Biz / Auto

Electric car startups record surge in H1 sales

Hu Yumo
Sales of electric vehicles from China's startup brands jumped 44.6 percent in the first six months, amid release of new models and demand for vehicle replacement.
Hu Yumo

Chinese electric car startups delivered a total of 44,000 units in the first half, up 44.46 percent year on year and bucking the declining trend in the new-energy vehicle industry, according to auto insurance data from the China Banking and Insurance Regulatory Commission.

In June, car insurance records of Chinese electric car startups reached 11,461 units, an increase of 18.19 percent, data from the commission showed.

China's overall new-energy vehicle sales fell 37.4 percent to 393,000 units in the first half, according to data from the China Association of Automobile Manufacturers. 

With the improving epidemic situation and government policies to promote auto consumption, the decline of new-energy vehicle sales in the second quarter narrowed compared with the first three months. 

China’s electric car startups are accelerating production and increasing sales, just as market competition intensifies. Some are raising funds and going public as they look to grab market share and develop future models.

The country's auto startups are mostly targeting drivers in their 30s who are willing to pay for the latest technology offered by new-energy vehicles. Due to the launch of new models and increasing demand for replacement vehicles in the first half, sales volumes of these companies are better than the overall market.

Based on figures from the first six months, NIO remained the market leader, delivering a total of 14,048 vehicles. Li Auto ranked the second with 9,667 units and WM Motor ranked the third with 5,772 cars delivered. They were followed by Xpeng Motors, which delivered 5,663 units from January to June.

Li Auto Inc raised US$1.1 billion in an above-range US initial public offering, adding to the market focus on electric-vehicle companies, as Bloomberg reported on Thursday. 

Guangzhou-based Xpeng Motors has filed confidentially to list in the US but has not yet chosen between Nasdaq or the New York Stock Exchange, according to South China Morning Post.

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