China’s top three premium EV makers posted mixed sales last month, as companies remain entrenched in a price war in the world’s largest car market that shows no signs of ending.
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BYD reported an 81 per cent jump in earnings last year to an all-time high on the back of record deliveries of new electric vehicles. Weak consumer spending might, however, cool sales, it said.
China’s leading EV makers are battling for supremacy in the MPV segment, targeting wealthy families amid sluggish sales and looking to grab a bigger share of the market from traditional carmakers like GM.
Slowing growth, intensifying competition and a bruising price war will pile pressure on the 200-plus Chinese EV makers this year, with some underachieving players likely to buckle and fold.
Li Auto and Xpeng, two top premium electric vehicle builders in China, rewrote sales records in November, as their new car models amplified the popularity of battery-powered vehicles.
Aito sold 60,000 units of the M7 in a month, resulting in delivery delays and underlining the strong demand for domestic EVs in the sizzling mainland China market long dominated by Tesla.
Haomo.AI, an autonomous driving technology start-up backed by Great Wall Motor, is to offer carmakers three new driver-assistance systems it claims are cheaper and better than existing ones in what could mark a step forward in China’s push to revolutionise mobility.
China’s fast growing electric vehicle market has seen a proliferation of manufacturers at a time when demand was boosted by government subsidies. But rising costs and slowing demand are beginning to weigh on the smaller players who are now faced with the risk of elimination.