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July 31, 2020

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Home » Business » Auto

Startups see jump in sales of NEVs

Chinese electric car startups delivered 44,000 units in the first half, up 44.46 percent year on year and bucking the declining trend for new energy vehicles, according to the China Banking and Insurance Regulatory Commission.

Startups sold 11,461 vehicles in June, an increase of 18.19 percent year on year.

But total new energy vehicle sales fell 37.4 percent to 393,000 units in the first half, according to the China Association of Automobile Manufacturers.

With the improving pandemic situation and government policies to promote auto sales, the fall in new energy vehicle sales in the second quarter was lower than the first three months.

Drivers willing to pay

Electric car startups are accelerating production and increasing sales and competition is intensifying.

Some companies are raising funds and going public as they look to grab market share and develop models.

The country’s auto startups are mostly targeting drivers in their 30s who are willing to pay for the latest technology offered by NEVs.

Due to the launch of new models and increasing demand for replacement vehicles in the first half, sales of these companies are better than the overall market.

For the first half, NIO remained the market leader, delivering 14,048 vehicles.

Li Auto ranked second with 9,667 units and WM Motor ranked the third with 5,772 cars delivered.

They were followed by Xpeng Motors, which delivered 5,663 units from January to June.

Li Auto Inc raised US$1.1 billion in an above-range US initial public offering, adding to the market focus on electric-vehicle companies, as Bloomberg reported yesterday.

Guangzhou-based Xpeng Motors has filed confidentially to list in the US.

But it has not yet chosen between the Nasdaq or the New York Stock Exchange, according to the South China Morning Post. China’s auto sales are set for a third straight year of decline, analysts say. The boost from pent-up demand and government incentives will likely fall in the second half.


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