At the beginning of the new year, the battle report of China's "new forces" car companies is released, with Li Auto achieving a record high in December deliveries, and ZEEKR and Leapmotor showing impressive growth

Reuters Beijing, January 1 - At the beginning of the new year, China's "new forces" in the new energy vehicle sector announced their delivery data for December 2024. Li Auto once again secured the top position in delivery volume, achieving a record high for itself that month. The "new new forces," ZEEKR and Leapmotor, continued to lead in delivery growth, with year-on-year increases of over 100%.

Li Auto (LI.O) announced that it delivered 58,513 new vehicles in December, a year-on-year increase of 16.2%; calculated month-on-month growth of 20%, reversing the decline from the previous month. For the entire year, Li Auto delivered a total of 500,508 vehicles.

"With steady growth in sales of the Li L series and Li MEGA, the delivery volume in December reached a historical high," said Li Auto Chairman Li Xiang.

Leapmotor (9863.HK) delivered 42,517 vehicles in December, breaking the 40,000 mark for two consecutive months, with a year-on-year increase of 128%, achieving a new high for seven consecutive months, and cumulative deliveries in 2024 nearing 300,000, exceeding the annual target. The company stated that it will aim for a new target of 500,000 in 2025.

Geely Automobile's (0175.HK) ZEEKR (ZK.N) delivered 27,190 vehicles in December, a year-on-year increase of 102%, with a calculated month-on-month increase of 0.7%; for the entire year, it delivered 222,123 vehicles, a year-on-year increase of 87%. In 2025, the company will challenge a delivery target of 320,000 vehicles.

Xiaomi (1810.HK) has not yet announced specific delivery figures for December but stated that the monthly delivery exceeded 25,000 vehicles. Xiaomi Group Chairman Lei Jun announced on Tuesday that Xiaomi's vehicle deliveries would exceed 135,000 in 2024, with a target of 300,000 in 2025.

Nio (9866.HK) (NIO.N) delivered over 30,000 vehicles in December, achieving a new high with 31,138 new vehicles delivered, a month-on-month growth of 51.3% and a year-on-year growth of 72.9%. For the entire year of 2024, Nio delivered a total of 221,970 new vehicles, a year-on-year increase of 38.7%.

XPeng (9868.HK) (XPEV.N) stated that it delivered a total of 36,695 new vehicles in December, a year-on-year increase of 82% and a month-on-month increase of 19%. Among them, XPeng MONA M03 deliveries exceeded 15,000, and XPeng P7+ deliveries exceeded 10,000. In the fourth quarter, XPeng's delivery volume reached 91,507 vehicles, setting a new record for quarterly deliveries, exceeding the upper limit of the fourth-quarter delivery guidance.

XPeng CEO He Xiaopeng stated on Tuesday while looking ahead to the new year's work that market competition will definitely become more intense in 2025, predicting that a price war will ignite starting in January. To cope with the competition, the company plans to launch multiple new models in 2025 and expand its recruitment scale, hiring more than 6,000 employees.

China's new energy vehicles will continue to capture market share in 2024, with penetration rates surpassing 50% for the first time, and domestic brands outperforming foreign brands in market share, gaining confidence. However, the fierce price competition and the looming threat of tariffs under geopolitical shadows are putting pressure on players in this rapidly growing industry, with more automakers facing life-and-death battles Market and analysts believe that China's automotive consumption stimulus policy will continue in 2025, and the penetration rate of new energy vehicles is expected to further exceed 60%; however, industry competition is expected to intensify, and more car companies may go under.

December 2024 Delivery Volume (units YoY MoM)

Li Auto 58,513 16.2% 20.1%

Nio 31,138 72.9% 51.3%

XPeng 36,695 82.0% 18.8%

ZEEKR 27,190 102.0% 0.7%

Leapmotor 42,517 128.0% 5.8%

Xiaomi >25,000

(End)

(Reported by Wang Zhenzhen; Reviewed by Lin Gaoli)