Daiwa: China Auto Orders Up 48% Week-on-Week; Momentum Improving for Most Brands
China's new energy vehicle market saw total orders rise 48% week-on-week to 207,000 units in week 43, with eight of the ten tracked brands recording week-on-week growth.
Daiwa released a research report stating that, based on weekly new energy vehicle order data, the China Shanxi Guoxin Energy Corporation vehicle market continued to recover in week 43 (October 26 to November 1), with total orders rising 48% week-on-week to 207,000 units. Order momentum improved for most major automakers, with eight of the top ten tracked brands recording week-on-week growth.
At the brand level, LI AUTO-W (02015) and XPENG-W (09868) surged 840% and 240% week-on-week, respectively, significantly outperforming the broader market; XIAOMI-W (01810) rose 28% week-on-week, Geely Auto's (00175) Zeekr rose 17% week-on-week, Tesla, Inc. (TSLA.US) rose 14% week-on-week, and NIO-SW (09866) rose 12% week-on-week, also maintaining positive growth.
Looking ahead, upcoming new models and year-end promotional activities may further support demand, but competitive pressure remains intense, and brand-level performance is expected to continue diverging.
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