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<Research>Haitong Int'l: Yr-end Surge in CN Nov NEV Sales Cools; Carmakers Facing Tougher Challenges in Balancing Sales & Earnings in Final Sprint
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The November sales figures disclosed by major Chinese automakers indicate a widening divergence in performance during the year-end sprint and a markedly weaker year-end surge effect compared to previous years, according to Haitong International's research report. With subsidies under the policies of large-scale equipment upgrades and consumer goods trade-ins largely phased out, the slowdown or even decline in sales growth appears almost irreversible. In November, BYD COMPANY (01211.HK), due to weaker domestic demand, sold 480,000 cars, down 5% YoY but up 9% MoM, failing to reach the 500,000 mark. GEELY AUTO (00175.HK) sold 310,000 cars, up 24% YoY and 1% MoM. Its cumulative sales for 11M25 amounted to 2.79 million cars, up 42% YoY, putting its 3 million annual target within reach. LEAPMOTOR (09863.HK) sold over 70,000 cars in November for the second consecutive month, up 75% YoY but flat MoM. Its cumulative deliveries for 11M25 hit 536,000 cars, up 113% YoY, achieving its 500,000 annual target ahead of schedule. Harmony intelligent Mobility Alliance delivered 82,000 cars across all series in November, up 90% YoY or 20% MoM. Specifically, SERES (09927.HK) continued to see strong demand for its AITO M7 and M9 Ultra models, while CHERY AUTO (09973.HK)'s Luxeed brand delivered over 10,000 cars, surpassing the 10,000 mark for two straight months. Xiaomi Auto delivered more than 40,000 cars in November, maintaining the "40,000+" level for three consecutive months. It announced at the results meeting that its annual target of 350,000 cars was expected to be achieved ahead of schedule in the third week. It also raised its full-year delivery forecast to over 400,000 cars. LI AUTO-W (02015.HK) delivered 33,000 cars in November, down 32% YoY or up 4% MoM, bringing the cumulative deliveries for 11M25 to 362,000 cars, down 18% YoY. By comparison, XPENG-W (09868.HK) delivered 37,000 cars in November, up 19% YoY but down 13% MoM. Its cumulative deliveries for 11M25 reached 392,000 cars, up 156% YoY. Whether it can hit the milestone of 450,000 cars for the full year remains uncertain. NIO-SW (09866.HK), damaged by the softened deliveries of its Onvo brand, sold 36,000 cars in November, up 76% YoY but down 10% MoM. Against the backdrop of continued regulatory efforts in combating involution and the near-complete withdrawal of subsidies, the likelihood of a major structural shift in the car market is limited in December, posing an even tougher test for automakers to balance sales growth with earnings during the year-end sprint. AAStocks Financial News |
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