China NEV Orders Fell 6% in Week 35 as Demand Softens, Daiwa Reports

New energy vehicle (NEV) orders in mainland China weakened during the 35th week of the year, declining 6% from the previous week to a total of 124,000 units, according to a research report from Daiwa. The data suggests a broader slowdown in consumer demand toward the end of August.

Market Snapshot

The weekly decline contributed to a weaker monthly performance. Daiwa noted that total orders for August-to-date reached 514,000 units, a significant 33% decrease compared to the previous month's equivalent period. This figure points to softer overall demand as the month concluded.

Brand-Level Divergence

Performance varied significantly among automakers, with several brands bucking the downward trend. Geely's (00175.HK) premium EV brand, Zeekr, recorded the strongest week-over-week growth, with orders increasing by 14%.

Other brands also demonstrated relative strength, outperforming the broader market:

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• XPeng (09868.HK) saw its weekly orders rise by 10%.
• Li Auto (02015.HK) posted a 6% increase in orders.

In contrast, orders for Huawei's HIMA (Harmony Intelligent Mobility Alliance) fell sharply, dropping 34% week-over-week.

Analyst Outlook

Looking ahead, Daiwa analysts expect order momentum to remain largely stable, supported by new model launches and improving performance from specific brands. However, they caution that intense industry competition and uneven demand across different manufacturers will likely keep overall market growth at a moderate pace.