BOC International: The July New Product Cycle Drives Auto Market Growth and Brand Performance Is Differentiated

The Zhitong Finance App learned that BOC International released a research report saying that the July data continued to verify the month-on-month recovery on the demand side, but brand performance was divided. Looking ahead to the future market, the intensive launch of new models, the development of intelligent configurations, and the improvement of channel efficiency will continue to push competition among brands from simple price competition to comprehensive competition in product power, intelligence, and operational efficiency. In terms of configuration, it is recommended to continue to focus on three main lines: first, vehicle leaders with high export business growth and scale advantages; second, new forces with clear new product cycles and continuous iteration of intelligent capabilities; and third, targets with physical AI expansion capabilities such as VLA/world models, humanoid robots, and low-altitude economy.

The main views of BOC International are as follows:

Sales of new energy vehicles continued to grow in July 2026, and sales of the 10 sample car companies increased 25.5%/1.2% year over year. By brand, Zero Run broke through 100,000 vehicles for the first time. NIO and Extreme Krypton led the year-on-year growth rate, and BYD continued to maintain steady growth under a high base. Overall, industry growth continues to be concentrated on car companies with scale advantages, clear new product cycles, and overseas growth.

BYD: Passenger car sales in July were 411,072 units, +20.5% YoY/ +3.5% YoY, and continued to grow on a high base. Overseas markets are still a definite source of growth for the company. In July, overseas sales reached 179,841 vehicles, an increase of 124% over the previous year, accounting for about 43% of total sales. As overseas channels, localized production and product matrices continue to improve, export growth is expected to continue to improve the company's regional structure and profit quality.

Zero Sports Auto: Delivered 101,267 units in July, +102.0%/+8.5% year over year, surpassing 100,000 vehicles for the first time, becoming a new power brand that delivered more than 100,000 vehicles in the first month. A total of 457,754 vehicles were delivered in January-July, a cumulative year-on-year increase of 68.4%. In terms of product planning, the company said that the new Zero Run A05 model will be released in August, the Zero Run Technology Day will be held in September, and the Spanish factory plans to start localized assembly in the fourth quarter. Domestic scale advantages have been further expanded, while overseas channels and localized production are gradually being promoted. Platform-based cost reduction, scale effects, and overseas growth are expected to jointly drive improved profitability.

NIO Auto: 35,934 units were delivered in July, +71.0% year-on-year. Of these, the NIO, Ledao, and Firefly brands delivered 20,008/10,155/5,771 units respectively. A total of 227,057 vehicles were delivered in January-July, an increase of 68.0% year-on-year. The multi-brand matrix continues to support growth.

Xiaopeng Motors: Delivered 38,027 units in July, +3.6% YoY/ -5.2% YoY. A total of 204,004 vehicles were delivered in January-July, a cumulative year-on-year decrease of 12.8%. The company is still in the process of switching new products and adjusting the product matrix. In the future, we need to focus on the delivery volume of new models, overseas market expansion, and the pace of transformation of intelligent driving technology into sales and software revenue.

Ideal car: 30,468 units were delivered in July, -0.9%/-1.4% YoY. Sales continued to remain above 30,000 units, but the year-on-year and month-on-month were still under slight pressure. A total of 223,940 vehicles were delivered in January-July, a cumulative year-on-year decrease of 4.6%. In July, the new Ideal L6 was officially launched, and the future focus will be on order conversion. On the export side, Ideal L9 was officially launched in Kazakhstan in July and localized production began, marking a substantial step in Ideal Auto's internationalization strategy.

Extreme Krypton/Xiaomi/Hongmeng Zhixing/Avita: Extreme Krypton delivered 35,837 units in July, +111.1% YoY/ +1.9%, continuing to maintain high growth; Xiaomi cars were basically the same year on year and month over month; Hongmeng Zhixing delivered 45,046 units, -5.7%/-11.0% year on year. High-end models and multi-brand matrices are still the main support; Avita delivered 7,626 units, +2.2% month-on-month, and domestic sales are still driven by the new product cycle.