Geely, Xpeng, Xiaomi boosted by strong vehicle sales

BEIJING: Chinese automakers including Xpeng Inc., Geely Automobile Holdings Ltd. and Xiaomi Corp. should all report higher vehicle sales, though challenges remain as competition heats up and the European Union moves ahead with tariffs.

The EU is hiking tariffs on EVs made in China by as much as 48%, citing subsidies that harm the bloc’s carmakers that have been struggling to keep up with China’s new generation of green car manufacturers.

Chinese EV makers including Geely are responding by working with European partners to bypass tariffs as EV registrations in the EU fell sequentially in July after the new policy took effect.

Xiaomi’s EV sales are expected to reach 27 billion yuan (US$3.8 billion) in 2024, with sales of 100,000 to 120,000 units, according to Bloomberg Intelligence.

"China’s burgeoning EV market could become Xiaomi’s key growth engine in the next few years,” it said.

In the gaming arena, NetEase Inc. probably saw lackluster results as it works to deliver its next big video game title.

Its long-term overseas growth strategy will likely continue to face difficulties this year, BI said.