Losses at the top and intensely tight competition in the middle appear to be separating the potential survivors from the cast-offs.
April sales and delivery figures from China’s New Energy Vehicle (NEV) sector are here and, if there’s any truth to the upcoming consolidation expectations, then the graph above might well be telling us a story about who is in the fight to survive.
Our top three from last month have all suffered a haircut of sorts, some worse than others, but the condensed middle is where the real story lies, with eight brands all separated by just 5,000 units.
Below our the usual culprits and the insurgent Leapmotor, that has well and truly left the midfield behind, there’s an intensely even battle playing out between brands of very different types and even different price points…and then there’s a drop where results get more sporadic.
Is this where the cut-off point is being dashed for the eventual winners and losers of China’s NEV civil war? Let’s dive into the results and pick apart what we can.
BYD
Comfortably back in their familiar top spot, BYD has continued its steady rejuvenation from the start of the year, narrowing its year-on-year losses to around a fifth, while steadily extending their lead over the chasing pack and a very hungry Geely in particular.
Sales of 273,448 units in April was their best performance of the year so far, and a 4% improvement on last month, but still 21% down on the same month in last year’s stellar performance.
The brand isn’t taking things lying down, as their spread at the Beijing Auto Show can attest, with the Datang three-row SUV set to hit the market alongside the new Sealion 8, hybrid Sealion 5, Seal 08 saloon, and myriad other steady improvements on their already confusingly populated range.
Exports continue to make up around half of their total volume, with a new record of 134,542 units finding homes abroad, and yet more models still yet to launch in those markets.
Geely Galaxy
Growth remains steady at Geely Galaxy and while the range isn’t tearing chunks out of BYD’s lead just yet, it’s still making steady progress, hitting 91,001 units delivered in April.
That’s a solid 10% month-on-month gain, but a slight 6% drop year-on-year, suggesting the brand is finding it a little harder to make those big gains when volume is so high. Still, it compares quite favourably to the annual drops experienced by BYD and Wuling/Baojun.
Their range certainly isn’t as convoluted or as confusing as BYD’s, but it hits the right points, and with the new M7 SUV and Starshine 6 EV hitting the market soon, these numbers should at least be solidified for a while.
Leapmotor
Leapmotor’s epic rise shows no sign of abating with the budget-friendly start-up accelerating to their best month ever after a somewhat leisurely start to the year, 71,387 units being the final delivery tally.
That marks a 43% rise on March’s solid footing, and remarkably a 74% improvement on last year, with Leapmotor defying all the noise around their rivals to well and truly escape the midfield and go off in hunt of bigger fish.
With the new D19 three-row SUV (something of a trendy category in China right now) hitting the market soon at a frankly ludicrous price point, the D99 MPV not far behind, and the A05 small SUV with LiDAR for under 100k RMB, there’s no brand better placed right now to vacuum up conquest sales in every direction.
Wuling / Baojun
Team Wuling / Baojun has finally relinquished its grip on the podium places in a development that’s been coming for a while, 56,567 units not even close to Leapmotor’s total, and something of a sizeable drop from last year.
Things are far from in crisis mode with the month-on-month drop just 6%, and while the 19% drop on last year seems large, it’s their smallest of the year so far, so much like BYD they are clawing back some of the deficit.
Interestingly, in a move that’s being replicated across the board, they’re making a move for the premium seats too, with both Wuling and Baojun now offering quite luxurious three-row SUVs, and in Baojun’s case it comes with Huawei’s ADS as well.
Take note of this trend, because we’ll come onto it again with other brands.
Li Auto
Li Auto just about held onto their ‘best of the rest’ tag in April, 34,085 units delivered a chunky 17% drop on last month, but a very marginal gain on last year.
It’s a big year for Li Auto who seem to have gotten the i6 into a good place on the electric side. Meanwhile, their entire EREV fleet seems ready for an overhaul, starting with the Li L9 Livis that debuted at the Beijing Auto Show, introducing new tech such as M100 chips, 800-volt active suspension, and rear-wheel steering into the mix.
With every man and his dog now out for their crown in the premium three-row SUV segment, which admittedly has already been captured by both the NIO ES8 and Zeekr 9X, they need something major to differentiate themselves, and sooner would be better than later.
