July Electric Vehicle Deliveries from Xpeng, Nio, and Li Auto Experience Growth

Chinese electric car startups Xpeng, Nio, and Li Auto released their vehicle delivery numbers for July, showing varying degrees of growth amidst increasing competition in the Chinese market.

Xpeng reported a 28% month-on-month increase in deliveries, with 11,008 vehicles delivered in July. This marks the sixth consecutive month of delivery growth and signifies a recovery for Xpeng.

Xpeng’s deliveries in July fell around 4% compared to the same period last year.

Nio reported 20,462 deliveries in July, a 103.6% YoY increase and nearly double the figure from June. The release of the All-New ES6 SUV in May contributed to Nio’s strong figures.

Li Auto delivered the highest number of vehicles in July, with 34,134 vehicles, a 227.5% YoY increase and 5% higher than June. This is the second consecutive month that Li Auto has surpassed 30,000 deliveries.

Despite these numbers, BYD, backed by Warren Buffett, took the lead as the biggest electric carmaker in July, selling 262,161 new energy vehicles, including battery and plug-in hybrid cars.

The Chinese electric car market continues to witness intense competition, with companies introducing new models and engaging in a price war. Tesla’s presence in the market has further fueled the competition. In June, Nio implemented significant price cuts on its cars.

These figures emerge against the backdrop of slower-than-expected Chinese economic growth due to the removal of strict COVID-19 control measures in December. Consumer caution remains evident in China.

Last month, the Chinese government announced measures to bolster the economy, including support for the automotive sector. The government aims to increase car ownership, particularly of new-energy vehicles like electric and hybrid cars. Furthermore, Beijing extended tax breaks for electric vehicle purchases in June, which may contribute to increased sales in the upcoming months.