Analysis of Monthly Sales for New Energy Vehicle Startups in April: The "Lei, Xiao, Li" Pattern Further Consolidated, Xiaomi Remains Resilient

In April, the automotive consumer market gradually became more active, stimulated by the Shanghai Auto Show. New car models made their debuts in quick succession, consumer policies continued to be strengthened, and automakers rolled out various sales promotion strategies. Riding the wave of the consumer market, the sales of major new energy vehicle (NEV) automakers also surged, showing a generally positive growth trend.

Data source: CPCA & automakers' official sources

The "Leap, XPeng, Li Auto" pattern was further consolidated, with NIO continuing to recover.

Since December last year, the top three positions in NEV sales have been alternately occupied by Leap Motor, XPeng Motors, and Li Auto. Among them, Leap Motor has held the top spot in sales for three consecutive months since March this year, with its "full-stack in-house R&D + cost control" strategy increasingly validated by sales data. In April, Leap Motor sold a total of 41,000 vehicles, up 173% YoY and 10.6% MoM, making it the only NEV brand to exceed 40,000 units in sales.

In terms of sales, the more comprehensive C-series car models remained Leap Motor's sales mainstay, with the T03 and the newly launched B10 also showing relatively objective performance, contributing 9,000 and 6,648 units in sales, respectively. It is worth mentioning that the B10 achieved mass production and exceeded 10,000 units within 16 days of its launch.

The Leap C10, leveraging a "low price with high specs" strategy, entered the 150,000-yuan-class SUV market, becoming a benchmark in this segment. Since its launch in March last year, it has surpassed the 100,000-unit sales milestone within a year.

XPeng Motors' sales have been relatively stable over the past six months, being the only NEV automaker with a consistent delivery volume exceeding 30,000 units for six consecutive months. In April, it delivered a total of 35,000 new vehicles, up 273.1% YoY and 5.5% MoM. Among them, the mainstay car model, the XPeng MONA M03, sold 14,200 units, while the XPeng P7+ sold 7,391 units.

It is worth noting that since its launch in August last year, the XPeng MONA M03 has accumulated over 100,000 deliveries, and the XPeng P7+ has also achieved 50,000 units in production within five months of its launch.

NIO's sales in April reached 23,900 units, up 53.01% YoY and 58.9% MoM. Among them, NIO sold 19,300 units, and Lido (a sub-brand of NIO) sold 4,400 units. The mainstay car models remained the NIO ES6 and ET5T, accounting for 35.6% and 31.2% of NIO's total April sales, respectively.

In contrast to the top three, Li Auto's sales growth has slowed down. In April, Li Auto delivered 34,000 new vehicles, up 31.61% YoY but down 7.5% MoM. Among them, the Li Auto L6 accounted for nearly half of the total sales, followed by the Li Auto L7, which sold 8,102 units.

It is evident that Li Auto's main issues lie in the sluggish growth of its extended-range electric vehicle (EREV) models and the lagging layout of its battery electric vehicle (BEV) models. On one hand, as the market and technology evolve, the overall EREV market is facing pressure from BEVs. On the other hand, more cost-effective "half-price Li Auto" models are hot on Li Auto's heels.

For Li Auto, accelerating the layout of the BEV market is of utmost urgency. After overcoming the silent period for BEVs brought about by the MEGA, Li Auto has already picked up the pace in the BEV market. It is expected to launch the medium-to-large-sized BEV SUV, the Li Auto i8, in July, and the Li Auto i6 around October.

On May 21, 2025, multiple sources reported that Li Auto's annual sales target had been adjusted from 700,000 units set at the beginning of the year to 640,000 units. Among this, the target for the EREV L-series is 520,000 units, and the target for BEV products is 120,000 units. Currently, Li Auto's cumulative sales from January to April stand at 128,600 units, achieving 19.8% of the sales target. For the remainder of 2025, although the EREV market will continue to face further pressure from the BEV market, it will still be Li Auto's main sales driver in the short term. In terms of BEVs, Li Auto currently only has the MEGA model available for sale. To achieve the annual sales target of 120,000 BEVs, the upcoming i8 and i6 models have a significant burden to carry.

