STOCKS | EV Makers Face Fiercer Competition As Sales And Shares Diverge

Leapmotor (09863) has posted sales above 100,000 units for two straight months, while Li Auto (02015) ended a three-month decline in August deliveries. Even so, their shares remain weak, and Seres (09927) has lost more than 70% from its peak, underscoring Nio founder William Li's view last month that China's auto market has entered its most brutal final round, according to ETNet. Li Auto delivered more than 37,000 vehicles in August, up 32% from a year earlier, but its stock still fell to a 52-week low, alongside Seres, which saw August sales drop 40%. Nio also hit a 52-week low despite turning adjusted profit in the second quarter, while Leapmotor extended its losing streak to seven sessions. The report also highlighted a shift between battery electric and extended-range models. Li Auto will unveil a new-generation MEGA on Wednesday, targeting the above-RMB 500,000 pure-electric family MPV segment. Xiaomi (01810) will officially launch its seven-seat SUV, the YU7, next Monday, as it moves from pure electric toward extended-range vehicles. BYD (01211) said pure-electric vehicles accounted for more than 58% of its August sales, helped by its fast-charging technology across its lineup. Its all-electric six-seat SUV Denza N8L, due for launch this month, will compete with Li Auto's all-electric six-seat SUV i9. On the technology front, XPeng (09868) launched its second-generation VLA model at the end of last month and plans to roll it out to Ultra and Ultra SE models from this month. The article also noted speculation around Seres and ByteDance's Doubao model, while saying the effectiveness of AI deployment in cars remains to be tested.