Citi: Preliminary Data on September NEV Sales in Mainland China Moderately Below Expectations

Citi released a research report stating that, after aggregating the brands that have disclosed September 2026 new energy vehicle sales data, it estimates that industry wholesale sales of new energy vehicles in September rose 4% month-on-month and 12% year-on-year, modestly below investor expectations and also below the 15% month-on-month increase in September 2025. The bank noted that in terms of September NEV sales, XIAOMI-W (01810) rose more than 33% month-on-month, GEELY AUTO (00175) rose 9% month-on-month, XPENG-W (09868) rose 5% month-on-month, and BYD COMPANY (01211) rose 5% month-on-month, with these brands outperforming the industry. On exports, BYD Company Limited, Great Wall Motor (02333) export sales fell 5%, 3%, and 4% month-on-month, respectively, while rising 154%, 162%, and 19% year-on-year, respectively, which the bank mainly attributes to domestic restocking during the "Golden September" sales peak season.