Currently, Leap Motor's product lineup spans from the T03 compact car to the C-series models. Additionally, with the upcoming launch of the B-series models targeting younger consumers this year, Leap Motor has further strengthened its market share.

Furthermore, Leap Motor's overseas sales performance is also noteworthy. According to relevant data from the China Passenger Car Association (CPCA), Leap Motor's cumulative export sales from January to April 2025 exceeded 13,600 units, ranking it No.1 among China's new energy vehicle brands.

At the same time, Leap Motor and Stellantis are about to launch a local assembly project in Malaysia and plan to commence localized production of the C10 by the end of this year. With a deepened global layout, Leap Motor's future production and sales volumes are expected to enter the next phase.

Leap Motor's sales target for this year is 500,000-600,000 units. So far, its cumulative sales for the year stand at 128,600 units. If calculated based on an annual sales target of 500,000 units, Leap Motor has already achieved 25.7% of its annual sales target.

This year, the B-series lineup will include three models. In addition to the B10, there will also be the compact sedan B01 and the two-box hatchback B05, which will be unveiled in July and November, respectively. The C-series models will also undergo a comprehensive refresh. Additionally, the full-size flagship D-series model is expected to be unveiled by the end of the year.

With a sufficient lineup of new models and an expanded overseas presence, achieving the sales target of 500,000-600,000 units will not be difficult for Leap Motor.

Li Bin previously projected that NIO's sales would double in 2025, setting an annual sales target of 444,000 units. However, NIO's cumulative sales so far this year have only reached 66,000 units, leaving a significant gap from the target.

In Li Bin's plan, the LEAPTO brand was supposed to boost sales, but its average monthly sales of 5,000 units since its launch have fallen far short of expectations. The third brand, firefly, was launched on April 19, and its subsequent sales performance remains to be seen.

Similarly positioned as a second-brand model, the XPeng MONA M03 has made a substantial contribution to XPeng Motors' sales. From January to April this year, XPeng Motors delivered a cumulative 129,000 units, with the MONA M03 accounting for 47.5% of the total.

At the end of last year, XPeng disclosed a sales target of 350,000 units for 2025. However, given the sales performance in the first quarter of this year, He Xiaopeng stated during the earnings call in March, "This year's sales will more than double compared to 2024." Based on the latest target of 380,000 units, XPeng Motors has already achieved 33.9% of its sales target from January to April.

Xiaomi remains resilient, while AITOM8's firm orders exceed 80,000

Compared to automakers like "Lixiang, XPeng, and NIO" that have experienced relatively calm periods, April was a "stormy" month for Xiaomi EV.

Since the SU7 accident on the Anhui Expressway in late March, Xiaomi EV has been embroiled in a public relations crisis and a period of promotional silence lasting over a month. Additionally, following the SU7 incident, there were controversies such as "horsepower locking" and false advertising claims about the carbon fiber hood.

Despite the recent negative publicity affecting Xiaomi's sales to some extent, Xiaomi's sales in April remained strong, with the SU7 alone achieving 28,000 units in sales, down slightly by 3.4% MoM. The Xiaomi SU7 also became the top-selling pure EV in April.

For Avatr, April, while not as gloomy as for Xiaomi, was marked by a controversy over wind resistance, making it a trending topic and a subject of public discussion. However, for consumers, such discussions did not affect their choice of Avatr.

In April, Avatr sold 11,700 units, up 122.6% YoY. The main models were the Avatr 06 and Avatr 07. In particular, the Avatr 06, which was launched on April 19, received 12,500 firm orders within 48 hours of its launch, accounting for 47.04% of the total sales in April.

