The Past Six Months in the New EV Manufacturing Sector: The Top Three Landscape Rewritten, Second-Generation Entrepreneurs Eye Overseas Markets, and the Life-or-Death Struggle at the 10,000-Vehicle Threshold

The changes and competitions in the new car - building market in the past half - year are essentially a microcosm of the industry's transformation from wild growth to intensive cultivation. As the peak season arrives in the second half of the year and more new models enter the market, it will truly test the hard - core strength of car manufacturers to weather the cycle.

In the past half - year of 2025, price wars and a series of involution - style competitions have been restricted to some extent, shifting the focus of competition in the automotive circle to the product side. The competition in sales volume is not only more valuable but also has sharply intensified the intensity of the elimination race.

Image source/AI - generated

With the release of the sales data of various car companies in June, key data such as the half - year sales performance and the annual target achievement rate of mainstream car manufacturers have been revealed.

From these data, we can see that some car companies are celebrating their mid - season success, while others, despite showing growth, are still in anxiety. Of course, there are also quite a few that are scratching their heads and in a hurry.

The sales reports reflect the changes in the market structure and the status of car manufacturers. We have also summarized three of the most notable changes: First, the patterns of the top three independent car manufacturers and the top three new - force car companies have been rewritten; Second, the second - generation sub - brands of car manufacturers are rising through overseas sales; Third, for all car manufacturers, monthly sales of over 10,000 vehicles have become the survival line.

These changes not only reflect industry trends but also provide directions for the competition of major car manufacturers in the second half of the year.

01 The Pattern of the Top Three is Rewritten

In the first half of this year, although the overall sales of new car - building enterprises increased year - on - year, the situation varied among car manufacturers.

First, let's look at the traditional top three independent car manufacturers: BYD, Geely, and Great Wall. BYD still leads the pack in terms of sales. In June, it sold 382,585 vehicles, a 12% year - on - year increase, with little change compared to the previous month. The cumulative sales in the first half of the year exceeded 2.14 million vehicles, a 33.04% year - on - year increase.

However, BYD Chairman Wang Chuanfu said at the company's performance meeting that BYD's total sales target for 2025 is 5.5 million vehicles. According to BYD's production and sales data in 2024, its sales volume in 2024 was 4.2721 million vehicles, which means that BYD's sales target for 2025 has been significantly increased.

Currently, BYD's sales in the first half of the year are 610,000 vehicles short of the target, almost equivalent to two months' sales. Therefore, it's inevitable that the outside world will question whether it can achieve the target. However, some industry insiders said that although BYD's sales in the first half of the year have not exceeded half of the annual target, considering that car manufacturers usually step up sales in the second half of the year and the increasing sales in the overseas market, BYD still has a chance to achieve the annual total sales target of 5.5 million vehicles.

Geely still ranks second. Geely Auto delivered a relatively impressive report card in June, with monthly sales of 236,000 vehicles, a staggering 42% increase compared to the same period last year, with little change compared to the previous month. The cumulative sales in the first half of the year were 1.409 million vehicles, a 47% year - on - year increase.

In the new - energy sector, Geely sold a total of 725,000 new vehicles in the first half of 2025, a 126% year - on - year increase. This gave Geely strong confidence, and on the same day, it issued an announcement raising its annual sales target to 3 million vehicles, 11% higher than the original target. However, even according to the new target of 3 million vehicles, the current achievement rate is 46.97%, and it's not very difficult to achieve the target.

Following closely is the new top - three Chery, which has replaced Great Wall. In June, its sales volume was 233,000 vehicles, only less than 3,000 vehicles fewer than Geely. Chery revealed that this was its best single - month performance in history. Throughout the first half of the year, the group's sales volume was 1.26 million vehicles, a 14.5% year - on - year increase.

Actually, Chery's current goal is very clear. Sales volume is just one aspect, and more importantly, it aims to go public through an IPO. In fact, since 2004, Chery Automobile has tried to go public through various channels many times, including considering back - door listing through Anhui Chaodong Co., Ltd., cross - holding shares with Jianghuai Automobile, and attempting to list on the Hong Kong and A - share markets. However, due to various reasons, none of these attempts were successful. Now, after submitting a listing application to the Hong Kong stock market, it's only one step away from going public, and achieving good sales is the story Chery needs to tell the market.

In addition to the traditional top three independent car manufacturers, in the new - force camp, after a decade - long reshuffle, the pattern of car manufacturers has basically stabilized. Among NIO, XPeng, and Li Auto, only Li Auto remains in the first - tier. Leapmotor and Hongmeng Zhixing have replaced XPeng and NIO to become the new top three.

Judging from the data, Leapmotor is a real dark - horse car manufacturer in the automotive market this year.

During the same period last year, although Leapmotor was labeled as the "little Li Auto", the gap in half - year sales between it and Li Auto was as high as 100,000 vehicles. Since the second half of last year, Leapmotor has captured the mainstream market with its "cost - effectiveness" and "technology for the masses" strategy and gradually entered the stage of large - scale profitability. In the first half of this year, Leapmotor showed strong momentum among new - force car companies, with sales reaching 221,700 vehicles, a 155.7% year - on - year increase, surpassing Hongmeng Zhixing and Li Auto at one stroke and topping the half - year sales list for the first time.

