Deepal delivered 15,513 vehicles in October, taking January-October deliveries to 102,417 vehicles.
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Automakers usually provide high forecasts to their supply chain, while suppliers make their own judgments based on the competitiveness of the vehicle models and the operating results of the car companies.
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Li Auto's management believes China's NEV penetration will reach 90 percent by 2028, when it will need to sell at least 3 million vehicles annually if it is to become one of the top five players, according to local media.
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Zeekr's three current models target niche segments, while three new models to be launched this year and next will target the mass market.
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Li Auto's direct offline stores will increase to more than 800 next year, more than doubling the current number, according to local media.
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Nio has given its supply chain a full-year sales forecast of 240,000 units, according to local media.
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Li Auto (NASDAQ: LI) has updated its second-half sales forecast after seeing strong growth in the first half of the year, a new report said.
Li Auto has told its supply chain that it is raising its second-half sales forecast to about 240,300 units, local media outlet 36kr reported today.
The extended-range electric vehicle (EREV) maker expects average monthly sales of more than 35,000 units in the third quarter and more than 42,000 units in the fourth quarter, according to the report.
Li Auto is on track to see sales of more than 380,000 units for the full year, far exceeding the 300,000 sales target set at the beginning of the year, considering it delivered 139,000 units in the first half of the year, according to the report.
Li Auto's three SUVs currently on sale -- the Li L7, Li L8 and Li L9 -- are all EREVs, which are essentially plug-in hybrids aimed at a larger market than pure electric vehicles.
In June, Li Auto delivered 32,575 vehicles, bringing first-half deliveries to 139,117 units, up 130.31 percent year-on-year, according to data released earlier this month.
Last week -- June 26 to July 2 -- Li Auto sold 6,500 units, down 13.33 percent from 7,500 units the week before, according to data shared by the company yesterday.
The drop in sales last week was due to its factory being closed for two days during the week of the Dragon Boat Festival, one more day than normal, resulting in 6,388 units produced that week, Li Auto founder, chairman and CEO Li Xiang said on Weibo yesterday.
This year's Dragon Boat Festival holiday was from June 22 to June 24.
Li Auto's current vehicles are produced at its factory in Changzhou, Jiangsu province, which Li previously mentioned has six days of production per week as well as one day of overhaul.
A total of 7,500 vehicles per week is the limit of Li Auto's current production, and the reduced production from the holiday was reflected in last week's deliveries, he said.
Starting in the second week of July, Li Auto will increase its weekly production capacity from 7,500 to 8,000 units, and the change in deliveries from this will come in the third and fourth weeks of July, he said.
Late last month, a 36kr report said Li Auto had raised its full-year sales target to 400,000 units from the original 300,000, but this was later denied by Li.
Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make it to 400,000 units for the full year, he said at the time.
Li Auto's battery-electric vehicle (BEVs)-focused local peers Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) have both largely completed product switches recently and are expected to see higher sales in the second half of the year.
Nio has given its supply chain a full-year sales forecast of 240,000 units, the 36kr report said today.
Nio management has previously said the company was aiming to double its sales this year compared to last year. It sold 122,486 vehicles last year and sold 54,561 vehicles in the first half of this year.
Nio will need to sell an average of at least 31,000 vehicles per month in the second half of the year if it is to achieve full-year sales of 240,000 vehicles.
Xpeng has previously mentioned that the goal is to see cumulative deliveries of more than 450,000 vehicles by the end of this year, implying a sales target of about 200,000 vehicles this year.
The company has seen weak sales over the past year, though deliveries have been improving month by month so far this year, with 8,620 vehicles delivered in June.
Xpeng delivered 41,435 vehicles in the first half of the year, and to see full deliveries reach 200,000 would mean it would need to deliver an average of more than 26,000 vehicles per month in the second half.
Xpeng officially launched its new SUV, the G6, on June 29, and its chairman and CEO, He Xiaopeng, said the monthly sales target for the model is at least 10,000 units.
Li Auto delivers record 32,575 vehicles in Jun, aims for 40,000 monthly deliveries in Q4
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Xpeng's Hong Kong-traded shares rose more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.
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Xpeng (NYSE: XPEV) officially launched the G6 yesterday, and the company's management clearly has high hopes for the new SUV.
The G6's monthly sales target is at least 10,000 units, Xpeng chairman and CEO He Xiaopeng said in an interview with local media after yesterday's G6 launch, according to a report by Auto Home.
Mr. He disagreed with the idea that Xpeng needs to turn its fortunes around with the G6, saying that a company that bets its future on one car is doing it wrong.
In the auto industry, automakers need long-term thinking and systemic competitiveness, he said.
Xpeng officially launched the G6 yesterday, offering five versions with starting prices of RMB 209,900 ($28,940), RMB 229,900, RMB 234,900, RMB 254,900 and RMB 276,900 respectively.
