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Weak July sales intensify price war fears in China’s premium EV market
Li Auto posted its fourth straight month of declining deliveries, down 1.4% from June to 30,468.
Bearish sentiment around China’s electric vehicle market has deepened after three premium EV makers reported weak July sales, renewing concerns that the sector could slide into another price war, according to SCMP Economy.
SCMP Economy reported that Xpeng, Nio and Li Auto all saw month-on-month sales declines in July, as demand for intelligent cars weakened amid an economic slowdown on the Chinese mainland.
Li Auto logged its fourth consecutive month of falling deliveries, with deliveries down 1.4% from June to 30,468. Other major Chinese EV players recorded month-on-month sales upticks, but total deliveries remained far below the same period last year.