue in the coming months now that more Chinese motorists prefer EVs to petrol cars.”

Nearly all Chinese EV builders unveiled new models in the third quarter, showcasing high-performance batteries and advanced semi-autonomous driving software as they mount a challenge to Tesla’s bestselling Model 3 and Model Y vehicles.

BYD, the world’s largest electric car assembler, shipped a record 419,426 EVs in September, charting 12.4 per cent month-on-month growth and a 45.9 per cent improvement compared with a year ago. It was the company’s fourth straight record month.

Li Auto, Tesla’s nearest rival in mainland China, sold 53,709 vehicles, rewriting its previous record of 51,000 units in July. September sales rose 11.6 per cent compared with August and 48.9 per cent year on year.

Xpeng delivered an all-time high of 21,352 cars, breaking its December record of 20,041, as sales rose 52.1 per cent above August’s and increased 39.5 per cent year on year. Xpeng on Tuesday reported September sales of 10,000 units of the M03, the first car from its budget brand Mona, which only hit the market in late August.