Citi: CN Aug 1st Wk Auto Retail Sales Miss; NIO, Li Auto, XPeng & Leapmotor All Decline WoW

$Citigroup(C.US)$ Research noted in a report that, according to a limited sample size of car insurance policies, auto retail sales in the first week of August in China fell 23% MoM and 6% YoY. All models posted double-digit MoM declines. The much weaker-than-expected figure was due to the off-season effect, coupled with price cuts that brought demand forward to June.

The broker wrote that in the first week of August, $NIO-SW(09866.HK)$ , $LI AUTO-W(02015.HK)$ , $XPENG-W(09868.HK)$ and $LEAPMOTOR(09863.HK)$ all recorded WoW declines in auto retail sales. $BYD COMPANY(01211.HK)$ sales also fell 9% MoM. $Tesla(TSLA.US)$ , on the other hand, posted a 21% WoW increase in sales due to a low base effect.