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Daniel Ren

Chinese makers of inexpensive electric vehicles (EVs) maintained their growth momentum in August, as budget-cautious drivers – spooked by lingering deflation – shunned premium models.
Leapmotor, Xpeng and Galaxy reported sizzling sales, driven by their cheaper models featuring self-driving and in-car entertainment systems similar to Tesla’s vehicles.
Leapmotor, backed by Fiat owner Stellantis, broke its sales record for a fourth consecutive month by delivering 57,066 units, a 13.8 per cent increase from July.
Xpeng delivered 37,709 vehicles last month, up 2.7 per cent from July, rewriting its sales record for a second consecutive month.

Galaxy, a brand owned by Geely Auto, mainland China’s second-largest carmaker, posted a 16.4 per cent month-on-month jump in deliveries, which hit an all-time high of 110,666 units.
“An increasing number of customers are looking at models that are priced around 100,000 yuan (US$14,000),” said Zhao Zhen, a sales director at Shanghai dealer Wan Zhuo Auto. “They believe Chinese-made electric cars with intelligent features are value for money.”
The three EV brands offer smart vehicles at about half the price of a Model 3.
Guangzhou-based Xpeng launched the Mona 03 midsize electric sedan in August last year, which is priced from 119,800 yuan, compared with 235,500 yuan for the Model 3.
Hangzhou-based Leapmotor priced its new B01 sedan at 89,800 yuan in July, with plans to mount a challenge on Tesla globally.
Industry observers expected China’s overall EV sales to drop in August and September after Beijing warned carmakers to end a brutal discount war to ensure the long-term growth of the industry.
Many carmakers scaled back their deep discounts and loan concessions to heed Beijing’s directives.
The latest data from JPMorgan showed that the average discount offered by Chinese EV and petrol car manufacturers fell to 16.7 per cent in July from an unprecedented 17.4 per cent in June.
Demand for petrol cars and EVs on the mainland could weaken in the third quarter, as carmakers stop offering deep discounts and interest-free loans to promote sales, Fitch Ratings said in a report last month.
Tesla, once the runaway leader in China’s premium EV segment, has been losing its market share to local rivals over the past two years, as the latest models from mainland carmakers attracted young motorists willing to embrace new technologies.
Tesla’s Shanghai Gigafactory handed 67,886 Model 3 and Model Y vehicles to customers in July, a decline of 8.4 per cent from a year earlier, according to data from the China Passenger Car Association (CPCA). Deliveries fell 5.2 per cent from June, which had been the first positive month after an eight-month decline.
Tesla’s share of the mainland EV market fell to 3.2 per cent in July, according to CPCA. Its sales accounted for 16 per cent of the national total in 2020, when the Shanghai factory opened.
Xiaomi, a strong rival to Tesla on the mainland, said on Monday its August deliveries exceeded 30,000 units.
In China, monthly sales of 10,000 units are typically considered a success for an EV maker.


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Leapmotor, Xpeng and Galaxy post record-breaking sales, thanks to their inexpensive EV models


Leapmotor, Xpeng and Galaxy post record-breaking sales, thanks to their inexpensive EV models.
