Li Auto, Xpeng, and other Chinese EV companies hit good numbers for deliveries, scaling YoY and Month over Month numbers.
Chinese electric vehicle makers Li Auto (NASDAQ: LI), Nio (NYSE: NIO, and Xpeng Inc (HK: 9868) announced that their vehicle deliveries for the month of August were in line with guidance set for the third quarter of 2023. All three Chinese EV companies announced these deliveries as they scale through a challenging global market.
Nio announced that it successfully delivered 19,329 vehicles in August. This figure was over 1,000 less than delivered in July, but well above the 18,300 to 19,000 guidance for each month between July and September, according to the company’s projection. Per an official announcement, the August figure is an 81% year-over-year (YoY) increase. The deliveries comprised 12,015 premium smart electric SUCs and 7,314 premium smart electric sedans. As of August 31, 2023, Nio delivered 94,352 vehicles year-to-date, a 31.9% YoY increase, and cumulative deliveries of 383,908.
For Xpeng, August deliveries hit 13,690, increasing 24% month-over-month and 43% YoY. The company also said it delivered 7,068 G6 SUVs in August, resulting in a cumulative total of more than 11,000.
Li Auto has the highest number of deliveries of the three Chinese EV companies. The company announced 34,914 for August, scaling its third-quarter projection of 33,333 to 34,333. According to Li Auto’s announcement, August’s figure is a YoY increase of 663.8%, with the company’s cumulative deliveries in 2023 hitting 208,165 as of August’s ending. Li Auto said it has a “30% market share in the RMB300,000 and higher NEV market in China, winning the premium NEV sales champion title”.
Other Chinese EV Deliveries
Several other Chinese EV companies announced interest deliveries for August as they all battle for the top spot and the largest market share. For instance, GAC’s Aion EV brand delivered even more than Li Auto at 52,057. Aion’s delivery range includes high-priced cars as well as cheaper options that cost around $20,000.
BYD, a Chinese EV giant, had a higher number than GAC’s Aion, selling 145,627 purely battery-powered passenger cars – higher than the 134,783 sold in July. According to July figures from the China Passenger Car Association, Li Auto, BYD, and Aion all had monthly retail sales better than Tesla China.
Last week, Xpeng announced a purchase deal with Chinese vehicle-for-hire company Didi, for the company’s smart electric car development business. According to reports, the deal is worth $744 million and will make Didi a strategic Xpeng shareholder. The agreement will also financially boost Xpeng and open up collaborations, especially with business and technology, to both companies. The new deal will also open the doors for more international expansion.
Xpeng is now planning to serve the mass market under a new brand, “MONA”. Its vehicles will launch in the 150,000 yuan ($20,580) range, well below its regular 200,000 yuan range. Nio also has similar plans, announcing intentions to launch “Alps” in the second half of 2024. Like MONA, Alps will also release cheaper cars for the mass market.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
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