Daihe: Orders for mainland new energy vehicles in week 35 fell by 6% month-on-month, while Zeekr and XPeng Motors-W (09868) performed relatively resiliently.

Daiwa released a research report stating that according to weekly data on new energy vehicle orders, the automotive market of Shanxi Guoxin Energy Corporation weakened in week 35, with total orders decreasing by 6% month-on-month to 124,000 units. Since the beginning of August, orders have reached 514,000 units, a month-on-month decrease of 33%, indicating overall weak demand at the end of the month. At the brand level, GEELY AUTO (00175) subsidiary Zeekr recorded the strongest month-on-month growth, rising by 14%; Xpeng Motors-W (09868) and LI AUTO-W (02015) also grew by 10% and 6%, respectively, outperforming the market. In contrast, Hongmeng Zhixing saw a significant month-on-month decline of 34% in orders. Looking ahead, Daiwa expects that with the launch of new models and improvements in the performance of certain brands, order momentum will remain relatively stable. However, intense industry competition and uneven demand across different automakers may cause overall market growth to remain mild.