Goldman Sachs China NEV Weekly Chartbook: 2026 Week 10 — Strong Weekly Orders Rebound Led by XPeng and BYD
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Goldman Sachs reports a robust rebound in China New Energy Vehicle (NEV) orders for Week 10 of 2026 (March 2–8), with combined weekly orders across major NEV brands jumping 96% week-over-week, though they remain down 33% year-over-year. XPeng, HIMA, and BYD led the sequential recovery, posting order growth of 270%, 147%, and 138%, respectively. XPeng's surge was driven by its new G6 EREV and X9 EV models, which together accounted for 62% of its weekly orders. Year-to-date, order trends at NIO, XPeng, and HIMA have been relatively defensive, declining by only 4%, 12%, and 15%, respectively.
Competitive pressures are evident as average dealer discounts expanded for both NEVs and internal combustion engine (ICE) vehicles. The average NEV dealer discount reached 8.24% of MSRP, up from 6.35% a year earlier. In the battery supply chain, battery-grade lithium carbonate prices fell 9.0% week-over-week to RMB 157,000/ton, while LFP and NCM cell prices held flat at RMB 0.34/Wh and RMB 0.47/Wh, respectively.
Key upcoming catalysts include fourth-quarter 2025 earnings releases from NIO, Li Auto, XPeng, and BYD, alongside several new model launches, such as the XPeng GX and Zeekr 8X.