Morgan Stanley: China EV Weekly Orders – Slow Summer, Selective Sparks
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Morgan Stanley's latest weekly order tracking covers major Chinese electric vehicle brands for the period of June 29 to July 5. July officially marks the off-season, with overall orders and showroom traffic expected to decline and consolidate. However, selective automakers may outperform, notably XPeng, which saw significantly increased foot traffic following the MONA M03 unveil. Broad auto sales are projected to remain seasonally sluggish until a new product cycle launches in August.
During the past week, BYD, Luxeed, Tesla, and Geely Group demonstrated notable order strength. BYD recorded weekly orders of 90,900 to 91,400 units, representing a 25% week-over-week increase and a 17% year-over-year gain, driven by the Sealion 08 launch. Geely Galaxy orders reached 18,700 to 19,200 units, up 10% week-over-week but down 13% year-over-year. Li Auto posted orders of 7,300 to 7,500 units, declining 36% week-over-week as L8 orders normalized.
NIO recorded 11,200 to 11,400 weekly orders, down 14% week-over-week but surging 104% year-over-year. XPeng secured 6,700 to 6,900 orders, reflecting modest sequential growth ahead of the MONA M03 launch. Tesla China orders stood at 11,000 to 11,200 units, increasing 16% week-over-week. The broader industry rating remains In-Line, with investors closely monitoring upcoming model launches to stimulate demand.