China's Leapmotor and Huawei-backed Aito report record high deliveries in May as competition heats up
Chinese electric carmakers Leapmotor and Aito reported record high deliveries in May, while other startups struggle to catch up as the price war intensifies.
Stellantis-backed Leapmotor delivered a record 45,067 vehicles in May, reflecting year-on-year growth of 148%. On May 15, the automaker launched an updated version of its C10 model, a mid-sized SUV, that retailed from 122,800 yuan ($17,045). Leapmotor said over 13,000 units of the C10 were delivered in May.
And on Sunday, Seres-backed Aito announced on social media that it had delivered 44,454 vehicles, setting a new record. The automaker, which uses Huawei tech, on May 30 officially launched the Maextro S800, an ultra-luxury sedan, with a starting price of 708,000 yuan.
Industry giant BYD maintained its stronghold in the industry, with 376,930 cars sold in May. Total car sales in May rose by 14.1% increase year on year, based on CNBC's calculations of publicly available figures.
The automaker on May 23 slashed prices on 22 models, bringing the price of its Seagull hatchback down 20% to 55,800 yuan, causing Chinese automakers' shares to slide.
The EV juggernaut has recently been scrutinized over claims that it had pressured Jinan Qiansheng, one of BYD's dealers in the eastern province of Shandong, over cash flow. BYD refuted claims in a statement to Chinese media.
The intensifying price war has also sparked fears of a next "Evergrande" — China's former real estate giant, which defaulted on its debt in 2021.
Xpeng May deliveries dipped to 33,525 vehicles from 35,045 vehicles the previous month. But the company reported a year-on-year growth of 230% and maintained its streak of delivering over 30,000 vehicles for the seventh consecutive month.
The automaker on May 28 officially launched the Mona M03 Max and Plus models, retailing from 129,800 yuan and 119,800 yuan, respectively.
Xiaomi delivered more than 28,000 vehicles in May, mirroring its performance last month.
The smartphone company on May 22 teased a new model of YU7 luxury SUV, which is set to be officially launched in July.
Other startups, however, experienced modest growth in deliveries.
Li Auto delivered 40,856 vehicles in May, representing a year-over-year increase of 16.7%, while Geely-owned Zeekr delivered 18,908 vehicles, indicating a 1.6% year-on-year growth, based on CNBC calculations of publicly available data. That's despite Zeekr's attempts to differentiate itself from the competition with its announcement of free driver-assistance technology in March.
Nio's May deliveries fell from the previous month, with a total of 23,231 vehicles delivered, reflecting 13.1% year-on-year growth. Onvo, Nio's family-oriented smart electric vehicle brand, made up 6,281 of total deliveries. That makes May Onvo's best-performing month so far this year.
Chinese automakers are looking to diversify as competition intensifies. But tariffs imposed by the European Union and the U.S. on Chinese electric vehicles may impede efforts to expand into the West.
Instead, companies may be looking to emerging markets such as those in Africa, Hong Kong-based South China Morning Post reported last week.
BYD on April 24 announced its official entry into Benin, in collaboration with CFAO Mobility.
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