CITIC Securities expects sales of Nio, Xpeng and Li Auto to reach 162,000, 200,000 and 147,000 units, respectively, in 2022.

(Graphic by CnEVPost)

Most of China's well-known new carmakers announced their November delivery figures on Wednesday, and in CITIC Securities' view, the figures generally exceeded expectations and the high boom is expected to continue in the next two months.

Data released yesterday by Nio, Xpeng Motors and Li Auto showed that they delivered 10,878, 15,613 and 13,485 vehicles respectively in November, representing growth rates of 197 percent, 54 percent and 76 percent respectively from October.

In a research note released today, CITIC Securities analyst Xu Yingbo's team believes that the period before Chinese New Year is the traditional peak season for car sales in the country, and the high boom for the new carmakers is expected to continue.

Looking ahead to 2022, in addition to these car companies competing for sales, the assisted driving experience will be key to validating their software capabilities, the team said.

The Chinese Lunar New Year in 2022 will come on February 1, with the Chinese New Year holiday from January 31 to February 6.

CITIC Securities' team believes that Nio, Xpeng, and Li Auto will all need to deliver about 10,000 vehicles in December to meet their previous guidance for fourth-quarter deliveries.

Xpeng and Li Auto have been conservative in the past, so they are on track to exceed their guidance for fourth-quarter deliveries, the team said.

They also cited Li Auto's excellent cost control, which has cut losses more than expected in the third quarter, saying the company is expected to be the first of the new carmakers to achieve profitability.

The team expects Nio, Xpeng and Li Auto to sell 162,000, 200,000 and 147,000 units, respectively, in 2022.

In the medium to long term, the team said it is currently the starting point of the electric smart vehicle track, and they are systematically bullish on the strengths of China's new carmakers in attracting talent, accumulating technology, and understanding local needs and responses.

NIO delivered record 10,878 vehicles in Nov, up 106% year-on-year