May Sees Accelerating Reshuffle in China's EV Market with Leaders Surging and Some Lagging

Delivery figures for May in China's new energy vehicle market reveal a deepening divergence within the industry, with the growth gap among leading brands continuing to widen.

Companies like LEAPMOTOR, NIO Inc., and ZEEKR posted significant year-on-year delivery increases, while LI AUTO and XPeng Inc. saw declines, and Byd Company Limited's sales remained largely flat.

**LEAPMOTOR (HKG: 09863)**

LEAPMOTOR set a new brand record with 81,569 deliveries in May, representing an 81% year-on-year increase.

**NIO Inc. (NYSE: NIO)**

NIO Inc. delivered 37,705 vehicles in May, a 62.3% year-on-year and 28.4% month-on-month increase.

Breaking down by brand, the NIO brand delivered 20,013 units, up 50.8%, while the Ledao brand delivered 12,029 units, surging 91.5% year-on-year.

For the first five months of the year, NIO's cumulative deliveries reached 150,526 units, a 68.7% increase.

**ZEEKR (NYSE: ZK)**

ZEEKR delivered 34,377 vehicles in May, marking an 81.8% year-on-year rise and achieving year-on-year and month-on-month growth for four consecutive months.

Flagship models like the 009, 9X, and 8X accounted for nearly 50% of the mix, driving the average transaction price per vehicle up by 52.4% compared to the same period last year.

**LI AUTO (NASDAQ: LI)**

LI AUTO delivered 33,350 vehicles in May, an 18.37% year-on-year decrease.

The company stated that May marked the start of the full model refresh for its L-series with the launch of the new L9.

**Byd Company Limited (SHE: 002594)**

BYD's new energy vehicle sales in May were 383,453 units, essentially flat compared to 382,476 units in the same period last year.

Cumulative sales for the first five months of the year, however, fell by 20.32% year-on-year, indicating overall pressure since the start of the year.

**Other Notable Performers**

AITO delivered 34,320 vehicles across its lineup in May, a 48.2% month-on-month increase.

Xiaomi Auto's deliveries continued to exceed 30,000 units for both April and May.

XPeng Inc. delivered 32,158 new vehicles in May, a 4% increase from the previous month.

**Traditional Automakers and Others**

Great Wall Motor Company Limited's (SHA: 601633) May sales were 100,399 units, down 1.79% year-on-year.

Geely Automobile's total May sales were 237,637 vehicles, up 1%, but its pure electric vehicle sales of 76,633 units represented a 19% year-on-year decline.

BAIC BluePark's new energy vehicle subsidiary, Beijing Automotive, sold 21,871 vehicles in May, a 27.75% year-on-year increase.

Voyah Auto delivered 13,003 vehicles in May, a 30% year-on-year increase.