Goldman Sachs China NEV Weekly Chartbook: Week 35 of 2026 — Weekly Orders Down 6% Week-on-Week
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Goldman Sachs' China NEV chartbook for week 35 of 2026 (August 24-30) shows tracked NEV makers' combined orders down 6% week-on-week and 40% year-on-year as the market enters the summer lull. At brand level, weekly orders for XPeng, NIO and BYD rose 10%, 6% and fell 3% respectively—the most defensive performances—supported by rising traffic ahead of upcoming launches including the XPeng G9L and BYD's Formula S and Great Han. Year-to-date, orders are up 35% for NIO, 18% for HIMA and down 1% for XPeng. Per CPCA data, August 1-23 passenger-vehicle retail sales totaled 956k units (-22% YoY, -2% MoM) and wholesale 1,012k (-20% YoY, +2% MoM); NEV retail reached 614k (-12% YoY, -2% MoM) while NEV wholesale grew 5% YoY to 714k (+4% MoM). NEV retail/wholesale penetration was 64.3%/70.5% (July: 64.4%/65.3%), with wholesale penetration notably higher. NEV dealer discounts widened to 7.72% of MSRP on August 29 (7.66% prior week; BYD flat at 3.95% versus 6.21% a year ago), while ICE discounts narrowed to 19.69% (19.91%). Battery-grade lithium carbonate held at RMB157,500/t, with prismatic LFP and NCM cell prices stable. The chartbook provides no ratings or target prices.