As we enter the final quarter of the year, several Chinese new energy vehicle makers remain far from reaching their delivery targets for 2025.
The fourth quarter is traditionally the best sales quarter in the auto industry.
However, this year, the last three months are expected to be even stronger as it represents the last opportunity for customers in the country to acquire a new EV before the purchase tax is reinstated.
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.
Through the end of 2027, new energy vehicles (NEVs) are eligible for a 50% tax reduction, with a maximum benefit of 15,000 yuan (about $2,100) per vehicle.
Considering the maximum benefit value, the tax break applies only to vehicles priced up to 300,000 yuan (about $42,000).
XPeng is the only Chinese brand to have achieved above 80% of the target by the end of the third quarter.
As of September 30, XPeng had delivered 313,000 vehicles across the globe, meaning it completed 90% of its 380,000-unit target.
Last month, the company reached a new record in deliveries, surpassing 40,000 units in a single month for the first time since its inception 11 years ago.
XPeng continues to expand its presence in overseas markets, having recently entered its 50th global market as it expanded to Lithuania. Earlier this week, the brand also arrived in Latvia.
The company also set a goal of reaching 60 global markets in 2025. As of Friday, the company is less than 15% away from completing that target.
Xiaomi and Leapmotor are the only two brands that completed over 60% of their delivery targets, after the Guangzhou-based brand.
Earlier this year, Xiaomi also raised its 2025 delivery target by 50,000 units to 350,000.
The EV maker usually announces an estimate of monthly deliveries, only revealing the concrete number by the end of the quarter.
Xiaomi delivered “over 40,000” vehicles in September and “over 30,000” in the two prior months, leading its third-quarter delivery figures to reach 100,000 EVs.
Year to date, the company has delivered 250,000 units of its debut SU7 sedan and of the recently launched YU7 SUV.
The company is only 100,000 units away from achieving its annual goal, having reached 71.4% of the target.
Xiaomi has faced industry record demand for both its models, with deliveries at a waiting time of between 38 to 52 weeks.
Stellantis-backed Leapmotor delivered 66,657 vehicles in September, setting a new record in monthly deliveries.
Last month, 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.
Leapmotor recently raised its 2025 sales target to 650,000 units, up from the previous range of 500,000–600,000. The company is also aiming for 1 million vehicle deliveries in 2026.
In the first nine months of the year, Leapmotor delivered 396,000 vehicles, meaning it reached 60.9% of its yearly goal.
Earlier this year, Li Auto trimmed its annual delivery target from 700,000 units to 640,000, citing “weaker than expected” orders for the revamped Li L6 (the brand’s best-selling model).
As of September 30, the company had delivered 297,000 vehicles — 46.4% of its annual target.
In July, Li Auto launched its second fully electric vehicle, the six-seater Li i8 SUV.
This model competes in a highly competitive segment in China, with several other brands releasing similar vehicles around the same time, including the Onvo L90 and the Tesla Model Y L.
Nio’s sub-brand Onvo, with its L90 SUV, helped the Shanghai-based company achieve record delivery figures in both August and September.
Onvo was its best-selling brand, above both the main Nio brand and the newer Firefly.
In the first nine months of the year, the Nio Group delivered 201,000 vehicles — just 46% of its goal of approximately 443,000 vehicles.
Nio said late last year it was targeting a near doubling of annual deliveries in 2025, from the 221,970 units in 2024.
In August, the company said it is targeting 150,000 units delivered in the last three months of the year, with the recently launched Onvo L90 and flagship Nio ES8 expected to drive most of the Q4 deliveries.
Given the guidance, the company has admitted that it will not achieve its yearly target by about 90,000m units.
Nio is targeting the last quarter of 2025 to become profitable.
Geely-backed Zeekr brand, which will soon be delisted from the Nasdaq, has delivered 144,000 vehicles this year.
Zeekr aims to deliver 320,000 vehicles by year-end. From January to September, the brand reached 45% of the target.
