Xiaomi's Car Division Delivers Over 40,000 Vehicles in September
Xiaomi's car division has achieved a significant milestone, delivering over 40,000 vehicles in September, led by the new YU7 SUV. Meanwhile, Chinese automakers continue to engage in fierce price competition, with Geely and Xpeng reporting strong sales growth.
Xiaomi's car division, a recent entrant into the stock market today, has marked a notable achievement. In September, it delivered over 40,000 vehicles for the first time, driven largely by the new SUV model, YU7. This success comes amidst intense price competition among Chinese automakers.
Geely has also reported impressive results, with a 35 percent increase in sales in September. The company delivered 273,125 vehicles, reflecting a robust market performance. Similarly, Xpeng has seen a 95 percent increase in deliveries, placing it close behind Leapmotor in the Chinese market.
However, not all manufacturers are reporting positive sales figures. BYD, a leading electric vehicle (EV) manufacturer, has experienced a 5.5 percent decrease in sales, delivering 396,270 vehicles in September. This is the first decline in sales for BYD in a year and a half. Despite weaker sales, BYD's stock has risen around three percent today.
BYD is responding to the sales decline by continuing its aggressive price reduction strategy in the Chinese market. It is offering a 10,000 Yuan (about 1,400 USD) discount on Qin Plus models until the end of the year. Meanwhile, BYD's expansion into Europe is proceeding as planned, with registrations increasing fivefold in Germany from January to August. Despite recent setbacks, BYD leads Tesla in EV deliveries, with 582,522 vehicles delivered in the third quarter.
