China Emerging EV Automakers: Li Auto, NIO, Leapmotor, XPeng, Hozon Auto
Li Auto sales volume surpasses NIO; XPeng developing EVs with VW
2024/04/24
- Summary
- Top 5 selling Chinese emerging EV OEMs in 2023
- Li Auto: Releasing its first BEV model, aiming to sell 800,000 units in 2024
- NIO: Announced 12 technology stacks, partnering with several OEMs in the battery swap business
- Leapmotor: Releases first global model, establishes joint venture with Stellantis
- XPeng: Launches A-segment vehicles in the global market, develops B-segment vehicles with VW, and enters Thailand
- Hozon Auto: Targeting sales of 100,000 units outside China in 2024, opening a production base in ASEAN
Summary
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According to MarkLines data, the sales volume in China of New Energy passenger vehicles in 2023 was 9.017 million units, of which the top five emerging EV OEMs (Li Auto, NIO, Leapmotor, XPeng Motors, and Hozon Auto) have a combined sales of 946,000 units, accounting for 10.5% of the total. Li Auto's sales jumped to 376,000 units, making it the top-selling emerging EV powerhouse and putting it far ahead of other emerging EV manufacturers. The difference in sales volumes among NIO, Leapmotor, XPeng, and Hozon Auto is small and these OEMs are somewhat lacking in growth and momentum. Overall, competition in China's NEV market is intensifying, with emerging EV manufacturers facing increasing competitive pressure.
This report presents recent major trends among the top five Chinese emerging EV manufacturers in terms of sales volume. Li Auto has promoted its "Dual Energy Strategy" (Intelligent + Electric Energy) and launched its first BEV model. The company aims to achieve annual sales of 800,000 units in 2024. NIO announced the "NIO Technology Full Stack," which consists of 12 technology stacks, and reached an agreement with Changan Automobile, Geely Automobile, JAC, and Chery Automobile on a partnership in the battery swapping business. Leapmotor has launched its "BEV + range extender" dual power system and released its first global model. It also established a joint venture with Stellantis for international business. XPeng will enter the CNY 100,000 to 150,000 price range market by launching a new brand. In addition, it will jointly develop two EV models with Volkswagen. Hozon Auto accelerated the deployment of its global strategy, opening overseas plants in Thailand, Indonesia, and Malaysia.
Related reports:
Thailand: Chinese OEMs to build EV production facilities (Mar. 2024)
Chinese Market Q4 2023: Mercedes-Benz and BMW establish charging JV (Feb. 2024)
NIO Battery Swap Stations (Jan. 2024)
Charging Infrastructure in China (Part 2) (Oct. 2023)
Next-generation Items from Emerging EV Automakers (Jul. 2023)
Auto Shanghai 2023: Emerging EV Automakers (May. 2023)
China Emerging EV Automakers: Developing Core Components and Promoting Production In-house (Apr. 2023)
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