- Leapmotor surged to a record 103,129 deliveries in August, up 80.7% year‑on‑year and driving the company back to profitability.
- XPeng nudged higher to 39,107 deliveries while bleeding cash from heavy R&D and robotics ambitions.
- NIO kept steady at 35,836 deliveries, expanded to its 4,000th battery‑swap station, and focused on service network growth.
August was a relatively subdued month for China’s new-energy vehicle market.
The lull was reflected not only in the limited number of major new-model launches, with most automakers focusing on upgrades to existing products, but also in a market that remained notably cautious.
The good news is that major automakers are gradually recovering from the aftermath of the midyear sales push in June.
XPeng, Zeekr, BYD, Geely New Energy and Li Auto, for example, all showed improvement in both month-on-month and year-on-year terms.
August is also a peak period for automakers releasing interim financial results, offering a clearer picture of what they achieved during the first half of the year.
XPeng and Li Auto continued to report substantial R&D spending on new technologies, Geely Auto entered a critical phase of executive reshuffling as it consolidates its operations.
BYD’s overseas revenue surpassed its domestic revenue for the first time. Their efforts in the first half of the year are becoming easier to quantify.
So, as automakers build momentum for the traditional September-October peak sales season, which brands are lying low, and which are pushing ahead at full speed?
NIO Inc.
NIO Inc. delivered 35,836 vehicles in August, down 98 units from July and up 14.5% year on year.
The NIO brand delivered 21,174 vehicles, up 5.8% month on month and 101.2% year on year.
ONVO delivered 8,810 vehicles, down 13.2% month on month and 46.4% year on year.
firefly delivered 5,852 vehicles, up 1.4% month on month and 34.7% year on year.
Both of the NIO brand’s current core models reached major delivery milestones during the month.
On Aug. 8, the NIO ES9 surpassed 20,000 deliveries just 73 days after launch. On Aug. 21, the NIO ES8 reached its 140,000th delivery 335 days after launch. firefly also passed 80,000 cumulative deliveries.
NIO made no major new-vehicle moves in August, but continued expanding its battery-swapping network.
The station opened in Quanzhou, Fujian province, on Aug. 7 was not only NIO’s 4,000th battery-swap station, but also its first fifth-generation station, enabling full compatibility across all models from NIO, ONVO and firefly for the first time.
For now, NIO is largely focused on maintaining sales of its existing products and developing its service network.
After setting a record with more than 40,000 deliveries in June, can NIO break the 50,000-unit monthly delivery mark before the end of the year?
XPeng
XPeng delivered 39,107 vehicles in August, up 2.8% month on month and 3.7% year on year.
XPeng said it delivered 7,338 units of the GX in August, bringing cumulative deliveries to 21,501 units.
Combined with the 6,739 units XPeng reported for the GX in June, the model delivered a total of 7,424 units during the 10 days following its May 20 launch and throughout July.
XPeng is also continuing to expand its product lineup. On Aug. 11, the XPeng G9L opened for presales at RMB 259,800 ($38,570), with a market launch expected in September.
The model will debut XPeng’s second-generation VLA large model, while the Max version will also feature the distilled VLA-Lite model.
The second-generation VLA large model represents its first major upgrade and incorporates time as a new dimension, allowing it to remember the previous 30 seconds and anticipate the next six seconds.
Its on-device parameter count has also increased 3.5-fold, while response speed has improved 300%, further enhancing its ability to interpret the real world.
XPeng’s investment in large models is driven not only by its automotive business but also by the development of autonomous products such as Robotaxi and its IRON humanoid robot.
In August, XPeng’s Robotaxi program obtained a remote-testing qualification in Guangzhou, while its robotics business secured more than $900 million in financing.
At the same time, XPeng’s R&D spending rose 39% year on year to RMB 5.82 billion ($850 million) in the first half
This directly or indirectly contributes to a net loss of RMB 3.12 billion ($460 million), significantly wider than the RMB 1.14 billion ($170 million) loss recorded in the same period of 2025.