Leapmotor Chairman Zhu Jiangming has even raised the company's sales target for this year from aiming for 500,000 vehicles to 500,000 - 600,000 vehicles. Calculated based on 500,000 vehicles, Leapmotor's target achievement rate has reached 44%. Moreover, last year, Leapmotor ranked 11th in the global car - manufacturer sales list, and this year's goal is to move up two more places and "strive to enter the top ranks in the Chinese new - energy vehicle market."

Looking at Hongmeng Zhixing, the sales volume it announced externally in June was 52,747 vehicles, ranking first. The total sales volume in the first half of the year is not yet clear because the official did not release sales reports in March and April, around the time of the upgrade of the Wenjie M9. However, according to unofficial statistics, the sales volume in the first half of the year was about 200,000 vehicles, not much different from XPeng's 197,000 vehicles.

In contrast, NIO's dilemma is more obvious. In the first half of last year, NIO's sales were only second to Li Auto. But in the same period this year, it has been overtaken not only by Leapmotor and XPeng but also by Xiaomi, which only has one model. However, NIO is waiting for an overall rejuvenation brought about by internal reforms and is striving for profitability in the fourth quarter.

The current problems of cross - border brands Hongmeng and Xiaomi are also quite obvious. Hongmeng Zhixing's problem is that there has been no blockbuster product after the Wenjie series. In the first half of this year, the total delivery of the Wenjie series was about 170,000 vehicles, accounting for 80% of Hongmeng Zhixing's total sales. Xiaomi has created a sales myth, but whether its production capacity can keep up is a question mark.

Generally speaking, the reshuffle of leading independent car manufacturers and new - force car companies continues. As the peak season arrives in the second half of the year and the gradual delivery of Xiaomi YU7, it will surely trigger a new round of competition.

02 The Second - Generation Sub - Brands Seek Survival Overseas

In addition to the reshuffle at the top, the mid - tier brands, mainly the sub - brands of major manufacturers, have also witnessed significant changes.

Deepal, backed by Changan, delivered a total of 29,893 new vehicles in June, a 79% year - on - year increase and a 17% month - on - month increase. With a sales volume approaching 30,000 vehicles, it has stood out among the second - generation sub - brands and was the first to break away from the second - tier manufacturers.

Avatr, a brand jointly created by Changan and Huawei, saw a month - on - month decline but still maintained a scale of 10,000 vehicles, selling 10,000 new vehicles, a 117% year - on - year increase. This is also the fourth consecutive month that Avatr has exceeded 10,000 vehicles in sales. IM Motors under SAIC delivered 6,027 vehicles in June, with a mediocre performance. However, IM Motors will also enter the extended - range market. It plans to launch two important extended - range new models, the extended - range version of IM LS6 and a new six - seat flagship SUV, in the third and fourth quarters, which may provide strong support for it.

Image source/IM LS6

The dark - horse among the second - generation sub - brands is Dongfeng eπ. Its sales volume in June reached 26,000 vehicles, a 76.3% year - on - year increase. In the first half of this year, it has delivered more than 110,000 new vehicles in total, a 43.7% year - on - year increase. If it can maintain this level, it can also thrive.

It's worth mentioning that the reason why these second - generation sub - brands have the possibility of a "comeback" almost all have one thing in common: they have set their sights overseas. In May this year, Deepal's first overseas new - energy production base was officially put into operation. The right - hand - drive version of the Deepal S05 rolled off the production line at Changan Automobile's Rayong plant in Thailand, and the Deepal S07 is about to be launched in Norway, officially entering the European market.

Meanwhile, IM Motors' main products, the L6 and LS 6, have also officially entered the Hong Kong market. Earlier, its mid - to large - sized intelligent flagship SUV, the IM LS7, was officially launched in Mexico. According to the plan, IM Motors will use the LS6 and L6 as global strategic models and gradually enter new - energy markets in Australia, New Zealand, the UK, Northern Europe, the Middle East, etc.

Previously, Avatr had successfully entered markets such as Thailand and the UAE, covering 25 countries and regions around the world. At the end of May, the Avatr 11 officially landed in Hong Kong. According to its plan, Avatr will cover 50 countries and regions in 2025 and officially enter the European market in 2026.

It can be seen that these brands with the manufacturing systems and capital reserves of their parent companies are more resilient in terms of channels and cost control, which means they have the potential to grow and become stronger.

Of course, it's undeniable that there are also underperforming second - generation brands. For example, some brands under Geely have returned to the group from independent operation. On the surface, it's to reduce costs and increase efficiency and to refine operations, but in essence, they have not achieved good results. The small, scattered, and chaotic model has become difficult to cope with the current fierce market competition and the increasingly complex economic environment.

03 10,000 Vehicles is Still the Survival Line

Finally, let's look at the "10,000 - vehicle club". Currently, monthly sales of 10,000 vehicles is still the "survival line" for new car - building enterprises, monthly sales of 15,000 vehicles is the "subsistence line", and monthly sales of 20,000 vehicles is the "passing line"