With only one month left in 2025, XPeng, Leapmotor and Xiaomi are the only major Chinese new energy vehicle makers to complete their original full-year delivery targets.
Throughout the year, both Xiaomi and Leapmotor have raised their guidance to reflect results that exceeded their initial expectations.
Therefore, and as of the end of November, XPeng was the only automaker to have fully surpassed its 2025 delivery goal.
At the lower end, BYD‘s sub-brand Denza achieved only 46% of its target, while Huawei‘s conglomerate HIMA has reached just 50%.
HIMA includes five brands such as Aito, Luxeed, Stelato, Maextro and SAIC.
The Nio Group (including Nio, Onvo and Firefly), Li Auto, and Geely-backed Zeekr have achieved rankings ranging from 57% to 72%.
The final quarter of the year is traditionally the strongest for the auto industry, a trend reinforced this year as several countries plan to scale back EV incentives from 2026.
In China, the purchase tax will be reinstated from January 1. Starting in 2026, electric vehicles in China will face a minimum purchase tax rate of 5%, half of the standard 10% rate for other powertrains.
Customers in China currently receive a 20,000 yuan ($2,800) subsidy when trading in their old vehicles for a new electric one.
As of press time, it is also unclear whether the trade-in subsidy for electric vehicles will be renewed in January.
The policy changes and uncertainty have led to a demand surge before the end of 2025.
XPeng
From January 1 through November 30, XPeng delivered 391,937 vehicles, up 156% from a year earlier, of which 36,728 were registered last month.
November represented the first sequential decline in monthly figures since May.
At the beginning of 2025, XPeng set a 380,000-unit delivery target for 2025 — doubling from 2024 levels.
Last month, the brand exceeded its guidance by 12 percentage points, driven by its global expansion — now present in 55 of its planned 60 countries for 2025 — and the introduction of new models across its markets.
Upon reporting its third-quarter earnings results, the Guangzhou-based company said it expects fourth-quarter deliveries to be between 125,000 and 132,000 units.
The figures released in October and November indicate that XPeng estimates December deliveries to be between 46,259 and 53,259 units.
Additionally, the fourth-quarter guidance implies that full-year deliveries will be between 438,196 and 445,196 vehicles, representing a 130% to 134% increase over the 190,068 vehicles delivered in 2024.
Leapmotor
Stellantis-backed Leapmotor delivered 70,327 vehicles in November, setting a new record in monthly deliveries for the sixth consecutive month.
Delivery figures have consistently increased both sequentially and year over year since the beginning of the year.
In October, the company produced its 1 millionth vehicle, doubling its output from 500,000 vehicles in less than a year.
This milestone also set a record, making Leapmotor the fastest Chinese automaker to reach one million vehicles produced, to which Xiaomi followed.
Earlier this year, the brand raised its 2025 sales target to 650,000 units, up from the previous range of 500,000–600,000.
Leapmotor delivered 536,132 vehicles in the first eleven months of the year, reaching 82.5% of the updated guidance. It has also reached the lower end of its initial target.
The company has also stated that it aims for 1 million vehicle deliveries in 2026 alone.
BYD
Last month, China’s giant BYD sold 474,921 passenger vehicles, of which 237,540 were fully electric and 237,381 were plug-in hybrids.
The company saw its sales drop year over year for the third consecutive month.
Sequentially, however, registrations continued to increase for the fourth month in a row.
Year to date, BYD has sold 4,182,038 vehicles across the globe, a 11.3% growth from a year ago.
The sales slowdown in the past months has led the company to cut its annual target of 5.5 million vehicles to 4.6 million units in September.
Considering the adjusted goal, the company is targeting December sales to account for 418,000 vehicles.
One month before the end of the year, BYD has reached 90.9% of its guidance. If considering the original target, the rate would be at 76%.
Xiaomi
Xiaomi said on Monday it delivered “over 40,000” electric vehicles in November, its third consecutive month above that threshold.
The EV maker usually announces an estimate of monthly deliveries, only revealing the concrete number when it reports its quarterly earnings results.
Xiaomi delivered 265,967 EVs in the first nine months of 2025, plus “over” 80,000 in October and November combined
Last month, upon announcing that it produced its 500,000th vehicle in just 19 months, the company’s co-founder and CEO Lei Jun adjusted the annual guidance from 350,000 to 400,000 units.
In March, he had already upped the target from 300,000 to 350,000 vehicles.
Considering it delivered “over” 345,967 vehicles in the past eleven months, the brand is estimating December registrations to account for, at least, 54,003 units.
The figures reported so far show that the brand achieved 86.5% of the 400,000-unit guidance.
Li Auto
Li Auto set an annual delivery target of 700,000 vehicles in the beginning of the year.
However, in late May, the guidance was trimmed to 640,000 units, with the brand citing “weaker than expected” demand for the revamped Li L6 — its best-selling model.
In July, Li Auto launched its second fully electric vehicle, the Li i8 SUV, which is in the highly competitive six-seat SUV segment.
The launch coincided with several other brands’ models, including the Onvo L90 and the Tesla Model Y L.
As of November 30, the company had delivered 362,097 vehicles — 56.6% of its annual target.
Struggling with demand amid fierce competition, the automaker held a crisis meeting last month to adjust its model strategy, product roadmap, and R&D priorities.
Nio Group
Last year, Nio said it aimed to nearly double its annual deliveries in 2025, suggesting around 443,000 vehicles — up from 221,970 units in 2024.
However, the company has indirectly trimmed the guidance since then, as it said in August that it expected deliveries in the final quarter to reach 150,000 units across its three brands.
By that time, the company acknowledged it would likely fall short of its yearly target by roughly 90,000 units, since it delivered 201,000 vehicles in the first nine months of the year.
Last week, when reporting its third quarter financial earnings, the target was once again adjusted — to between 120,000 and 125,000 units.
The new guidance for the final three months of 2025 implies that Nio is expecting 2025 deliveries to fall between 321,000 and 326,000 vehicles.
Nio delivered 277,893 vehicles until November 30, which represents 85.2% to 86.6% of the revised target, but only 62.7% of the initial one.