XPeng therefore faces the difficult task of balancing earnings pressure against ambitions across multiple technology and mobility businesses.
Li Auto
Li Auto delivered 37,679 vehicles in August, up 23.7% month on month and 32.1% year on year.
Compared with the slightly more than 30,000 vehicles delivered in July, Li Auto added more than 7,200 deliveries in August.
The increase may have been driven by the all-new Li L6, which launched in mid-July and entered its first full month of deliveries in August.
The figure could rise further. In September, Li Auto plans to launch the next-generation Li MEGA on Sept. 2 and the new Li i9 in mid-September.
It will also roll out the Mache VLA to users of vehicles equipped with the Thor and Orin X platforms.
Despite completing model upgrades across several existing products in the first half, Li Auto has yet to escape the shadow of losses.
After returning to a net loss of RMB 2.3 billion ($340 million) in the first quarter, its second-quarter loss narrowed significantly to RMB 1.705 billion ($250 million), but the pressure remains.
With 9-series new-energy vehicles such as the AITO M9 and NIO ES9 performing strongly, can Li Auto use the next-generation MEGA’s chassis and interior-comfort upgrades, together with the i9, to further narrow its losses and return to profitability?
Leapmotor
Leapmotor delivered 103,129 vehicles globally in August, up 1.8% month on month and 80.7% year on year.
Leapmotor’s two key growth drivers in 2026 are the A10 and overseas markets.
On Aug. 21, 135 days after the Leapmotor A10 went on sale, the 100,000th vehicle rolled off the production line, implying average daily deliveries of more than 666 units.
Leapmotor followed that up on Aug. 11 with the launch of the A05 sedan, priced from RMB 63,900 ($9,490), in an effort to further expand sales volume.
Buoyed by steadily rising monthly deliveries in the first half and the launch and deliveries of the D19,
Leapmotor’s gross margin rose to 12.6% in the second quarter, generating net profit of RMB 600 million ($90 million).
That allowed the company to post a net profit of RMB 210 million ($31 million) for the first half despite a net loss of RMB 390 million ($58 million) in the first quarter.
For Leapmotor, the task now may be to broaden its model lineup and price coverage in China while accelerating overseas sales.
It also comew with the aim of breaking through its current monthly-delivery ceiling and moving to the next level.
Xiaomi Auto
Xiaomi Auto continued to deliver more than 30,000 vehicles in August.
After recording 36,702 insurance registrations in April and surpassing 30,000 monthly deliveries, Xiaomi Auto has now stayed above the 30,000-unit mark for five consecutive months.
Above that 30,000-unit threshold, however, Xiaomi Auto’s performance has fluctuated.
According to China Passenger Car Association (CPCA) insurance-registration data for April through July, the company recorded 36,702, 32,759, 34,738 and 31,267 registrations, respectively, failing to consistently reach the 35,000-unit level.
The opportunity may lie in Xiaomi Auto’s statement that it is “fully preparing for the launch and deliveries of Xiaomi SkyNomad.”
Lei Jun previously said on Weibo that the SkyNomad series would be unveiled in early September.
The top-spec SkyNomad N70 Max and N90 Max have presale prices of RMB 259,900 ($38,580) and RMB 299,900 ($44,560), respectively, leaving considerable room for lower starting prices.
As Xiaomi Auto’s relatively affordable model series, SkyNomad is expected to shoulder the brand’s volume-selling role and will be key to Xiaomi Auto’s 550,000-unit annual target.
We may see the two new models officially launch in less than two weeks.
HIMA
Huawei-backed Harmony Intelligent Mobility Alliance (HIMA) delivered 42,101 vehicles in August, down 6.5% month on month and 5.6% year on year.
This marked the second consecutive month of declines both month on month and year on year, with refreshed and newly launched models that have entered delivery this year failing to generate the expected incremental sales.