Deepal
A solid month for Deepal in April as they edged out sister brand Qiyuan to deliver 33,187 units, a steady 5% gain on the previous month, and an impressive 65% gain over this time last year.
Their attractive range of SUVs and saloons seems to have struck a chord with Chinese consumers, while the S07 SUV is getting praise from international journalists for being better to drive than most other Chinese offerings.
With the Q05 also performing well, and soon available in a bunch of international markets, Deepal looks well placed to cement its position in the survivors list when China’s big NEV consolidation finally emerges.
AION
GAC’s AION and Hyptec brands, consolidated here under AION, appear to have stemmed the bloodflow after a challenging 2025 that saw them lose many of the ride hailing gains that drove a stellar 2024 performance.
32,727 units delivered in April was a dip of 14% on March, but more importantly a 16% gain on last year, and this performance puts them firmly among the midfield, though admittedly we’re dealing with two brands technically and the Hyptec brand isn’t exactly pulling its weight.
They’ll be hoping to make the most of their early start with CATL’s Choco-SEB battery swap service before other brands take their share, and meanwhile new hybrids like the N60 and i60 are attempting to finish off pure ICE sales for good just to shore up the base.
Qiyuan
Qiyuan, like many others, dipped a little in April with 32,118 units a 13% pullback from March, but the headline figure remains the year-on-year result, a whopping 159% higher than last year.
The consolidation of Qiyuan into the chasing pack has been achieved despite their only real export being the curious and rather niche E07 (pictured), with the brand’s more mainstream, and rather decent, offerings being confined to the local market.
It’s easy to think the Q05 and Q07 would perform rather well abroad but they’d likely be fighting over the same spots as sister brand Deepal’s S07 and S05, though that never stopped Chery or VW.
Zeekr
Zeekr popped in their best-ever month in April, delivering 31,787 units to firmly cement their rise into the chasing pack, after a year battling to climb above the magic 20k mark (the updated ‘minimum for survival’ tally we loosely apply).
That figure means an 8% gain on March, and better still, a 132% gain on last year, demonstrating that whatever the chef put into the sauce over the new year really seems to have done the trick in Hangzhou.
We’re now six months in to the brand’s revival which seems to suggest it’s no longer a flash in the pan, and with models like the new 8X performing very well in reviews, and inching the brand even further upmarket, it bodes well for brand recognition.
XPeng
XPeng’s 2025 was so good that the early year slip from the brand did have us a little concerned, but a couple of solid months including a first month over 30,000 units this year, suggests it was likely a correction around the removal of tax incentives.
31,011 units delivered in April is still a 12% drop on last year, which is manageable, but is a 13% improvement on March suggesting the brand is moving back onto a solid course.
Like many others, XPeng confirmed at the Beijing Auto Show that they’re attempting to move upmarket in order to chase higher profit margins, with the new GX three-row SUV (surprise, surprise) getting things started. Is this how China’s brands will move out of the price war? Definitely worthy of discussion.
Xiaomi
Xiaomi returned to familiar territory above 30,000 units in April after a couple of months languishing somewhat with the old SU7 being swapped out for the new one.
It’s not their best month of the year, January’s 39,000 still holding that title, but April did still see Xiaomi return solidly into the midfield, a result that is still impressive when you consider they only have two models until the new (you guessed it) three-row SUV enters the market later this year.
Fangchengbao
The last of the midfield spots goes to Fangchengbao, whose stellar 2025 saw them occasionally embarrass the old-timers in this segment, and they’re firmly part of the establishment now even before they become an altogether different looking brand.
On the back of four SUVs, three hybrid, one electric, they’ve made it to the circa 30k mark, with the 190% year-on-year growth showing just how far they’ve come in such a short time, but as we saw at the Beijing Auto Show, they’re not quite done there.
Two all-new large saloons, and probably the spiciest two-seater roadster we’ve ever seen come out of China, look set to take Fangchengbao in a direction none of us saw coming, while the best-selling Tai 7 is also getting a fully electric version. These numbers might look good now but there’s likely more to come.
Yipai
Dongfeng’s Yipai Technology, which encompasses Yipai, Nammi, and we think hybrid Aeolus (Aeoli?) as well, don’t always report numbers but we have managed to get four months out of them this year, and while they’re not midfield material yet, they’re the current closest challengers.
