Chinese automakers BYD, Leapmotor and Xiaomi smash annual delivery targets ahead of schedule

BYD Song L electric cars at the 21st Changchun International Automobile Expo in Changchun, Jilin province, China, on July 17, 2024.

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SINGAPORE — Chinese automakers BYD, Leapmotor, and Xiaomi have raced past their annual delivery targets a month ahead of schedule, underscoring their rapid growth and strong market demand as the year comes to a close.

Electric vehicle juggernaut BYD delivered 504,003 passenger vehicles in November, up from last month’s 500,526. Its cumulative deliveries for passenger cars stand at 3,740,930, exceeding its initial full-year target of 3.6 million deliveries.

Meanwhile, Stellantis-backed Leapmotor saw 40,169 deliveries in November, up 5.22% from the previous month and 117% year on year. The company has delivered 251,207 cars year-to-date, surpassing its 250,000 annual delivery target.

Xiaomi, likewise, achieved the feat of surpassing its annual target of 100,000 deliveries midway through November. The company launched its first car, the SU7, in March this year.

For the full month of November, the Chinese phonemaker company delivered more than 20,000 cars for the second consecutive month this year. Xiaomi has revised its target to 130,000 deliveries by the end of the year.

Chinese electric carmaker Zeekr said Sunday it delivered 27,011 cars in November, beating the previous month’s record by 7.83%, and increasing by 106% year on year.

This month’s deliveries brings its full year’s deliveries to 194,933 — only slightly short of its full-year delivery target of 230,000 vehicles.

The Geely-backed automaker began deliveries of its new five-seater SUV Zeekr Mix on Oct. 23.

Xpeng also achieved an all-time best with 30,895 deliveries in November, up 29% from the previous month.

The deliveries included the company’s mass-market car, Mona M03, which exceeded 10,000 deliveries for the third consecutive month. Xpeng launched Mona M03 in late August with prices starting at $16,812, while Tesla’s cheapest car, the Model 3, starts at 231,900 yuan ($31,897).

Xpeng’s November deliveries also included more than 7,000 deliveries of the P7+, which launched Nov. 7 and received 31,528 orders by midnight that day.

Premium brand Nio delivered 20,575 cars in November, up 28.9% year on year. Deliveries included 5,082 vehicles from its lower-priced brand Onvo, which was launched in September.

In a Nov. 20 earnings call, the company said it aimed to deliver between 72,000 and 75,000 cars in the fourth quarter. That means Nio has to deliver at least 30,449 cars in December to meet the minimum target.

Nio will also launch its Firefly brand on Dec. 21, CEO William Li said in the same call. Co-founder and president Qin Lihong confirmed to local media last month that the car would be purely electric, refuting local media claims of a potential hybrid model.

Nio’s full-year delivery target for 2024, derived from quarterly guidance, ranges from 218,000 to 227,000 deliveries. Per CNBC’s calculations, Nio has delivered a total of 190,832 cars year-to-date.

The company shared plans to double electric car deliveries next year in the earnings call, with a target of 20,000 Onvo cars per month by March 2025.

Li Auto, whose cars mostly come with a fuel tank to extend the battery’s driving range, delivered 48,740 cars in November, down 5.25% from October’s deliveries. As of end-November, the company delivered 441,995 cars out of its annual goal of 480,000.

The company previously aimed to deliver 800,000 cars for the full year, but cut its target in June.

Huawei-backed Aito did not disclose its November deliveries, but announced on Nov. 27 that it had delivered over 180,000 units of the M7.

And amid the intensifying price war in China, American automaker Tesla cut prices by 10,000 yuan for its Model Y through Dec. 31. With the discount, the Model Y now retails at 239,900 yuan.