China’s EV Market Diverges as Sales Growth Hits Select Brands

BYD remains the dominant force, moving 440,293 new-energy units in August—an 18% climb over the previous year. Geely Automobile followed with 270,194 vehicles, marking an 8% gain. Behind these figures, however, the market landscape is shifting toward extreme variance. Leapmotor delivered a record 103,129 vehicles, an 81% surge, while Zeekr’s deliveries more than doubled to 36,981 units. These results highlight a strategy shift where startups and premium sub-brands are capturing market share at the expense of slower-growing competitors.

Other major players are struggling to match that pace. NIO shares slid 6.4% in Hong Kong after reporting 35,836 total sales, a 14.5% increase that failed to satisfy investor expectations. XPeng saw even thinner margins, with a modest 3.7% uptick to 39,107 units. Li Auto and Xiaomi are attempting to stabilize their trajectories; Li Auto increased deliveries by 32% to 37,679 units, while Xiaomi maintained a steady output above 30,000 for the fifth consecutive month. As the industry enters a traditionally busy sales season, the reliance on constant model refreshes and product diversification suggests that profitability will remain under heavy strain across the board.