The Luxeed V9 was the only HIMA product to disclose a specific August delivery figure, with 8,312 units, potentially allowing it to retain the monthly MPV sales crown.
The Luxeed V9 has made a strong start, but it is worth noting that the model, launched in May, is still in its post-launch volume-building phase, so its steady-state sales will require further observation.
HIMA has made frequent product moves this year. New models including the SAIC Z7 series, Stelato G9, Maextro V800, AITO M6 and Luxeed V9 have launched.
Existing models such as the Maextro S800, AITO M9 and Stelato S9 series have received updates. The product matrix is already extensive, but sales have yet to show significant growth.
On one side is a growing stack of niche models; on the other, the AITO brand, HIMA’s sales mainstay, is seeing the advantages of the M7/M8/M9 diluted by an influx of strong competitors.
HIMA’s period of relative dormancy may therefore continue for some time.
Zeekr
Zeekr delivered 36,981 vehicles in August, up 3.2% month on month and 109.8% year on year.
Before CPCA and major automotive portals release their sales data, Zeekr’s August sales mix remains a mystery.
Since June, sales of the previously resilient Zeekr 9X have weakened.
In contrast, the Zeekr 007 series and Zeekr 7X emerged as the main sales drivers in July, with global deliveries of the 7X surpassing 10,000 units.
By comparison, the Zeekr 9X delivered 3,403 units in July, below the 4,679 units sold by the Zeekr 8X.
Speculation about the 9X’s sales decline varies. Some believe its initial batch of large orders has been worked through and sales are returning to normal, while others attribute the weakness to a surge in competing 9-series models targeting the relatively limited market above the RMB 500,000 ($74,330) price point. Whatever the reason, Zeekr cannot afford to slow its expansion.
On Aug. 27, the Zeekr 9X opened for presales in the Middle East, marking the model’s first overseas market launch and another step in its global expansion.
Geely Auto also said at its first-half results briefing that the Zeekr 9X Radiance Edition will launch in the fourth quarter, further broadening the 9X lineup.
Meanwhile, global orders for the Zeekr 7X have surpassed 200,000 units, leaving room for deliveries to increase further.
By pursuing both domestic and overseas markets as well as mid- to high-end segments, Zeekr is looking for additional growth opportunities.
Voyah
Voyah delivered 13,003 vehicles in August, down 1.4% month on month and 3.7% year on year.
In August, Voyah released its first interim report since listing on the Hong Kong Stock Exchange.
In the first half, Voyah generated revenue of RMB 18.16 billion ($2.70 billion), up 42.4% year on year.
However, the company said higher prices for lithium and memory-chip raw materials pushed it into a net loss of RMB 390 million ($58 million), reversing from a profit.
At the same time, Voyah has not chosen to pause and regroup, instead continuing to accelerate overseas expansion and new-model launches.
Voyah is moving to establish a presence in Saudi Arabia and other Middle Eastern markets and plans to launch a right-hand-drive version of the Dreamer this year, targeting overseas markets where it sees greater potential for profitability.
In China, Voyah launched the ZhuiGuang S on Aug. 15 at a starting price of RMB 229,900 ($34,150), while the Dreamer 9, positioned as a flagship MPV in the RMB 500,000 ($74,330) class, is scheduled to open for presales on Sept. 5.
What kind of incremental sales trend will the ZhuiGuang S deliver in September, its first full month of deliveries?
Deepal
Deepal sold 28,659 vehicles in August, down 1.9% month on month and up 1.5% year on year.
The Deepal S05 was launched on Aug. 6 with a limited-time starting price of RMB 115,900 ($17,190).
It became Deepal’s main sales driver in August, with 17,474 units sold, accounting for about 61% of total deliveries.
Even as Deepal’s overall monthly sales declined, S05 sales rose 24.3%, demonstrating considerable resilience.
Beyond the S05, Deepal also launched its new boxy G318 SUV at the Chengdu Motor Show on Aug. 21 and unveiled a new special edition of the Deepal L06.
