--- title: "CMSI: Jul Sales Growth Continues for Leading Chinese Automakers; Diverging Performance Among NEV Startups" type: "News" locale: "en" url: "https://longbridge.com/en/news/294903871.md" description: "China Merchants Securities reports July sales growth for leading Chinese automakers, with Leapmotor surpassing 100,000 units. Exports drive structural growth for BYD, Geely, Chery, and GWMotor. NEV startups show divergent performance, with Arcfox and Zeekr posting high YoY growth. The broker anticipates industry improvement in H2 2026, favoring companies expanding overseas production capacity, specifically recommending a portfolio of export leaders like Geely, BYD, and Chery." datetime: "2026-08-05T03:21:53.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294903871.md) - [en](https://longbridge.com/en/news/294903871.md) - [zh-HK](https://longbridge.com/zh-HK/news/294903871.md) --- # CMSI: Jul Sales Growth Continues for Leading Chinese Automakers; Diverging Performance Among NEV Startups China Merchants Securities (HK) issued a report saying sales growth continued for leading Chinese automakers in July, while performance among new energy vehicle startups diverged. LEAPMOTOR (09863.HK) \-0.220 (-0.545%) Short selling $65.12M; Ratio 28.476% surpassed monthly sales of 100,000 vehicles for the first time. Exports remain the clearest source of structural growth, with CHERY AUTO (09973.HK) +0.100 (+0.375%) Short selling $3.85M; Ratio 6.597% , BYD COMPANY (01211.HK) +0.150 (+0.161%) Short selling $236.48M; Ratio 18.845% , GEELY AUTO (00175.HK) +0.310 (+1.625%) Short selling $107.71M; Ratio 9.095% and GWMOTOR (02333.HK) +0.035 (+0.397%) Short selling $27.41M; Ratio 18.776% leading in overseas sales contribution. Among leading domestic automakers, July sales of BYD COMPANY (01211.HK) +0.150 (+0.161%) Short selling $236.48M; Ratio 18.845% , GEELY AUTO (00175.HK) +0.310 (+1.625%) Short selling $107.71M; Ratio 9.095% , CHERY AUTO (09973.HK) +0.100 (+0.375%) Short selling $3.85M; Ratio 6.597% and GWMOTOR (02333.HK) +0.035 (+0.397%) Short selling $27.41M; Ratio 18.776% reached 419,000, 250,000, 262,000 and 108,000 vehicles respectively, representing YoY growth of 22%, 5%, 24% and 4%. Among NEV startups, sales of LEAPMOTOR (09863.HK) \-0.220 (-0.545%) Short selling $65.12M; Ratio 28.476% , Harmony Intelligent Mobility Alliance, XPENG-W (09868.HK) \-0.120 (-0.255%) Short selling $400.30M; Ratio 34.536% , NIO-SW (09866.HK) \-0.300 (-0.790%) Short selling $100.87M; Ratio 57.967% , Zeekr, LI AUTO-W (02015.HK) \-0.250 (-0.496%) Short selling $179.25M; Ratio 27.252% , XIAOMI-W (01810.HK) \-0.120 (-0.429%) Short selling $1.19B; Ratio 27.810% , Deepal, Arcfox and VOYAH AUTO (07489.HK) +0.060 (+2.139%) reached 101,300, above 45,000, 38,000, 35,900, 35,800, 30,500, above 30,000, 29,200, 23,500 and 13,200 vehicles respectively. The highest YoY growth rates were recorded by Arcfox (+150%), Zeekr (+111%) and LEAPMOTOR (09863.HK) \-0.220 (-0.545%) Short selling $65.12M; Ratio 28.476% (+102%). LEAPMOTOR (09863.HK) \-0.220 (-0.545%) Short selling $65.12M; Ratio 28.476% exceeded 100,000 units for the first time and significantly outperformed other NEV startups in sales volume. The broker said negative factors are expected to be fully priced in during the interim results season, and investors should focus on medium- to long-term strategies related to overseas production capacity expansion. Considering the lower YoY comparison base in 2H26, larger subsidy funding scale, stronger peak-season effect, and potential early consumption demand triggered by possible subsidy changes next year, the broker expects marginal improvement in the industry in 2H26. During the August interim results season, the most negative factors related to weakening domestic demand are expected to be cleared, while overseas production capacity expansion will become a new strategic focus for automakers. The broker expects the market trend next year to shift toward "stable domestic demand and strong overseas expansion". In the long run, it remains positive on three key themes: structural upgrading in new energy vehicles, rising sales contribution from premium brands, and progress in localized overseas production capacity. The current period is seen as a good opportunity for medium-term positioning in quality companies, especially those leading in overseas production capacity expansion. For the overseas expansion theme, the broker favors leading companies with large export scale, with key recommendations including a basket portfolio of GEELY AUTO (00175.HK) +0.310 (+1.625%) Short selling $107.71M; Ratio 9.095% , BYD COMPANY (01211.HK) +0.150 (+0.161%) Short selling $236.48M; Ratio 18.845% and CHERY AUTO (09973.HK) +0.100 (+0.375%) Short selling $3.85M; Ratio 6.597% , followed by a basket of high-potential NEV startups including XPENG-W (09868.HK) \-0.120 (-0.255%) Short selling $400.30M; Ratio 34.536% and LEAPMOTOR (09863.HK) \-0.220 (-0.545%) Short selling $65.12M; Ratio 28.476% . 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