Chinese EV Startups XPeng and Li Auto Set a New Record for Car Deliveries
Chinese electric car, manufacturers XPeng and Li Auto both set new records for car deliveries in October, as announced by the companies on Wednesday.
Car Delivery Highlights
XPeng reported that they delivered 20,002 cars in the previous month, which is a significant improvement from their lower sales earlier this year. In October, nearly half of their deliveries were the G6 coupe SUV, which was introduced in late June and costs around 200,000 to 250,000 yuan (equivalent to $27,340 to $34,170).
On the other hand, Li Auto’s SUVs have a higher price point, selling for over 300,000 yuan.
Li Auto, which was co-founded by Fan Zheng, continued to lead its closest competitors by delivering 40,422 cars in October. It’s important to note that Li Auto’s cars are not fully electric; they have a fuel tank to increase the distance they can travel on a single charge.
In contrast, NIO reported delivering 16,074 cars in October. This was a slight improvement from the previous month but fell short of the 20,462 vehicle deliveries they achieved in July.
Electric Car Market and Company Updates
All three of these companies are listed on U.S. stock markets, and their stock prices went up overnight. Xpeng had the biggest increase, with a 7% rise. Other Chinese electric car companies also experienced an increase in their car deliveries in October, despite facing tough competition.
Geely’s electric car brand, Zeekr, announced that they delivered a record-breaking 13,077 cars last month. Zeekr introduced an incredibly fast model, the 001 FR, which competes with Tesla’s Model S Plaid in terms of specifications but is priced lower.
Aito, a new energy vehicle brand backed by Huawei, reported 12,700 deliveries for the previous month.
Aion, which is an electric car brand under the ownership of the state-owned GAC Motor, reported that they sold 41,503 vehicles in October.
BYD continued to dominate the market, with the company announcing sales of 165,505 fully electric passenger cars in October, as well as a similar number of hybrid vehicles.
As of Thursday morning, sales figures for Tesla in October were not yet available. Earlier industry data had suggested a decrease in Tesla’s sales in China from August to September.
Conclusion
Chinese electric car manufacturers XPeng and Li Auto achieved record-breaking car deliveries. XPeng’s 20,002 cars, including their new G6 coupe SUV, marked a significant improvement. Li Auto led the competition with 40,422 deliveries, distinguishing itself by offering hybrid cars with extended range.
Originally published at https://businessdor.com on November 2, 2023.