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Chinese EV Giants Li Auto, Xpeng, and Nio Set Ambitious Delivery Targets in Forecasts

Chinese EV Giants Li Auto, Xpeng, and Nio Set Ambitious Delivery Targets in Forecasts

Chinese EV Companies Li Auto, Xpeng, and Nio Scale Forecasts for Deliveries

Li Auto, Xpeng, and other Chinese electric vehicle (EV) companies have achieved impressive numbers for deliveries, showcasing year-over-year (YoY) and month-over-month growth. Despite the challenges posed by the global market, these companies continue to scale and meet their projected guidance for the third quarter of .

Nio Continues to Deliver

Nio, one of the leading EV companies in , successfully delivered 19,329 vehicles in August. While this number was slightly lower than the previous month, it still exceeded the guidance set by the company for the months of July through September, which ranged from 18,300 to 19,000 deliveries per month. Compared to the previous year, Nio experienced an impressive 81% YoY increase in August deliveries. The vehicles delivered included 12,015 premium smart electric sports utility vehicles (SUVs) and 7,314 premium smart electric sedans. As of August 31, 2023, Nio has delivered a total of 94,352 vehicles year-to-date, representing a 31.9% YoY increase and a cumulative total of 383,908 deliveries.

Xpeng Shows Strong Growth

Xpeng, another prominent player in the Chinese EV market, delivered 13,690 vehicles in August, marking a 24% month-over-month increase and a significant 43% YoY growth. Among the vehicles delivered, 7,068 were G6 SUVs, bringing the cumulative total to over 11,000 deliveries.

Li Auto Leads in Deliveries

Li Auto, with the highest number of deliveries among the three Chinese EV companies, announced a total of 34,914 deliveries in August, surpassing its third-quarter projection of 33,333 to 34,333. This represents an astounding YoY increase of 663.8%. As of the end of August, Li Auto's cumulative deliveries for 2023 stood at 208,165 vehicles. The company proudly claims to hold a 30% market share in the RMB300,000 and higher new energy vehicle (NEV) market in China and has been crowned the premium NEV sales champion.

Competition Among Chinese EV Companies

In addition to Li Auto, Xpeng, and Nio, other Chinese EV companies are also striving to capture a significant share of the market. GAC's Aion EV brand delivered an impressive 52,057 vehicles in August, surpassing Li Auto's numbers. Aion offers a range of vehicles, including both high-priced and more affordable options priced around $20,000.

BYD, a major player in the Chinese EV industry, sold 145,627 purely battery-powered passenger cars in August, surpassing the 134,783 units sold in July. According to the China Passenger Car Association, Li Auto, BYD, and Aion all outperformed Tesla China in terms of monthly retail sales.

Xpeng's Strategic Partnership and Market Expansion

Last week, Xpeng announced a significant purchase deal with Didi, a Chinese vehicle-for-hire company, for the development of smart electric cars. The deal, valued at $744 million, makes Didi a strategic shareholder in Xpeng and is expected to bring financial benefits and collaboration opportunities in both business and technology for both companies. This partnership will also create avenues for international expansion.

Xpeng is now planning to enter the mass market under a new brand called “MONA.” These vehicles will be priced in the range of 150,000 yuan ($20,580), which is lower than Xpeng's regular range of 200,000 yuan. Similarly, Nio has announced its plans to launch “Alps” in the second half of 2024, offering more affordable options for the mass market.

Summary

Chinese EV companies, including Li Auto, Xpeng, and Nio, have achieved remarkable growth in terms of vehicle deliveries. Despite the challenging global market conditions, these companies continue to scale and meet their projections. With strong competition among Chinese EV manufacturers and strategic partnerships in place, the future of the Chinese EV industry looks promising. As they expand their market presence and launch more affordable options, these companies are well-positioned to cater to the increasing demand for electric vehicles.

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