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• Nio’s overseas push remained modest, with just 72 vehicles exported in June and 475 in the first half, compared with a total of 191,123 first-half deliveries.
• XPeng had a positive robotaxi update, with CEO He Xiaopeng completing the first closed-beta order and calling the ride-hailing process “seamless.”
• Li Auto faced sales and margin pressure, with Li L6 deliveries plunging 94% year over year.

Shares of Nio (NIO), XPeng (XPEV), and Li Auto (LI) slipped in U.S. premarket trading on Thursday as China’s EV sector faced renewed scrutiny over slowing retail demand, model-level weakness and margin pressure.

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U.S.-listed shares of NIO and LI declined 1% premarket, while XPEV slid 2%.

China EV Sales Flash Demand Warning

Fresh data from the China Passenger Car Association (CPCA) showed China’s new energy vehicle (NEV) retail sales fell year-over-year for the sixth straight month in June, even as exports surged and EV adoption remained near record levels. China’s NEV retail sales hit 1.007 million units in June, down 9% from a year earlier. NEV penetration was strong at 63%, up 9.5 percentage points from a year earlier and just below May’s record high, CnEVPost reported.

However, the passenger vehicle market looked weak. Total passenger vehicle retail sales fell 23% year-over-year to 1.602 million units. Exports were the bright spot. China’s NEV exports jumped 153% year-over-year to 499,000 units in June, up 18% from May. NEVs accounted for a record 57% of total passenger vehicle exports, while overall passenger vehicle exports rose 82.3% to 877,000 units.

A separate concern was raised by CPCA Secretary General Cui Dongshu, who criticized the trend toward larger and heavier NEVs. Cui called the trend “extremely bad,” saying it wastes resources and is not properly constrained by China’s current tax system.

He urged China to use tax and energy-consumption rules to curb vehicle “bloating,” as automakers increasingly use longer ranges and larger battery packs as selling points.

Nio Overseas Push Faces Scrutiny 

Nio’s overseas push also drew scrutiny. The company exported just 72 vehicles in June across its Nio, Onvo and Firefly brands, down 18% from May. First-half exports totaled 475 vehicles, a small figure compared with Nio’s overall first-half deliveries of 191,123 vehicles. The premium Nio brand increased exports to 36 in June, while Firefly shipped 32 vehicles and Onvo exported just 4. Nio has said it aims to expand across “40 countries and regions” this year.

Meanwhile, the L80, one of Nio’s most important second-quarter launches, recorded 4,086 insurance registrations in June, down 31% from its May launch window. Weekly run-rate momentum appeared to slow sharply after the initial burst of deliveries.

The L90 also declined 14.7% month-over-month, while the refreshed L60 rebounded to its best monthly result since December 2025. Across all three models, Onvo recorded 11,739 insurance registrations in June, down slightly from May. That suggests the brand is gaining scale, but sustained demand remains a question.

XPeng Robotaxi Beta Begins

XPeng had a stronger company-specific update, with CEO He Xiaopeng completing the first order in the company’s robotaxi closed beta. “Very happy to be the first user in our robotaxi closed beta,” He said, adding that the process of ordering, boarding and starting the ride was “seamless,” XPeng said that the robotaxi project has moved quickly, from its official announcement last November to regular road testing in January, production rollout in May and now closed beta testing.

XPeng plans to pilot operations in the second half of this year and aims to achieve fully autonomous daily operations without on-site safety operators in early 2027.

Li Auto L6 Refresh Nears 

Li Auto is preparing to launch the next-generation Li L6 on July 16, describing the refreshed entry-level SUV as an “all-around all-wheel-drive SUV, the king of experience.” The update comes after a sharp weakness in the current model. Li L6 deliveries plunged 94% year-over-year to just 915 units in June, partly as buyers waited for the new version.

Li Auto’s overall deliveries also fell 14.8% year-over-year in June to 30,895 vehicles, marking the second straight month of annual declines. First-half deliveries dropped 5.1%. Profitability is another concern. The company posted an unexpected first-quarter net loss of 2.3 billion yuan, while gross margin fell to 7.9% from 20.5% a year earlier.

How Do Retail Traders Feel About Chinese EV Stocks?

On Stocktwits, retail sentiment for NIO and XPEV was ‘bearish’ amid ‘low’ message volume, while sentiment for LI was ‘bullish’ amid ‘normal’ message volume. 

Over the past year, U.S.-listed shares of NIO have risen 40%, while XPEV has fallen 26% and LI has dropped 55%. 

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