Shares of Chinese Automakers Mixed After November Sales

By Jiahui Huang

Shares of Chinese automakers were mixed after sales data for November reflected intensifying competition amid slowing demand in the domestic market.

Shares of BYD rose 3.0% in Hong Kong on Tuesday, Xiaomi gained 1.7% and Geely Automobile was up 0.2%. Meanwhile, NIO's shares were down 4.7%, Li Auto fell 0.7% and XPeng's shares declined 3.7%. Zhejiang Leapmotor Technology lost 0.7%.

BYD maintained its leading position in November, selling 480,186 units and marking its highest monthly sales this year. However, sales were 5.25% lower compared with a year earlier. Xiaomi's sales remained strong with more than 40,000 units sold.

EV maker Zhejiang Leapmotor reported sales of 70,327 units in November, marking its seventh consecutive month of breaking its monthly records.

XPeng's sales grew 19% to 36,728 units, missing market expectations. NIO's sales also caught up with its rivals, with a total of 36,275 units sold, but also missed market expectations, Deutsche Bank analyst Bin Wang wrote in a note.

Li Auto's flagship cars continued to face selling pressure. Its sales of 33,181 units were 32% lower than a year earlier.

Analysts expect China's auto industry to face a tough 2026. The government's trade-in program may expire next year, and a stricter regulatory environment will likely lead to suboptimal local demand in 2026, Nomura analysts wrote in a note.

Chinese automakers will likely seek growth opportunities in the overseas markets to hedge uncertainties in the home market, Nomura says.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

December 01, 2025 22:34 ET (03:34 GMT)