On the Dash:
- BYD’s September deliveries fell nearly 6% year-over-year, marking its first decline in 2025.
- EV startups, including Leapmotor, Xpeng, Nio, and Xiaomi, set new monthly delivery records.
- The slowdown highlights growing competition and price pressures in China’s EV market.
China’s electric vehicle leader BYD posted its first year-over-year monthly sales decline in 2025, delivering 393,060 units in September, nearly 6% lower than the same month last year. The drop comes despite the start of the peak selling season and reflects mounting pressures from intense domestic price competition.
The automaker reportedly cut its 2025 sales target by up to 16% to 4.6 million units, yet BYD maintained a dominant position in the market, accounting for more than 54% of total EV sales in September.
While BYD’s growth slows, several EV upstarts achieved record monthly deliveries. Leapmotor delivered 66,657 vehicles in September, up 97% from a year ago, surpassing 50,000 units for the first time in July and continuing a streak of all-time highs.
The Harmony Intelligent Mobility Alliance, comprising Aito, Chery, and Maextro, set a new monthly record with 52,916 units, surpassing the 40,000-unit mark it had maintained since May. Xiaomi reported over 40,000 units for September, roughly double the number of units it delivered in January.
Xpeng delivered 41,581 vehicles in September, marking a 95% year-over-year increase and a 10% monthly rise, surpassing the 40,000-unit threshold for the first time since last November. Nio recorded 34,749 deliveries, its second consecutive month of record highs.
Li Auto rebounded with 33,951 deliveries after two months below its typical 30,000-unit range. Geely-owned Zeekr delivered 18,257 units, slightly below its May record of 18,908.
The results highlight a shift in the Chinese EV market where established leaders like BYD face slower growth. At the same time, newer entrants continue to expand rapidly, aided by government incentives, promotional programs, and competitively priced models.
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