XPeng (NYSE: XPEV) logged 59,200 new vehicle orders in China during the week of July 13-19, 2026, overtaking BYD (HKG: 1211) in a weekly industry order-tracking report for what Chinese outlets described as the first time in years. BYD's combined Dynasty and Ocean brands recorded 47,900 orders over the same week, leaving XPeng ahead by more than 11,000 units, according to the tracking data compiled by Goldman Sachs.

The reversal tracked the July 16, 2026 launch of XPeng's Mona L03 SUV, which drew more than 20,000 firm orders within 7 minutes and 46,859 orders within an hour, both records for an Xpeng model launch. The SUV starts at 123,800 yuan (c. $18,220) in China and undercut XPeng's own presale pricing by 20,000 yuan.

Behind XPeng and BYD, Geely Automobile's (HKG: 0175) Zeekr and Galaxy brands placed third with 20,900 orders, followed by Leapmotor (HKG: 9863) with 16,200, Li Auto (NASDAQ: LI) with 12,500, NIO (NYSE: NIO) with 9,400, Tesla (NASDAQ: TSLA) China with 8,200, Xiaomi (HKG: 1810) with 7,400, and Huawei's HiMA smart-vehicle alliance with 7,050, per the same Goldman Sachs tracker.

XPeng began delivering the Mona L03 to customers on July 22, 2026, with He Xiaopeng personally handing over the first keys as factories ran at full capacity. Supply constraints have pushed the waiting period to 13 to 17 weeks for the battery-electric version and 8 to 12 weeks for the extended-range version, and dealers expect XPeng's nationwide July deliveries to reach about 45,000 units, limited mainly by L03 supply. Deutsche Bank raised its forecast for the model to about 15,000 units a month in 2026 and roughly 150,000 in 2027, up from an earlier estimate of 12,500 a month, though the bank also said the L03 has cut new orders for the cheaper Mona M03 sedan by roughly 40% due to overlapping pricing.

Goldman Sachs, in a July 17, 2026 research note, maintained a buy rating on XPeng and raised its price targets to HK$89 for the Hong Kong-listed shares and $23 for the US-listed ADR, forecasting the Mona L03 will contribute 22% and 23% of XPeng's sales in the third and fourth quarters of 2026, respectively, driving year-on-year quarterly sales growth of 28% and 59%.

BYD's slip reflects broader pressure at home even as its overseas business expands. The company lost its position as China's top-selling automaker by volume to SAIC Motor (SHA: 600104) in the first half of 2026, 1.809 million units to 2.045 million, and ceded the top spot in domestic passenger-vehicle retail sales to Geely. BYD's Dynasty and Ocean brands sold 438,000 fewer vehicles than a year earlier, a 22.5% decline, as demand for entry-level and plug-in hybrid models cooled and battery supply constraints slowed deliveries of newer models like the Qin L EV. Overseas sales, by contrast, grew about 70% year-on-year to 43.6% of BYD's total volume, up from 23% in 2025.

Analysts cited by Chinese media attributed XPeng's single-week lead to a "pulse effect" from one hit launch rather than a structural shift, noting BYD's broader model lineup and supply chain still give it an edge in sustained volume. Whether XPeng's order momentum holds once the launch effect fades, or BYD's promotional and product cadence resets the rankings again, will show up in the following weeks of Goldman's tracking data.

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