As December rolls in, electric vehicle manufacturers in China eagerly revealed their monthly sales figures, signaling a competitive landscape that has seen notable achievements and growth for various companies.

Among these, Leap Motor stands out as a notable player, achieving a significant milestone by surpassing 40,000 units delivered in a single monthThis feat makes it the first new energy car company to meet its annual delivery target of 250,000 vehicles for 2023 ahead of scheduleAlongside Leap Motor, prominent brands such as Zeekr, NIO, and XPeng also reported impressive monthly delivery performances, reflecting a thriving and increasingly competitive market.

According to the recent delivery statistics released by Leap Motor, the company delivered 40,200 vehicles in November alone, marking an extraordinary 117% year-on-year increaseThis month's delivery not only breaks the 40,000-unit barrier but also marks the sixth consecutive month of record-high deliveries for the company

Advertisements

In total, Leap Motor has delivered 251,200 vehicles in the first eleven months of the year, decisively completing its annual target and establishing itself as a frontrunner among electric vehicle newcomers.

The sharp increase in deliveries has allowed Leap Motor to reassess its profitability timeline and expectations for business operations in the coming yearInitially, the company projected a profitability milestone in the latter half of 2025. However, Chairman Zhu Jiangming indicated that under current circumstances, this milestone may arrive sooner than anticipatedHe has also set an ambitious sales target of 500,000 vehicles for the upcoming year, aiming for a gross profit margin exceeding 10%.

The positive trend in Leap Motor's sales has been evident since March, culminating in an order volume of 42,000 vehicles by OctoberThe company reports that its two factories in Jinhua maintain a production capacity of approximately 40,000 units per month at full throttle

Advertisements

However, there are still some delays in delivery, which Leap Motor is addressing by accelerating the establishment of a new factory in Hangzhou, projected to commence operations in the first half of next yearFurthermore, a third factory in Jinhua is in the planning stages, expected to be operational by the end of next year or early the following year, with a long-term goal to increase annual capacity to 1 million units by the end of 2024.

In addition to expanding manufacturing capabilities, Leap Motor plans to introduce three new models from its B series next year, focusing on the price range of 100,000 to 150,000 yuanThe first of these, an SUV known as the C10, is scheduled for delivery in April, followed by a sedan release in the third quarterThe company is also working on an entry-level A series and a D series priced between 200,000 and 300,000 yuan.

Furthermore, Leap Motor is rapidly expanding its presence in international markets

Advertisements

This year, the company set a European sales target of 8,000 to 12,000 units, managing to export 6,000 vehicles by the third quarterAs of late October, 339 dealer stores have opened in Europe, all equipped to provide both sales and after-sales serviceLeap Motor plans to gradually expand into Asia-Pacific, Middle Eastern, African, and South American markets, targeting a network of over 500 sales channels globallyThe overseas sales goal for next year is set at around 50,000 units, representing approximately 10% of total output.

The introduction of the A and B series models, combined with a robust overseas export strategy, suggests that Leap Motor's future delivery volumes will experience considerable growth in the coming yearThis comes as part of a broader trend among electric vehicle manufacturers, all striving to carve out larger market shares amidst increasing competition.

While Leap Motor continues to shine, other companies also reported varying results in November

• $4 Trillion! Apple's Full Throttle Pursuit
• Can Japan's Stocks Escape the 'Home-Abroad' Paradox?
• Tech Sell-Off Hits Christmas Rally
• Bitcoin Stalls After Record High
• Economic Prosperity Continues to Improve

Li Auto, which had previously met its annual targets last year, delivered 48,700 vehicles in November, experiencing a 5.25% decline from the previous monthIndustry experts believe this decline is attributed to the off-peak sales season and intensified competition from brands like Leap Motor and Wuling.

Notably, Li Auto rolled out a three-year, zero-interest financing plan at the end of November—its first such initiative across the entire model lineupThis promotion, set to expire on December 31, includes down payment thresholds of 159,800 yuan for the Li MEGA, 129,800 yuan for the Li L9, down to 69,800 yuan for the Li L6.

This year, Li Auto initially set a lofty annual delivery target of 800,000 units, later adjusting this to 480,000 units based on market conditionsAs of November, the company has delivered 442,000 vehicles, just 40,000 units shy of its revised goalWith the backing of its zero-interest financing policy, Li Auto anticipates a surge in sales throughout December to meet its annual target.

Aian also witnessed improved sales in November after launching several new models in the second half of the year

Global sales hit 42,000 vehicles, representing a 1.8% increase compared to the previous year, with the new Aian RT model selling 11,811 units in its debut month.

XPeng made headlines by exceeding 30,000 units delivered for the first time in November, reaching 30,900 vehicles with a 54% year-on-year growth, establishing a new monthly record for the third consecutive monthHowever, many XPeng M03 owners are still awaiting deliveriesTo address this, CEO He Xiaopeng announced a capacity increase of 30 to 40% in November and December to enhance production rates.

Zeekr also celebrated a successful November, delivering 27,000 vehicles—an astounding 106% year-on-year growthTo sustain this momentum, the company extended its promotional offers across all models for December, allowing customers to save up to 110,000 yuan by placing orders before the 15th and receiving government replacement subsidies.

NIO maintained a strong performance in November, delivering over 20,000 units for the seventh consecutive month, totaling 20,600 vehicles

With expectations set for a significant increase in deliveries for December, the company aims for deliveries to surpass 40,000 units to meet its ambitious annual goal.

Data from the China Automobile Dealers Association suggests that November saw a distinct uptick in monthly deliveries amongst manufacturers, despite this month not being traditionally regarded as a peak automobile sales seasonThis rise is credited to policy incentives from the government and local subsidies, especially around vehicle replacement and scrapping programs, combined with concerted efforts from manufacturers and dealers to boost annual sales targetsPromotional activities linked to the "Double 11" shopping festival and the successful Guangzhou auto show further contributed to invigorating the automotive market and driving sales upward.

Looking ahead into December, the China Automobile Dealers Association anticipates that the market's heat will continue to rise as manufacturers and dealers race to achieve their sales goals with heightened promotional efforts and an expedited sales cadence