As the September-October peak sales season approaches, can Deepal S05 continue to grow against the market trend, and can the L06, another previous sales mainstay, finally break the 10,000-unit monthly mark?
Hyptec-Aion
Hyptec-Aion sold 36,383 vehicles in August, up 4% month on month and 34.5% year on year.
This marked the sixth consecutive month of year-on-year growth for Hyptec-Aion.
Against a broader industry downturn, its countercyclical growth can hardly be reduced to a simple “bottoming out” after the pain of 2025.
The i60 and N60 are clearly the foundation of Hyptec-Aion’s sales, but the brand’s more aggressive external moves since entering 2026 have also played a role.
In August, Hyptec-Aion launched multiple new models and variants, including refreshed versions such as the 2027 Aion RT and Aion UT 530 Ningde Edition, as well as the global debut of the first model in its new Ray series, the Ray 7.
The all-electric Ray 7 coupe, developed through a partnership between GAC and Huawei DriveONE, features EMB fully electric brake-by-wire technology and a claimed 33-meter stopping distance at 1,000 km/h, with a CLTC range of 700 km.
It is equipped with a 192-line lidar and a large-model intelligent-driving system developed on the same technical foundation as WeRide’s, and supports end-to-end, full-scenario intelligent driving from parking space to parking space. The model represents an important technology showcase for Aion.
Can the new model help Aion move further away from its “ride-hailing car” image and reach a broader consumer market?
Geely New Energy
Geely New Energy sold 175,877 vehicles in August, up 9.8% month on month and 19.4% year on year.
Whether Zeekr, Geely Galaxy or Lynk & Co, Geely New Energy made relatively few new-model moves in August.
Excluding Zeekr, which was covered separately above, Geely Galaxy and Lynk & Co each made several product moves.
Galaxy TT opened for presales, the production Galaxy Battleship 700 made its debut, and the new Lynk & Co 20 was unveiled.
None launched a new model during the month, with the Galaxy TT and new Lynk & Co 20 expected to launch in September.
Against this backdrop, Geely Galaxy still grew 8% to 119,100 units, while Lynk & Co, which offers both ICE and electrified powertrains, fell 37% to 17,000 units.
As Geely stops developing new gasoline-powered models, Lynk & Co is going through a transition in its product lineup.
Overseas, Geely Auto raised its annual export target at its August first-half results briefing from 640,000 to 920,000 units and said it would challenge the 1 million-unit mark.
New-energy models including the Galaxy E5 and Lynk & Co 08 EM-P are also on the export list, although Geely did not disclose sales by individual model.
BYD
BYD sold 440,293 vehicles in August, up 5% month on month and 17.8% year on year.
By brand group, the Dynasty and Ocean series sold a combined 375,373 vehicles, up 7.2% month on month.
Fangchengbao sold 41,568, up 0.9%; Denza sold 16,001, down 16.6%; and Yangwang sold 442, down 8.9%.
The Dynasty and Ocean series were BYD’s main sales growth engine in August.
Another notable figure was BYD’s overseas sales of passenger vehicles and pickup trucks, which reached 188,746 units in August, up 134.6% year on year.
Strong overseas growth this year lifted BYD’s overseas revenue in the first half to RMB 181.268 billion ($26.89 billion), up 33.92% year on year and accounting for 52.57% of total revenue, surpassing domestic revenue for the first time.
The trend is also visible in the comparison between retail sales and exports for some BYD models in the first half.
Several Dynasty and Ocean models, including the Yuan Up, Yuan Plus and Dolphin, recorded export volumes close to, and in some cases higher than, their domestic retail sales.
Despite overseas sales accounting for less than half of total volume, overseas revenue has already surpassed domestic revenue.
Since the start of 2026, the growing enthusiasm of Chinese automakers, led by BYD, for overseas markets has therefore gained a much more tangible rationale.
With four months left in the year, what else will BYD do overseas, and how will the Han and Tang perform?
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