Find out why Xiaomi isn’t the leading EV startup in early 2024, and which Chinese manufacturers like HIMA, Leapmotor and Polestones are actually surging. Learn more now!
Early 2024 saw a noticeable slowdown across China’s passenger‑car market. Retail sales dropped 32% and wholesale volumes fell 40% YoY, a dip experts attribute to the end of the tax‑free incentive for new energy vehicles (NEVs).
HIMA Alliance Shines Amid the Downturn
Amid the gloom, the HIMA alliance – a partnership of Huawei‑backed startups – emerged as a bright spot, delivering 57,915 vehicles in February, a 65% jump from the same month last year.
Who’s Inside HIMA?
The five brands – Aito, Stelato, Luxeed, Maextro and SAIC – saw Aito remain the sales anchor, while Xiaomi ranked second with over 39,000 deliveries, a staggering 95% year‑on‑year surge.
Xiaomi’s Ambitious Goal
Riding this momentum, Xiaomi, the tech giant best known for smartphones, has set a bold target of 550,000 EVs for the full year 2026.
Leapmotor’s Mega Plan
Leapmotor, despite a 47% dip in February versus December 2023 and ending a ten‑month streak at the top of its segment, announced an even larger ambition: 1 million units by 2026. The company plans to launch the Leapmotor D99 MPV, built on a 1,000‑volt platform that aims to become the world’s longest‑range pure‑electric MPV within an expanded hybrid lineup.
Polestones Goes Global
Another surprise challenger is Polestones, a premium EV brand under Rox Motor. With 1,028 hand‑overs, the brand posted almost 100% growth, driven by strong demand in overseas markets, especially the Middle East. Its Adamas SUV has become a favorite among UAE buyers, cementing Polestones’ foothold in the luxury electric segment beyond China.
Bottom Line
While Xiaomi’s numbers are impressive, the data shows it is not the outright leader among Chinese EV startups. Brands within the HIMA alliance, Leapmotor’s long‑term push, and Polestones’ international expansion are equally, if not more, influential in reshaping the market.