May 21, 2024

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Xpeng's shipments of electric vehicles in October fell to half of Nio's sales

Xpeng’s shipments of electric vehicles in October fell to half of Nio’s sales

Xpeng said deliveries of its newly launched G9 SUV were up in October compared to September, although overall monthly deliveries for the brand declined.

China News Service | China News Service | Getty Images

Beijing – the start of the Chinese electric car Xpeng It delivered nearly half of the cars it competes New And the Lee Otto It did in October, according to company data Tuesday.

While the other two startups reported deliveries of more than 10,000 each, Xpeng said it delivered just 5,101 vehicles — the third consecutive month of decline.

Xpeng shares were down 3% in US trading overnight. Nio shares rose 0.4% and Li Auto shares jumped 6.9%.

The electric vehicle market in China is highly competitive. Oldest car manufacturers BYD And the Tesla Monthly deliveries lead by far, while newcomer Huawei claims its Aito brand has crossed the 10,000-per-month mark less than a year since its launch.

Delivery of Xpeng’s best-selling model, the P7 sedan, halved from September to October, with just over 2,100 units delivered last month. company G9 SUV Newly Launched Deliveries saw an increase from 184 units in September to 623 units in October.

Xpeng said mass deliveries of the G9 began on October 27. The company said that She expects the new model to become her best-selling car next year.

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Nio, which has targeted a higher price range for both SUVs and sedans, said it delivered 10,059 vehicles in October. That’s a slight decrease from September, but the fifth consecutive month of deliveries topping 10,000.

“Vehicle production and delivery has been constrained by operating challenges in our plants as well as supply chain fluctuations due to COVID-19 cases in certain regions in China,” Nio said in a press release.

The company said its October delivery includes cars sold in Europe, but not those offered under a local subscription programme.

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Li Auto delivered 10,052 vehicles in October. Since May, the company has delivered more than 10,000 vehicles each month, excluding August.

Read more about electric cars from CNBC Pro

After having only one model on the market since 2019, Li Auto has launched three new models in the past few months – the L9 that began deliveries in August, the L8 that is scheduled to start deliveries this month and the L7 that is set to arrive in consumers in early next year.

Unlike the Xpeng and Nio, Li Auto’s cars aren’t purely electric as they come with a fuel tank to charge the battery and extend the driving range.

Of the three companies, US-listed Li Auto shares maintained the best performance in a year of broad market declines. The stock is down about 55% so far this year, while Nio’s is down 69% and Xpeng is down 87%.

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