Image Source: Smart Car World

This year's National Day period saw a notably sluggish new energy vehicle market.

Traditionally, the Golden Week has been a prime sales window for automakers, but this year the industry faced a significant downturn.

According to Goldman Sachs' latest research, from September 28 to October 4, during the National Day week, domestic new energy vehicle orders plummeted by 52% year-on-year. Even a slight 9% increase from the week before the holiday couldn't offset the overall decline.

Image Source: Google

A comparison makes the situation clearer: Last National Day coincided with the countdown to the end of the purchase tax exemption, prompting a surge in buyers and driving sales to record highs. Due to last year's exceptionally high base and the overall stabilization of car purchase demand this year, the National Day auto market was generally weak.

Despite the overall market downturn and industry chill, two notable "outperformers" emerged this year: the recently launched and rapidly popular Xiaomi Pengcheng, and HiCar Smart Travel, which rolled out a flurry of new models. Given the overall market cooling and sales nearly halving, expectations for Pengcheng and HiCar Smart Travel were subdued.

Against the backdrop of a significant drop in orders across the industry, these two companies' National Day orders and locked-in order data stood out, sparking intense online discussions. Some netizens remarked, "While the overall new energy vehicle market is declining, Xiaomi's car sales have managed to rise against the trend, which is no easy feat." Opinions were divided between optimists and skeptics, with both sides forming teams for debate. Today, we'll delve into the real situation of this National Day auto market battle, drawing on institutional data and real feedback from frontline stores.

1. Defying the Trend! Xiaomi Pengcheng Hits 80,000 Units in Its First Sales Month, with Noticeable Offline Popularity

To be honest, Xiaomi Pengcheng has been generating buzz since its launch.

On September 7, the Pengcheng N series officially went on sale, starting with a bang—locking in over 10,000 orders in just 4 minutes, setting a new record for the initial sales enthusiasm of a new energy vehicle.

Image Source: Weibo

The order trend in the first three weeks after launch showed the market's steady acceptance of this model: a strong start with orders surging to 40,000-50,000 units in the first week; a return to rationality in the second week, with orders dropping to around 9,000; and the Mid-Autumn Festival being a typical "look but don't buy" period, with many potential customers choosing to wait until National Day to make their purchase decision, keeping third-week orders roughly in line with the second week.

Image Source: Qu Wen Da Shi @ WeChat Official Account

Based on comprehensive calculations, Pengcheng's cumulative locked-in orders before National Day had already reached the 60,000-unit threshold. Seeing this base, many netizens questioned, "Can Xiaomi Pengcheng's locked-in orders during its initial sales period exceed 80,000 units?"

The National Day holiday further boosted the overall figures.

According to Goldman Sachs data, from September 28 to October 4, Xiaomi's total new orders reached 14,400 units. Excluding sales of the SU7 and YU7 models, Pengcheng's weekly sales alone approached 8,000 units.

Image Source: Weibo

The offline store popularity was witnessed by many netizens at auto shows. One shared their experience at the Tianjin Auto Show: "Visiting the Tianjin Auto Show during National Day, the Xiaomi booth was surrounded by long queues to enter, while traditional booths like Honda and Volkswagen in Fengtai were nearly deserted." This stark contrast in on-site activity confirmed Pengcheng's current popularity.

Combining feedback from frontline stores, Xiaomi's store foot traffic during National Day was three times the usual level. Many young people brought their parents to browse, with many just casually checking it out after seeing short videos, only to become fans after seeing the actual car and considering placing an order. While the Pengcheng roof-raising version generated significant buzz and attracted fans, the 7-seater version, with its larger space and higher cost-effectiveness, was the main driver of sales among family users.

Store sales staff admitted that the small gifts given away during National Day did little to sway customers; what truly drove orders were the exclusive initial sales benefits set to expire on October 7. Many potential customers, concerned about missing out on these benefits, chose to lock in their orders. Consequently, order volumes surged in the last three days of the holiday, with Pengcheng's total orders for the holiday estimated to fall between 10,000 and 20,000 units.

Adding up the data, the answer is clear: From September 1 to September 27, Xiaomi's total orders reached 96,000 units, with the Pengcheng series accounting for 70,000 units. Combined with the new orders during National Day, Pengcheng's total locked-in orders for its first sales month (September 7 to October 7) are expected to stabilize around 80,000 units.

The industry's evaluation criteria are clear: Over 100,000 units exceed expectations, 80,000-90,000 units meet expectations, and below 80,000 units fall short.

Against the backdrop of a 52% year-on-year decline in the overall National Day market, Xiaomi Pengcheng's ability to deliver around 80,000 units in its first sales month is impressive. However, opinions online are polarized, with quite a few pessimistic voices as well. Some offered contrasting evaluations: "90,000 locked-in orders show signs of decline, while 30,000 small deposits indicate a sellout!" Others questioned the product: "Shoddy false advertising, inflated prices."

Setting aside the controversies, Xiaomi's strong delivery capabilities are also worth noting. In September, Xiaomi delivered over 40,000 vehicles, with the Pengcheng series surpassing 10,000 deliveries just 24 days after launch. In the fiercely competitive extended-range segment, achieving over 10,000 deliveries in the first month is a ticket to the top tier. As long as Pengcheng maintains monthly sales of over 10,000 units, it is likely to become a blockbuster dark horse in the extended-range market, allowing Lei Jun's undefeated record in car manufacturing to continue.

