Chinese electric vehicle (EV) makers Leapmotor and Xpeng reported record sales last month, spurred by the popularity of their inexpensive cars, as a price war faded following Beijing’s intervention to cool the market, reports the South China Morning Post. After EV builders held back on discounts and interest-free loans to comply with Beijing’s call to end a brutal price war, intelligent battery-powered cars priced at around RMB 100,000 ($13,888) became the primary choice for budget-conscious consumers.
Hangzhou-based Leapmotor, backed by Fiat owner Stellantis, broke its sales record for the third consecutive month, delivering 50,129 vehicles in July, up 4.4% from June. The number represented a year-on-year jump of 127%.
Guangzhou-based Xpeng, partly owned by Volkswagen, delivered 36,717 cars to customers in July, up 6.1% from the month earlier and a 229% gain year on year. The volume beat the company’s previous record of 36,695 units set in December.