Citi has published a research report stating that after consolidating brands that have disclosed September 2026 new energy vehicle sales data, it estimates that industry wholesale sales for September rose 4% month-on-month and 12% year-on-year, modestly below investor expectations and also trailing the 15% month-on-month growth pace seen in September 2025.

On the sales side, XIAOMI-W (01810) posted a month-on-month increase of over 33%, GEELY AUTO (00175) rose 9% month-on-month, XPENG-W (09868) rose 5% month-on-month, and BYD COMPANY (01211) rose 5% month-on-month, with all of the above brands outperforming the industry.

On the export side, BYD COMPANY (01211), GWMOTOR (02333) export sales fell 5% and 3% month-on-month respectively, while rising 154% and 162% year-on-year respectively. The broker mainly attributes this to domestic inventory restocking during the Golden September sales peak season.