Key Takeaways:
- Citi: June NEV wholesale rose 9% MoM, 17% YoY, in line with estimates
- XPENG, GEELY, LEAPMOTOR and GWMOTOR sales outperformed the industry
- NIO missed 2Q26 delivery guidance; LI AUTO June sales fell 15% YoY
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Citi says XPENG, GEELY, LEAPMOTOR beat China NEV industry in June
Citi said China NEV wholesale rose 9% month-over-month and 17% year-over-year in June, with XPENG, GEELY AUTO, LEAPMOTOR and GWMOTOR outperforming.
"XPENG, GEELY AUTO, LEAPMOTOR and GWMOTOR all posted sales growth exceeding the industry average in June," Citi said in a research note.
BYD sold 403,500 NEVs in June, up 5% year-over-year and flat sequentially, in line with expectations. Its first-half cumulative sales fell 16% to 1.81 million units. GEELY AUTO's wholesale volume reached 240,800 units, while exports surged 157% year-over-year to 102,900 units. LEAPMOTOR delivered 93,376 vehicles, up 95% year-over-year and exceeding Citi's expectations.
NIO delivered 40,597 vehicles in June, missing its second-quarter guidance of 110,000 to 115,000 units by about 4%. LI AUTO's June sales dropped 15% year-over-year to 30,895 units. Citi expects LEAPMOTOR to achieve breakeven in the second quarter.
XPENG delivered 40,126 vehicles in June, up 25% month-over-month, with second-quarter deliveries of 103,300 units falling within its guidance range of 100,000 to 106,000 units. GEELY AUTO's first-half exports swelled 159% year-over-year to 474,200 units, the broker noted.
BYD's flat sequential growth and 16% decline in first-half cumulative sales contrast with the broader industry's 17% year-over-year expansion. The company remains the largest NEV maker globally by volume, with June sales of 403,500 units positioning it to potentially retake the quarterly EV sales crown from Tesla.
The divergence among Chinese EV makers highlights a market where scale leaders face demand saturation while smaller players capture growth from new model cycles and export expansion. Investors will watch second-quarter earnings reports in the coming weeks for margin trends and delivery guidance for the second half of 2026.
This article is for informational purposes only and does not constitute investment advice.
[1] ＜Research＞Citi: CN Jun NEV Sales In Line; XPENG-W, GEELY AUTO, LEAPMOTOR, GWMOTOR Sales Outperform[2] China EV Sales: BYD's Soars Overseas, Leapmotor Has Best Month Of 2026[3] Shares of BYD and Xiaomi surge as June delivery figures fuel optimism[4] BYD set to overtake Tesla again in fully electric car sales[5] BYD poised to retake global EV sales crown from Tesla (TSLA)
