China’s top EV trio suffer sales setback in July as heatwave deters consumers but new models inspire second-half confidence
- Shanghai-based Nio said it delivered 10,052 units in July, down 22 per cent from a month earlier
- Chinese smart EV start-ups are all ramping up development of new models to tap the accelerated pace of electrification in China
China’s top three home-grown smart electric vehicle (EV) makers hit a stumbling block with sales growth in July as a heatwave across the country deterred consumers from visiting showrooms.
All three companies, regarded as China’s best response to US EV maker Tesla and who enjoyed a strong May and June, reported July sales declines on Monday.
Shanghai-based Nio said it delivered 10,052 units in July, down 22 per cent from a month earlier. Beijing-headquartered Li Auto posted a 20 per cent month-on-month drop in sales, delivering 10,422 vehicles in July.
Meanwhile Guangzhou-based XPeng’s deliveries plunged 24.7 per cent to 11,524 units in July from June.
However, some analysts played down the dip, looking ahead to new model launches in the second half.
“July is normally a low season for car sales,” said the founder of Shanghai-based technology portal CnEVpost.