Citigroup: Preliminary data on NEV sales in the Mainland in September was moderately lower than expected

The Zhitong Finance App learned that Citibank released a research report saying that after combining brands that have disclosed NEV sales data for September 2026, it is estimated that wholesale sales in the NEV industry will increase 4% month-on-month and 12% year-on-year in September, which is moderately lower than investors' expectations, and lower than the 15% month-on-month increase in September 2025.

The bank pointed out that in terms of sales of new energy vehicles in September, Xiaomi Group-W (01810) rose more than 33% month-on-month, Geely (00175) increased 9% month-on-month, Xiaopeng Group-W (09868) increased 5% month-on-month, and BYD shares (01211) rose 5% month-on-month. The sales performance of the above brands was superior to the industry.

In terms of exports, the export sales volume of BYD and Great Wall Motor (02333) fell 5%, 3% and 4%, respectively, and increased by 154%, 162%, and 19% year-on-year respectively. The bank was mainly due to domestic inventory replenishment during the “Golden Nine” sales season.