From BigGo Finance · BigGo Finance · · 2m
China's Year-End Sales Push Begins
Leapmotor and Zeekr hit sales targets early as most Chinese automakers fall short.
In brief
Leapmotor and Zeekr hit sales targets early as most Chinese automakers fall short. China's automakers face tight sales targets with Zeekr completing 107% of its annual goal while others lag behind. Originally reported by BigGo Finance.
China's Year-End Sales Push Begins
With October sales data now out, the gap in annual target completion rates among Chinese automakers has widened sharply.
Zeekr Hits 107% Target
Zeekr delivered 320,887 vehicles in the first 10 months, locking in its 300,000-unit annual target with a completion rate of about 107%.
Leapmotor at 77.3% Completion
Leapmotor delivered about 772,700 vehicles in the first 10 months, completing 77.3% of its 1 million-unit target.
BYD Faces Pressure
BYD's October sales of 490,200 units were already a historic high, but against a 5 million-unit annual target, the remaining 1.3783 million vehicles must be crammed into two months.
Geely Auto at 73.8% Completion
Geely Auto sold 2.5457 million vehicles in the first 10 months, completing 73.8% of its 3.45 million-unit target.
Chery Group at 78.2% Completion
Chery Group sold 2.5027 million vehicles cumulatively for a 78.2% completion rate, relatively respectable among traditional automakers.
EV Startups Diverge
Xiaomi Auto delivered about 336,500 vehicles in the first 10 months, completing 61.2% of its 550,000-unit target; XPeng delivered 334,600 units against the same 550,000 target.
November Promotional War
Leapmotor rolled out limited-time benefits covering 12 models including the A05, A10, C16, C10 and C11 with maximum combined benefits exceeding 40,000 yuan.
Tesla's Discount Shift
Tesla's final-payment discount on the Model 3 rose from 5,000 yuan to 10,000 yuan, while the Model Y's shrank from 7,000 yuan to 4,000 yuan.
Shrinking Trade-In Pools
China's Ministry of Commerce warned Guangdong's vehicle trade-in subsidy quota is running low, first come, first served, while supplies last.
EU Caps Hybrid Imports
The European Union plans to cap annual imports of Chinese-made hybrid vehicles at around 350,000 units, with a 6% annual growth allowance.
Local Manufacturing Push
BYD's Szeged plant in Hungary entered mass production in October, Leapmotor's B10 began production at its Zaragoza plant in Spain.
Investor Concerns Rise
Leapmotor's first-half blended gross margin fell to 11.7% from 14.1% a year earlier, and management has cut its full-year net profit guidance to about 3 billion yuan.
What it means
China's automakers face tight sales targets with Zeekr completing 107% of its annual goal while others lag behind.
