2025 EV Rankings Shake Up: Leapmotor Leads with 600K Deliveries, Xiaomi and XPeng Close Behind, Li Auto Under Pressure

2025 has become the true "year of stratification" for China's EV startups. Leapmotor led the pack with deliveries of 597,000 units, surpassing the 600,000 mark for the first time and securing its place in the top tier. XPeng delivered 430,000 vehicles, solidly maintaining its position in the second tier. NIO delivered 326,000 units, while Li Auto managed only 406,000—far short of its 650,000-unit target—and has entered an adjustment phase due to setbacks in its EV product lineup. Xiaomi announced a 2026 delivery target of 550,000 units and addressed controversies surrounding its "Xiaomi-style marketing." Among legacy automakers’ new EV brands ("second-generation innovators"), performance diverged significantly: Changan’s three EV brands combined for 864,000 deliveries, while Dongfeng’s EV portfolio reached approximately 436,000 units. In the private sector, BYD’s Fangchengbao saw explosive growth of 316%, whereas Geely’s Zeekr and SAIC’s IM Motors struggled with sluggish growth. As anti-"involution" policies take effect in the battery industry, competition among EV startups is shifting from sheer sales volume toward high-quality, sustainable deliveries.