Citi: Chinese automakers' EV orders rose 48% week-on-week last week; LI AUTO-W (02015), LEAPMOTOR (09863) and others outperformed.

Citi issued a research report stating that dealer checks show overall EV orders for Chinese automakers rose 48% week-on-week last week (October 26 to November 1), outperforming expectations and implying a 4% month-on-month rise in industry orders for October. The bank noted that LI AUTO-W (02015) led the gains (up 840% week-on-week) as it launched the upgraded i6 on October 28; and XPENG-W (09868) rose 240% week-on-week as it launched the MONA L05 on October 29. On a month-on-month basis, GEELY AUTO (00175) Galaxy/LEAPMOTOR (09863)/Li Auto/XPeng/Zeekr outperformed, rising 39%, 36%, 33%, 18% and 16% month-on-month, respectively. The bank said that the companies recording both month-on-month and year-on-year positive growth were Li Auto (up 33% MoM, up 9% YoY) and Leapmotor (up 36% MoM, up 42% YoY). Lithium prices fell 22% month-on-month, easing some cost inflation pressure.