As of June 2024, only two brands, HIMA and Li Auto, have sold >40% of their annual target. ZEEKR and NIO follow with 38.2% and 38.0%, respectively. Otherwise, several brands are at risk of completely missing their target, including Deepal with only 83.9k sales June YTD and an initial target of 450k. Other brands falling far behind their targets are XPeng and Neta.
Bleak Report Cards for Many New NEV Brands
With the release of June 2024 sales figures, we now have a fairly clear view of which NEV brand is likely to reach its annual target.
Starting with HIMA, the Huawei alliance that includes the AITO, Luxeed, and soon Stelato brands, it has sold 194.2k vehicles YTD, mostly EREVs, led by the popularity of the AITO M7 and M9. Luxeed S7, a new sedan from the Huawei-Chery partnership, has sold fairly well since its facelift. HIMA is also the only NEV brand we tracked that has already achieved nearly 50% of its annual target, currently at 48.6%.
Li Auto follows with 189k in YTD sales, and 291k vehicles to be sold to reach their 480k annual target. Note that Li Auto has already slashed their target twice this year, from 800k. The new L6 sold over 20,000 units in June and continues to drive overall volume above the 40k level.
ZEEKR sold above the 20k level for the first time, with 20,106 vehicles in June. This brings their total to 87.9k year-to-date, or 38.2% of their 230k annual target. ZEEKR 001 and 007 continue to spearhead sales, while the 2025 ZEEKR X is expected to be launched on July 1st.
Another brand that achieved a monthly sales record is NIO, with 21,209 units. This is also the second month in a row that NIO breaks the 20k level. Sharing the same annual target as ZEEKR, NIO has achieved 38.0% of its sales goal. Local media suggests that NIO will officially launch its new brand ONVO on September 10, but sales from the new sub-brand are not included in this annual target.
ZEEKR and NIO will need to average over 23,000 monthly vehicle sales until year-end to reach their 230,000 target.
XPeng sold 10,668 vehicles in June, 56.6k year-to-date. With the expected debut of the XPeng Mona M03 on July 3, sales should see a breakthrough. However, this is unlikely to be sufficient to achieve a monthly average of 37.2k units by year-end to achieve their annual target of 280k vehicles.
Notable mentions at risk are Deepal and Neta, which will need a monthly sales average of 61k and 41.3k, respectively, to meet their annual sales target.