China's EV firms fare well

Melody Chen

Most Chinese electric vehicle makers posted double-digit growth in sales last month, with auto giant BYD (1211) reporting a 35-percent rise in sales on the back of lower prices.

BYD's June EV sales increased to 341,658 units, up by 35 percent year-on-year and 3 percent month-on-month. However, its overseas sales dropped by 28 percent to 26,995 and June production volume inched down by 0.7 percent to 341,671 vehicles from a month ago.

Li Auto (2015) delivered 47,774 vehicles in June, up 46.7 percent from last year, bringing its cumulative deliveries to 822,345 vehicles to top the list of China's emerging new energy auto brands.

Nio (9866) delivered 21,209 vehicles in June, an increase of 98.1 percent year-on-year while XPeng's (9868) monthly deliveries grew by 24 percent compared to last year to 10,668 units.

Geely Automoblie (0175) saw its monthly deliveries increase by 24.2 percent from last year to 166,085 vehicles, with the new energy vehicle brand Zeekr selling 20,106 units, up 89 percent year-on-year.

Xiaomi's (1810) Speed Ultra 7, or SU7, sold more than 10,000 units in June, with a further 10,000 vehicles expected this month,.

And Great Wall Motor (2333) sold 26,107 new energy vehicles in June, a monthly growth of 5.9 percent but a 2.1 percent drop from the same period last year.

Meanwhile, Huawei and Tesla launched time-limited offers for services instead of reducing prices directly to lure new buyers in the mainland and boost sales amid fierce competition.