Of the five options, the three versions in the middle price range will be the best sellers, meaning the G6 will be in the RMB 250,000 range in terms of average sales price, according to Mr. He.
At yesterday's launch, he said the G6 is expected to be the top-selling smart electric SUV in China within two months priced at the RMB 250,000 level.
The Xpeng G6 received more than 25,000 pre-orders within 72 hours of the start of pre-sales on June 9, and more than 35,000 pre-orders as of June 28, said Yi Han, the company's vice president of marketing, repeating Mr. He's remarks at yesterday's launch event.
Forty percent of Xpeng G6 orders came from offline stores and 60 percent from online channels, Yi said.
Mr. He made it clear in yesterday's interview that Xpeng will not launch extended-range electric vehicle (EREV) models similar to Li Auto (NASDAQ: LI).
As an entrepreneur, choices need to be made and trade-offs need to be made, he said.
In a June 15 speech, Mr. He said he could foresee a large number of hybrid models in China in the next two years, especially inside family cars.
"Because everyone sees the success, they will follow. Because they are following, a large number of models will focus on the same place. It's a very interesting thing," he said in the speech.
Xpeng shares traded in Hong Kong continued to rise today, up more than 14 percent to HK$51.80 at press time, giving it a 30 percent gain for the week.
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Xpeng officially launches G6 with starting price of $29,010 to regain past glory
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GAC Aion sold 271,156 vehicles for the full year 2022, and the latest target implies an 84.4 percent increase.
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GAC Aion, the electric vehicle (EV) subsidiary of Guangzhou-based GAC Group, is targeting sales of about 500,000 vehicles this year, implying an almost doubling of growth from last year.
GAC Aion plans to produce and sell 500,000 pure-play EVs this year and launch its overseas business efforts, GAC Group spokeswoman Yin Jie said at a June 27 press conference held by the Guangzhou municipal government.
GAC Aion will aim to exceed 1 million vehicles in annual production and sales by 2025, Yin said, adding that the company is now moving full steam ahead with its initial public offering (IPO) efforts.
For the full year 2022, GAC Aion sold 271,156 vehicles, according to data monitored by CnEVPost.
This year's sales target of 500,000 vehicles would represent an 84.4 percent increase.
GAC Aion sold a record 45,003 vehicles in May, its third consecutive month of more than 40,000, figures it released earlier this month show.
This represents a 113.73 percent increase over the 21,056 vehicles sold in the same month last year and a 9.73 percent increase over the 41,012 vehicles sold in April.
In a ranking released earlier this month by the China Passenger Car Association (CPCA), GAC Aion ranked second among the top 10 new energy vehicle (NEV) retail sales, behind BYD's 220,735 units.
From January to May, GAC Aion sold 166,323 vehicles, which was an increase of 118.44 percent from 76,142 units in the same period last year.
This makes GAC Aion the No. 3 player in retail sales in China from January to May, behind BYD with 923,343 units and Tesla with 219,893 units.
GAC Group aims to see NEVs contributing 25 percent of sales by 2025, with its own brands contributing 50 percent of those NEV sales, Yi said in the press conference.
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Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to sell 400,000 vehicles for the full year, its CEO said.
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Li Auto (NASDAQ: LI) CEO denied that the company raised its sales target to 400,000 units this year, after the reports sparked widespread discussion.
"A media report today that our target for this year has been adjusted to 400,000 units is false and unfounded," Li Auto founder, chairman and CEO Li Xiang said on Weibo today.
Li Auto finished the first half of the year with more than 130,000 units sold and does not have any ability to make the full year sales of 400,000 units, he said.
The company's capabilities, including product, sales, capacity and organization, cannot support 400,000 units sold this year, and the gap is huge, Li said.
"The automotive industry's capability chain is built one step at a time, with no particular shortcuts," he added.
In a report yesterday, local media outlet 36kr cited sources familiar with the matter as saying that Li Auto recently raised its full-year sales target to 400,000 units from the original 300,000.
In addition to the overall sales target, Li also set targets for sales of specific models, according to the report.
Li set a goal for the Li L7 to achieve 20,000 deliveries of a single model in October, and to keep deliveries of the more expensive Li L9 and Li L8 above 10,000 units, bringing overall deliveries to 40,000 units/month, the report said.
Earlier today, Li Auto said on Weibo that it had sold 27,300 units this month as of June 25 and was on track to reach its 30,000-unit monthly sales goal.
Assuming Li Auto sells 30,000 vehicles in June, the 400,000-unit full-year sales target means it will need to sell an average of about 44,000 units per month in the second half of the year.
On June 18, Li said on Weibo that most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units.
"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said at the time.
Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.
Separately, Li said in another Weibo today that the Li L7 is on track to deliver more than 13,000 units this month, although it faces an onslaught of new models in June including IM Motors' LS7, Nio's new ES6.
