New data shows electric vehicles (EVs) outpaced internal combustion engine vehicles (ICEVs) in China, with EV penetration recovering to 45% during the week, according to Morgan Stanley (NYSE:MS). Local brands dominated the market, with BYD (SZ:002594) maintaining its position as the distant leader.
BYD's weekly sales climbed to a year-to-date high of 68,500 units, marking a 30% increase from the previous week, propelled by the strong performance of the Honor model's facelift.
Li Auto (NASDAQ:LI) also saw its sales jump by 50% week-over-week to approximately 8,000 units, largely driven by the ramp-up of its L6 model, which contributed 2,800 units.
NIO experienced a 23% week-over-week improvement in its weekly sales rate, reaching 4,400 units, thanks to effective sales promotions.
In contrast, Tesla (NASDAQ:TSLA) China faced a 11% week-over-week decline, with sales dropping to 9,800 units. XPeng's sales remained relatively stagnant at the 2,300 unit level.
AITO's sales surpassed the 6,000 unit mark. Xiaomi (OTC:XIACF), on the other hand, sold only 1,100 units, which was likely impacted by supply bottlenecks.