Compared to Xiaomi and Avatr, Neta Auto is facing even greater challenges. On May 13, the National Enterprise Bankruptcy Reorganization Case Information Network disclosed that Hozon New Energy, the parent company of Neta Auto,New Energyhad been petitioned for bankruptcy review by an advertising company. Since October last year, Neta Auto has officially ceased updating its monthly sales data. According to data from the China Passenger Car Association (CPCA), Neta's sales from January to February this year were 1,200 units. Previously, Neta had been repeatedly reported to be insolvent, with its market share shrinking to less than 2%. The industry generally believes that if Neta Auto fails to secure new financing, bankruptcy or integration is inevitable sooner or later.

AITO, which is also in the midst of public scrutiny, had its sales data announced by Harmony Intelligent Mobility Alliance (HIMA) in February this year, with 12,500 M9 units and 8,443 M7 units delivered. However, there was a discrepancy with the 18,000 NEV sales reported by Seres in its January production and sales bulletin. NEV

Seres responded to this discrepancy, stating, "The difference in sales data is mainly due to the different statistical methods used by Seres and HIMA," and indicated that it would "not respond" to the sales data released by HIMA.

In March and April, HIMA did not disclose any further sales data for AITO. According to CPCA data, AITO's sales in April reached 27,000 units, up 7.34% YoY. Among them, AITO M9 sales were 13,100 units, accounting for 48.6% of the total sales.

There is no definitive information regarding AITO's 2025 sales target, but HIMA's overall annual sales target for its "four brands" is to reach one million units. From January to April this year, AITO's cumulative sales were 72,300 units.

From another perspective, AITO has certain sales potential. Since its launch on April 16, the AITO M8 has consistently set new highs in firm orders. As of May 20, the AITO M8's firm orders have exceeded 80,000 units. However, it is currently facing capacity and delivery issues. From May 5 to May 11, 2025, 1,200 AITO M8 units were delivered, and from May 12 to May 18, 2025, 1,400 units were delivered.

If the capacity issues are resolved, AITO's sales prospects remain promising. Whether HIMA can achieve its goal of one million units in sales depends not only on AITO but also on the cooperation of the other "three brands."

This year, Xiaomi Auto has set an annual sales target of 300,000 units, averaging 25,000 units per month. Currently, Xiaomi Auto's cumulative sales from January to April are 104,500 units, achieving an average monthly sales volume of 10,000 units.

Moreover, compared to other new energy vehicle manufacturers with relatively complete product lineups, Xiaomi currently only has one car model, the SU7, on the market. Xiaomi's second car, the Xiaomi YU7, is positioned as a mid-to-large-sized SUV, directly competing with the Model Y. It is expected to be launched in June or July this year, with pricing continuing to follow Xiaomi's strategy of "high specs at low prices" to gain a price advantage. If the Xiaomi YU7 is launched as scheduled, Xiaomi has a high possibility of exceeding its 2025 sales target.

This is also attributed to Xiaomi's channel expansion capabilities. In April this year, Xiaomi Motors added 34 new stores, expanding its nationwide presence to 269 stores across 74 cities, and also opened 5 new service outlets. Since May last year, the number of Xiaomi stores has been growing at a visible pace.

Similar to Xiaomi, Avatr has achieved a relatively impressive target completion rate. Avatr set a sales target of 220,000 units for 2025. As of now, Avatr has delivered a total of 29,500 units, accounting for 13.39% of the annual sales target. In addition to the Avatr 06, which became the most-traded contract upon its launch, the Avatr 11 and Avatr 12 were also refreshed and launched in April and May, respectively. In the coming months, Avatr's sales are expected to see significant growth. However, to achieve the annual sales target, Avatr still needs to make efforts.

New Forces in Independent Brands, with mixed fortunes

After the integration of Zeekr and Lynk & Co, Zeekr Technology Group achieved total sales of 41,300 units. However, Zeekr's sales in April were only 13,700 units, down 14.7% YoY, indicating relatively weak performance. Currently, Zeekr lacks a car model with stable monthly sales exceeding 10,000 units. The former most-traded contract, the Zeekr 001, has seen sluggish sales since the beginning of this year, failing to regain its past glory.