20,537 units is just about on the safe side we’d say but margins at this end of the market aren’t nearly as much as they likely are at NIO below. A 25% month-on-month drop isn’t ideal but doesn’t warrant any big conclusions just yet.
The Beijing Auto Show only brought us an oddly sporty 007 saloon and a possible proper off-road SUV, so we could do with seeing a bit more from Dongfeng to demonstrate their ambitions.
NIO
NIO’s hot run of form cooled ever so slightly in April with a 15% drop in deliveries compared to March, bringing the brand back below the magic 20k figure and just behind their March performance from last year when the new ES8 wasn’t on sale.
Speaking of the ES8, it remains an oversized portion of their monthly sales, 68% in April with 13,020 finding homes, but with the new, larger, and even more luxurious, ES9 hitting the market soon, we might see this dip slightly as some buyers try to squeeze their purses for the larger model.
That said, with the new Onvo L80 also coming to market soon, what’s left of ES6 sales might also disappear, which could reset the tables. Interesting times for NIO, but at least they seem to be profitable, which means a lot in this market.
Arcfox
Arcfox didn’t bother to report numbers last month, which isn’t usually seen as a good sign, but they seem happy enough with their April efforts, 16,532 units edging them above Voyah and doubling their 2025 deliveries for the same month.
We’ll give them the benefit of the doubt and suggest that last month was probably a dip they weren’t happy with, but with the new V9 MPV entering the fray (about two years after the hype train on MPVs left the station) and the new ride-hailing focused S3 coming soon too, there might just be another reason to start making noise again.
Don’t discount those useful ride-hailing dollars, but also don’t expect too much from the V9 when it comes to numbers.
Voyah
Voyah has improved considerably since fighting to reach the magic 10k mark and after all that effort, we’ve now moved the goalposts again to 20k, so in that context 15,146 units isn’t really satisfactory.
A roughly 50% improvement on last year says they’re actually doing OK, but consolidating at this mark might not be enough, they need to keep pushing further. More so, actually, given the entire range has Huawei’s ADAS kit inside and Dongfeng’s own Huawei venture, Epicland, looks ready to walk right into their territory soon enough.
As with others, we’ll note the push into the upper premium market with the Taishan X8 and 9L, meaning margins might be less concerning, but we still feel they need the extra boost.
Lynk & Co
More negative arrows for Lynk & Co after things looked to have been going quite well, 12,533 units a 4% monthly drop and a larger 18% yearly drop.
The share of new energy vehicles in the range also dropped to just 55% after previously entering 70% territory at times last year, and if you take into account the recent success of sister brand Zeekr, it’s hard not to suggest buyers might be walking to the fancier dealer next door and grabbing one of those instead.
We’ll keep an eye on whether the five-seat 900 and new 10+ do something to turn things around next month.
Denza
A much better month for Denza hasn’t quite got them to safety, but it is exactly what they needed, 11,250 units giving them a 58% leap on last month, however the long-term picture shows a 27% drop on last year, highlighting the ongoing concern for the former Merc-BYD joint venture.
International sales are set to begin, which could be a saving grace if Europeans and Australians can be convinced a pricey Chinese car can match an equally pricey German car, but let’s see how that plays out.
If there’s one saving grave for them, it’s the stunning Z convertible revealed last week, which likely won’t sell much at all in China but is at least a good way to get eyes on your struggling brand by virtue of its sub 2-second 0-100kph sprit.
IM
Growth is what IM really needs right now and so while they’re not remotely in safe territory, let’s at least celebrate a very solid month for them, with 10,016 units delivered a 39% improvement on last month.
The year-on-year gains of 129% are also undeniably impressive, and at least give the automotive version of pre-melted candles something to hold onto, but we still feel we need to see a lot more from IM to see them survive the shake-up.
Wey
Great Wall has always been somewhat straightforward when it comes to hybrid and electric tech, and clearly leans into the hybrid side of things as much as possible.
In Wey’s case that’s been good enough to build sales, but they’re coming from a small pond and so the growth isn’t really fast enough. 7,965 units in April saw them fall behind IM and Denza despite monthly and yearly gains.
Like others, they’re looking to punch into the upper premium segment with their new V9X SUV, but whether it’ll take is for the jury to decide.
Onvo
NIO being cautious about reporting Onvo delivery numbers in recent months hasn’t exactly been a great sign, and we can see why, with just 5,352 units finding homes in April.
