China Emerging EV Automakers (2): A Second Group Closes in on the Leaders & Entry of IT Giants
Hozon Auto, Leapmotor, WM Motor, Jidu Auto, Xiaomi Auto
2022/06/23
- Summary
- Hozon Auto: Security giant becomes second shareholder, announces new "Shanhai Platform"
- Leapmotor: Announces new strategy, insists on in-house software and hardware development
- WM Motor: Applied for listing on the Hong Kong Stock Exchange, focusing on developing valet parking solutions
- Jidu Auto: Announces ROBO-01 jointly developed with Geely, aiming for launch in 2023
- Xiaomi Auto: Establishing manufacturing site in Beijing with annual capacity of 300K units, aiming to start production in 2024
Summary
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As competition in the New Energy Vehicle ("NEV") market grows fiercer by the day, a second group of emerging EV automakers is starting to catch up to the top camp. According to MarkLines data, over the past year (May 2021-April 2022), XPeng Motors took the top spot in monthly sales volume six times, NIO three times, Li Auto twice, and Leapmotor once. Hozon Auto also came in at second place three times. The difference in monthly sales between the top six companies is gradually widening.
With the rapid expansion of the NEV market, more and more different industries are becoming interested in the NEV industry, especially in the field of smart EVs, and a new automobile manufacturing boom is emerging. Among these, the entry of major IT companies such as Baidu and Xiaomi is attracting attention both inside and outside the industry.
This report presents the major activities and movements of the second group of emerging EV automakers (Hozon Auto, Leapmotor, and WM Motor) and IT companies (Jidu Auto, Xiaomi Auto) over the past year. Following the top three emerging EV automakers in China in terms of sales volume in 2021 (NIO, XPeng, and Li Auto), Hozon Auto is the fourth emerging EV automaker to reach a production volume of 100,000 units, with Internet security giant, the 360 Group, as the second largest shareholder. Leapmotor announced its "2.0 Strategy" regarding technology, products, and users, and also applied for listing on the Hong Kong Stock Exchange. WM Motor also officially launched its plan to list on the Hong Kong securities market. The second group of emerging EV automakers all plan to enter the ASEAN and European markets. Among the IT giants, Jidu Auto, a joint venture between Baidu and Geely, plans to launch its first model in 2023, while Xiaomi Automobile Co. Ltd. (Xiaomi Auto) plans to mass produce its first model in 2024.
Related reports：
China Emerging EV Automakers (1): Expanding Production and Promoting Carbon Neutrality (Jun. 2022)
Chinese Market Q1 2022 (1): SAIC, FAW, BYD, etc. accelerate development in battery and energy fields (May. 2022)
Chinese market Q4 2021 (2)： Honda, BMW and Audi announce electrification strategy plans (Feb. 2022)
China market Q3 2021 (2): VW to produce batteries in Hefei & Changsha (Nov. 2021)
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