The Zeekr 007GT was launched on April 15 and achieved 10,000 units off the production line by May 15. Its subsequent sales performance is worth anticipating.

VOYAH Motors achieved sales of 10,020 units in April, up 150% YoY. The main selling model is the VOYAH Dreamer, followed by the VOYAH FREE. On February 19, VOYAH Motors officially launched two new versions of the VOYAH Dreamer: the All-Wheel Drive Excellence Qiankun Edition and the All-Wheel Drive Premium Qiankun Edition. The launch of these new models has increased the monthly sales of the VOYAH Dreamer by more than 50%.

In addition, at this year's Shanghai Auto Show, the VOYAH FREE + also underwent a refresh and upgrade, featuring the intelligent combination of "Huawei Qiankun Intelligent Driving ADS 4.0 + HarmonyOS Cockpit 5" and will start pre-sales in June. As an upgraded version of the VOYAH FREE, the second best-selling model of the VOYAH brand, the subsequent sales performance of the VOYAH FREE + is worth anticipating.

Since the beginning of 2025, VOYAH's cumulative sales have reached 36,100 units, completing 18% of the annual sales target of 200,000 units. Based on the current sales performance of the new VOYAH Dreamer and the product strength of the FREE +, the realization of the annual sales target is relatively optimistic.

Deepal achieved a total delivery volume of 20,100 units across its entire lineup in April, up 58% YoY but down 17.4% MoM. The former most-traded contract, the SL03, continued to perform poorly, with sales in April failing to reach 1,000 units, a sharp drop of 79% YoY. In addition, the sales performance of the S07 this year has also fallen short of expectations.

From January to April this year, Deepal's cumulative sales reached 87,800 units. The automaker has set an annual sales target of 500,000 units for 2025, and has currently achieved 17.6% of this target. However, the new 2025 car models such as the Deepal SL03, L07, and S07 have not significantly boosted overall sales. Whether Deepal can achieve the annual sales target of 500,000 units in 2025 remains uncertain.

Additionally, Deepal is still operating at a loss, with cumulative losses of 4.57 billion yuan over the past two years. It has long relied on technological support from Changan. If sales cannot continue to grow and surpass the profitability threshold, the loss-making situation will be difficult to reverse. An analyst warned, "If Deepal fails to reduce losses in 2025, it may face strategic contraction."

Zeekr has set a sales target of 320,000 units for 2025, with cumulative sales currently at 55,100 units, achieving 18.4% of the target.

The integration of Zeekr and Lynk & Co aims to eliminate internal friction. Zeekr focuses on the luxury market, while Lynk & Co covers the mid-to-high-end market, forming technological synergies. Currently, the integration of Zeekr and Lynk & Co is still in its early stages, with some integration issues. Additionally, Geely has announced a proposal to privatize Zeekr, acquiring all issued and outstanding shares of Zeekr and American Depositary Shares. If the privatization proposal is implemented and completed, Zeekr will become a wholly-owned subsidiary of Geely Auto, achieving privatization and delisting from the New York Stock Exchange.

Li Shufu, Chairman of Geely Holding Group, stated, "Facing fierce market competition and an increasingly complex economic environment, we will assess the situation and, in line with the spirit of the Taizhou Declaration, continue to promote the integration of our automotive business, returning to a unified Geely. We will integrate technological advantages, enhance innovation and profitability, continuously create long-term value, and build a globally leading smart EV group."

In the long run, Geely Group's technological synergies and resource sharing are expected to enhance Zeekr's competitiveness. After the integration dividends are released, Zeekr is expected to leverage its luxury market positioning and technological assets to achieve sales growth.

For automakers, sales are like a mirror, reflecting their past actions, current status, and even future development trends. In the first month of Q2, most new energy vehicle (NEV) automakers have achieved impressive sales results, laying the groundwork for sales growth in the coming months. We look forward to a thriving automotive market in Q2.