Q1 concludes! Leap Motor's March sales exceed 50k units, with NIO and XPeng both experiencing significant growth

On April 1st, multiple new energy vehicle companies announced their “report cards” for March 2026.
In March, the automotive industry showed a clear trend of improving prosperity, with vehicle sales generally surging.

Among the new forces, Leapmotor(HK9863) continued to lead, delivering 50,029 units across all models in March, once again surpassing 50,000 units in monthly sales, a month-on-month increase of 78.25%, and a year-on-year increase of 34.87%; first-quarter deliveries reached 110.1k units, up 25.82% year-over-year.

It is reported that Leapmotor A10 was officially launched on March 26, with order volume continuing to rise. The highly anticipated flagship model D19 will also hold its global launch event on April 16.

Li Auto-W(HK2015) followed closely, with 41,053 units delivered in March, an 11.94% increase year-over-year, and a 55.38% increase month-on-month; cumulative deliveries from January to March totaled 95,142 units, up 2.45% year-over-year.

NIO-SW(HK9866) delivered 35,486 units in March, a 135.96% increase year-over-year, and a 70.63% increase month-on-month; from January to March, total deliveries reached 83,465 units, up 98.28% year-over-year.

NIO also announced that on April 2, it will officially launch the 2026 models ES6, EC6, ET5, and ET5 Touring, updating its four lower-priced models. The company stated that these updated models will feature design upgrades, enhanced configurations, and improved intelligent driving experiences.

Xpeng Motors-W (09868.HK) delivered 27,415 vehicles in March, a 79.70% increase month-on-month, but a 17.44% decrease year-over-year; from January to March, total deliveries were 62,682 units, down 33.32% year-over-year.

Apart from the new force car companies, some traditional automakers’ new energy brands have also released sales data.

Among them, Zeekr delivered 29,318 units in March, a 23% increase month-on-month, and a 90% increase year-over-year. Lantu delivered 15,019 new vehicles in March, an 80% increase month-on-month, and a 50% increase year-over-year. Deep Blue Automotive sold 31,742 units globally in March, an 87.8% increase month-on-month, and a 30% increase year-over-year.

Additionally, Xiaomi Group-W (01810.HK) delivered over 20,000 units in March. Since the start of deliveries for the new generation SU7 on March 23, cumulative deliveries have exceeded 7,000 units.

Analysts point out that in the first two months of 2026, due to policy shifts such as adjustments to the new energy purchase tax, the application limits for “two new” subsidies, and the scope of replacement subsidies, as well as the influence of the Spring Festival holiday, consumer sentiment was cautious, and car purchase decisions were delayed.

Entering March, as the Spring Festival holiday ended, people’s consumption habits gradually returned to normal. Coupled with multiple favorable policies, such as intensive spring car purchase subsidies introduced by local governments and the launch of new models, the automotive market gradually warmed up.

Author: Bottle