Leapmotor reported its
of 30 million yuan ($4.2 million) on Tuesday. Xiaomi’s fledgling electric-car unit
its operational loss to 300 million yuan in the second quarter and reckons it could turn profitable later this year.
more than halved its own net loss to 1.1 billion yuan, and analysts at Bernstein now think it could break even in the fourth quarter.
They are doing well by other measures, too. Consultancy Automobility reckons $12.6 billion Leapmotor’s share of China's new energy vehicle market
3.7% in the first half, more than double its 2022 level. Xiaomi, which started exploring EVs in 2021 and launched its first car last year, sold nearly 160,000 vehicles in the first half. Their shares have rallied by around 200% and 500% respectively since the first salvos of the price war were fired. BYD's Hong Kong-listed stock
, by contrast, trails with a 75% rise; and while its market share has grown since 2022, its piece of the pie has recently fallen below 30%, compared with 33.8% a year ago.