According to Lei Jun's previous livestream, the official locked-in order data for Pengcheng's first sales month will be announced after National Day, with official confirmation likely in the coming days. Everyone can wait for the final results.

2. HiCar Smart Travel Explodes! Customer Foot Traffic Surges 300%, 7-Day Orders Steadily Surpass 30,000, Sparking Online Debates

After Xiaomi, let's look at HiCar Smart Travel, which also took off against the trend and became a major battleground for online debates.

Those familiar with HiCar Smart Travel know that the brand has a tradition of releasing holiday order data promptly after National Day each year. Reviewing past data, orders reached 28,600 units over the seven-day National Day in 2024 and surged to 48,500 units in 2025, indicating consistently high bases.

Image Source: Qu Wen Da Shi @ WeChat Official Account

Given the overall market chill this year, many predicted a decline in HiCar Smart Travel's orders, but real-world conditions shattered these expectations.

At the end of September, HiCar Smart Travel launched an intense product offensive, with four new models—the AITO New M8, SERES V8, Smart Travel RX, and refreshed Smart Travel R7—going on sale or pre-sale simultaneously, generating immediate heat: the New M8 secured over 10,000 orders within 24 hours of launch, while the SERES V8 garnered 8,200 orders in 72 hours.

Image Source: Weibo

With multiple new models and over a dozen existing models in the lineup, even amid the overall market downturn, the industry remained optimistic about HiCar Smart Travel's ability to surpass 30,000 orders over the seven-day National Day holiday. Once these estimates emerged, many HiCar supporters declared, "HiCar Smart Travel clearly won" and "It's not just 'slightly ahead'—it completely outperformed Xiaomi! Far ahead!"

The real situation at frontline stores was even more telling than the paper data.

An AITO salesperson revealed that while other brand stores were quiet and saw slight sales declines, AITO's offline foot traffic surged by 300%.

The turning point for the market reversal was clear: On October 1, Huawei and Seres issued a joint announcement, stabilizing consumer confidence. For high-end models averaging over 350,000 yuan, user trust is far more effective in driving sales than preferential policies worth a few thousand yuan.

As of October 4, the store had only completed 40% of its National Day sales targets, which might seem average at first glance, but there's no need for excessive concern. High-end models have a much longer transaction cycle than ordinary family cars. As the salesperson put it bluntly, "We're not afraid of customers not closing deals—we're afraid of no one coming to the store." As long as customers are willing to test-drive, most become enamored with the product's capabilities and easily notice the gap compared to similar models.

Customer foot traffic was highly concentrated, with 60% targeting the AITO M8 and M9, and another 30% focusing on the M6. The New M8 generated significant heat ahead of its official launch, while the M9 Long-Wheelbase version saw sustained popularity after deliveries began. It's hard to imagine that not long ago, after a brand controversy, the store was deserted, selling only two cars in half a month. In just over a month, it made a strong comeback through product strength and reputation.

Another sign of AITO's brand confidence: Its high-end flagship models are selective about the exhibitions they attend. The M9 Ultimate and similar flagship models skip ordinary low-end auto shows, only appearing at high-profile events, fully showcasing the brand's prestige.

3. Head-to-Head Comparison! Monthly Dark Horse vs. Seven-Day Burst Power: Who is the Real Winner?

The core of the online debate: Which is stronger, Xiaomi Pengcheng or HiCar Smart Travel? It's crucial to clarify the data metrics; otherwise, the comparison is meaningless.

Xiaomi Pengcheng's estimated ~80,000 units represent locked-in orders for the entire first sales month;

HiCar Smart Travel's estimated 30,000+ units are short-term orders from just the seven-day National Day holiday.

Against the backdrop of a 52% decline in new energy vehicle orders, both companies performed impressively, though their strengths lie in completely different segments.

HiCar Smart Travel excels in short-term burst power, demonstrating strong resilience against market downturns and exceptional short-cycle order generation capabilities; Xiaomi Pengcheng shines in sustained new product sales, maintaining steady popularity throughout its first sales month and securing a foothold in the fiercely competitive extended-range segment.

Behind the lively order data, some rational netizens stepped out of the model debate to point out the stark contrast in the capital market: "Both are blockbusters with high sales, yet their stock prices aren't rising."

It's important to emphasize: All data here comes from institutional research + frontline store feedback and is estimated. The final results depend on official announcements. Orders do not equal final deliveries, and variables like customer cancellations and production capacity remain. Conclusions cannot be drawn based solely on estimates.

Strong players emerge in a cold market, and true strength is revealed against the trend. The impressive estimated data from these two popular brands during the otherwise sluggish National Day auto market period also highlight the resilience of China's leading new energy vehicle brands.

Final Interactive Question: Do you think Xiaomi Pengcheng's first sales month can reach 90,000 units? Can HiCar Smart Travel's National Day orders steadily surpass 30,000? Share your thoughts in the comments!

Disclaimer: This article is solely a financial commentary on major companies and does not constitute any investment advice. The corporate data and regulatory events mentioned herein are sourced from public information and are for reference only, with official announcements taking precedence. Image sources are from the internet; if there are copyright issues, please contact us for removal.