BOCOM INTL: The new product cycle in July drives growth in the auto market, with brand performance showing differentiation.

BOCOM INTL published a research report stating that July data continues to verify a month-on-month recovery on the demand side, but brand performance shows differentiation. Looking ahead, the frequent launch of new models, the increased penetration of intelligent configurations, and improved channel efficiency will continue to shift competition among brands from pure price competition to a comprehensive competition focusing on product strength, intelligence, and operational efficiency. In terms of configuration, it is recommended to continue focusing on three main lines: first, leading vehicle manufacturers with high growth in export business and scale advantages; second, new forces with a clear cycle of new products and continuous iterations of intelligent capabilities; third, targets with physical AI extension capabilities such as VLA/world model, humanoid Siasun Robot & Automation, and low-altitude economy. BOCOM INTLs main points are as follows: In July 2026, sales of new energy vehicles continued to grow, with 10 sampled vehicle manufacturers achieving year-on-year/month-on-month sales increases of 25.5%/1.2%. By brand, Li Auto surpassed 100,000 units for the first time, with NIO and Zeekr showing leading year-on-year growth, and BYD Company Limited maintaining steady growth despite a high base. Overall, industry growth continues to concentrate on manufacturers with scale advantages, clear cycles of new products, and overseas incremental growth. BYD Company Limited: In July, passenger car sales reached 411,072 units, with year-on-year/month-on-month growth of +20.5%/+3.5%, continuing to grow despite a high base. The overseas market remains a relatively certain source of incremental growth for the company, with July overseas sales reaching 179,841 units, a year-on-year increase of 124%, accounting for approximately 43% of total sales. As overseas channels, localized production, and product matrix continue to improve, export growth is expected to continue enhancing the company's regional structure and profit quality. LEAPMOTOR: In July, deliveries reached 101,267 units, with year-on-year/month-on-month growth of +102.0%/+8.5%, surpassing 100,000 units for the first time, making it the first new force brand to achieve over 100,000 monthly deliveries. Cumulative deliveries from January to July totaled 457,754 units, with a year-on-year growth of 68.4%. Regarding product planning, the company stated that the new model Leapmotor A05 is about to be launched in August, a technology day will be held in September, and the Spanish factory plans to start localized assembly in the fourth quarter. The domestic scale advantage will continue to expand, while overseas channels and localized production progress gradually, with platform cost reduction, scaling effects, and overseas incremental growth expected to jointly drive profitability improvements. NIO: In July, deliveries reached 35,934 units, with year-on-year growth of +71.0%, with NIO, Lido, and Firefly brands delivering 20,008/10,155/5,771 units respectively. Cumulative deliveries from January to July totaled 227,057 units, representing a year-on-year growth of 68.0%. The multi-brand matrix still supports growth. XPENG: In July, deliveries reached 38,027 units, with year-on-year/month-on-month growth of +3.6%/-5.2%. Cumulative deliveries from January to July totaled 204,004 units, with a year-on-year decrease of 12.8%. The company is still in a phase of switching new products and adjusting its product matrix, and will need to focus on increasing new model deliveries, expanding overseas markets, and the pace of transforming intelligent driving technology into sales and software income. LI Auto: In July, deliveries were 30,468 units, with year-on-year/month-on-month decreases of -0.9%/-1.4%, maintaining sales above 30,000 units continuously, but still under slight pressure year-on-year and month-on-month. Cumulative deliveries from January to July totaled 223,940 units, with a year-on-year decline of 4.6%. The all-new Li Auto L6 was officially launched in July, with a key focus on order conversion going forward. In terms of exports, the Li Auto L9 was officially launched in Kazakhstan in July and local production has started, marking a substantial step in Li Auto's international strategy. Zeekr/Xiaomi/HarmonyOS Smart Travel/Avita: Zeekr delivered 35,837 units in July, with year-on-year/month-on-month growth of +111.1%/+1.9%, continuing to maintain high growth; Xiaomi cars are estimated at 30,000 units, remaining flat year-on-year and month-on-month; HarmonyOS Smart Travel delivered 45,046 units, with year-on-year/month-on-month decreases of -5.7%/-11.0%, with high-end models and multi-brand matrix remaining the main support; Avita delivered 7,626 units, with a month-on-month growth of +2.2%, with domestic sales still awaiting motivation from the new product cycle.