Month-on-month they’re down more than fifth, but year-on-year they’re up a similar amount, so it’s a bit of a mixed bag, but with the L90 being such a widely projected success we’d honestly expect more.
That might come in the form of the L80, a five-seat version of the cavernous L90, but don’t hold your breath just yet.
AVATR
These are undoubtedly trying times for AVATR, a brand that has all the tech, looks, and honestly driving substance, to be a comfortably premium player in both China and abroad, but yet again we find ourselves wondering just what is going on.
In April, just 5,279 units found homes, a minor gain on last month’s poor effort, but a whopping 55% down on the same month last year.
Merging many operations with the far more successful Deepal might hopefully get their range in front of more eyes, and it needs to, because you can make the 06T wagon as beautiful and as smart driving as you like, but if nobody knows it exists, they won’t buy it.
firefly
On the one hand, firefly is now a really good month away from becoming the NIO Group’s second largest brand despite having the smallest range, but on the other hand these numbers just aren’t enough.
April’s 4,980 units was a 19% drop on March, which isn’t great reading, and suggests sales in markets outside of China just aren’t hitting the heights the brand would hope for.
There are still markets like the UK and Australia which could give them a boost, but it’s getting a little urgent.
Ora
One suspects we’re not too far away from seeing Ora quietly disappear from this table, such is the endless malaise the brand finds itself in.
Quitting the UK, and likely other markets, Ora isn’t just retreating on markets but also on tech, with the new 5 SUV introducing both hybrid and even full ICE variants to the previously fully electric line-up.
Still, GWM seem adamant this is the way to go, and maybe they’re onto something but at this rate it’ll take a few years to turn 3,716 units a month into 30k+ units a month, even if the year-on-year performance is 107% improved.
ROX
Soldiering on, ROX continues to make the steadiest of gains, climbing above the 2k mark for the first time in April on the back of a 38% improvement on last month, and 80% improvement on last year.
The question still remains, is 2k units a month remotely close to keeping the minnows afloat? To our mind, probably not, but they’ve made it this far, so as long as they’re here, we’ll keep on reporting the numbers.
Yangwang
Bit of a naff month numbers wise for Yangwang with just 264 units sold in April, but on the plus side about 30 of those were on orders over 3 million RMB each for the U9 Xtreme, the world’s fastest car.
We’ve no idea what kind of margins are built into that but they’re probably good, so even if they’re barely registering a bar on our sales chart, they likely won’t give a stuff and they’ve got BYD’s volume money behind them.
Editor’s Comment
A fascinating month in many ways and one that’s cementing a few narratives into China’s ever-changing NEV storyline.
The first narrative is that of the solidifying table into ‘The leaders’, ‘The midfield’, ‘The chasers’, and ‘The relegation contenders’. Now’s the time to get above 20k if you can, because the clock’s ticking on those who don’t.
The second narrative is the premium-ification of the entire market. Look at the three-row SUVs from every brand as the story and you’ll miss the wood for the trees. This isn’t a play on niches, it’s a play on margins.
Four years of racing to the bottom on price and margins has bruised almost every player in the field, including those who were experts at the lower and mainstream ends of the market, but the latest weapon to drag the entire segment by the scruff of its neck towards profitability is to make bigger and more premium cars.
Not everyone can sell one well though. Maybe those who can are the ones who make it.
The final narrative, which appears to change players every month, is the ‘opaqueness of sales’. We’re used to seeing brands dodge the odd month when things don’t go their way, you’ll notice we rarely get to put the same starting 28 on the pitch every month, but we’re starting to see some brands do this more consistently, and this month, like last month, we’ve got ours eyes on you Chery, with particular regards to Luxeed and iCar.
Three months in a row now that Chery hasn’t shared figures, and given we recently discovered their Exeed brand didn’t even manage 7k units in the first quarter we can have a guess why.
Jaecoo, Omoda, and Chery might be going gangbusters in the UK and Australia, but we feel they’re being somewhat economical with some of their other brands, particularly iCar, which is said to be headed to more international markets, so what’s going on? Opacity often tells a story all on its own.
Still to come…
We don’t expect all of these brands to share their figures, but these are the usual suspects who should be in this list and they’ll make it onto the table when and if they post.