Sales of the Li L8 have risen from more than 7,000 last month to more than 9,000 this month, and the Li L9 has improved from slightly more than 6,000 last month to more than 8,000, he said.
In addition to deliveries that can exceed 30,000, Li Auto has seen record order in-takes, Li said, adding that capacity has become the biggest bottleneck in deliveries, not demand.
All three of Li Auto's SUVs currently on sale are extended-range electric vehicles (EREVs), which are essentially plug-in hybrids.
In retweeting Li Auto's Weibo today about last week's sales figures, Li hinted that the company could launch sedan models next.
The focus is generally on the sedan lineup as dealers of luxury brand fuel cars struggle to meet their first-half sales targets this week, so sedan sales for t first-tier luxury brands are very solid, he said.
"So, the question is, shall we launch sedan offerings?" He asked.
China NEV insurance registrations for week ending Jun 25: Tesla 16,700, Li Auto 7,500, Nio 3,200
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The latest target means that in the second half of the year, Li Auto will need to deliver an average of about 45,000 units per month.
Li Auto (NASDAQ: LI) reportedly raised its sales target for the year, after seeing strong delivery growth over the past few months.
Li Auto recently raised its full-year sales target to 400,000 units from the original 300,000, local media outlet 36kr said in a report today, citing people familiar with the matter.
In addition to the overall sales target, Li Auto founder, chairman and CEO Li Xiang also set targets for sales of specific models, according to the report.
He set a goal for the Li L7 to achieve 20,000 deliveries in a single month in October, and to keep deliveries of the more expensive Li L9 and Li L8 above 10,000 units, bringing overall deliveries to 40,000 units/month, the report said.
Assuming Li Auto delivers 30,000 vehicles in June, the latest target means that for the remaining six months, Li Auto would need to average about 45,000 deliveries per month to meet its goal, the report noted.
Li Auto has seen strong growth in the past few months, at a time when growth in China's new energy vehicle industry has slowed significantly.
It delivered a record 28,277 vehicles in May, the third consecutive month to surpass the 20,000-unit mark. From January to May, Li Auto's cumulative deliveries reached 106,542 units, according to data monitored by CnEVPost.
On June 17, the day of Li Auto's first Family Tech Day event, the Li L7 sold more than 1,000 units in a single day for the first time, Li said earlier this month.
Li Auto launched the Li L7, its first five-seat SUV, on February 8 and currently offers three versions with starting prices of RMB 319,800 ($44,200), RMB 339,800 and RMB 379,800, respectively.
All of the company's current models are extended-range electric vehicles (EREVs), with the other two being the higher-priced, six-seat Li L8 and Li L9.
The Li L7 was a model that was almost canceled during development, Li said on Weibo on June 18. He said he was quite determined to axe the model last September, but several other executives stopped him.
Most members of Li Auto's management team thought the company should set an annual sales target of 360,000 units at the beginning of the year, but he ultimately decided to set a budget target based on annual sales of 306,000 units, according to a June 18 Weibo post from Li.
"This was partly because I didn't think we could be too optimistic about the economic environment this year, and partly because we didn't meet our budget targets for all three years from 2020-2022," he said.
Li said the too-low targets he set led the company to place orders at suppliers at the beginning of the year that were clearly not keeping up with current sales, so several key components would take more than a quarter to reach the right capacity if production ramp-up began now.
Li Auto currently has two production lines in its Changzhou, Jiangsu plant, one for double-shift production and one for single-shift production. Li Auto will not be able to achieve 10,000 units/week capacity until the fourth quarter, when both of its lines will be on double-shift production, according to Li.
On May 10, Li Auto management said in a call with analysts after announcing its first-quarter earnings that the company was aiming to reach its goal of 30,000 units delivered in a single month in June.
Notably, the 36kr report mentioned that sales of Li Auto's cheaper Air version have been less than expected.
Li Auto had hoped that the Air version models would bring in 30 percent incremental sales, but Li said in its earnings call that the lineup only brought in 20 percent additional sales, the 36kr report noted.
To meet its sales targets, Li Auto will need new growth, and Li's approach was to launch the Li L9 Pro, the 36kr report said.
In a recent regulatory list from China's Ministry of Industry and Information Technology, Li Auto filed for the Li L9 model without LiDAR, the report noted.
The Li L9 Pro is likely to be priced at around RMB 419,800, which will help boost sales of the Li L9 and Li L8 to more than 20,000 units/month while improving the company's competitiveness in the price range above RMB 400,000, the report said.
In addition, with the launch of Nio's (NYSE: Nio) new ES6 and ET5 Touring, and an RMB 30,000 price cut across the company's model lineup, Li Auto will face stronger competition in the RMB 300,000 to 400,000 price range, according to the report.
Nio is aiming to double its sales this year compared to last year, implying full-year sales of about 240,000 units, according to previous comments from the company's management.
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NIO keeps goal of doubling sales this year despite price war causing greater challenges
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