Monday, May 16, 2022

Xpeng and Li Auto sell record cars in July

Li Auto and Xpeng reported record monthly deliveries in July 2021.

Nasdaq-listed Li Auto sold 8,589 units of its Li One SUV in July. This is a jump of 251.3 per cent year on year. It was also 11.4 per cent higher compared to June. Xpeng, listed both on New York and Hong Kong stock exchanges, delivered 8,040 vehicles last month. This which translated into a year-on-year increase of 228 per cent and a month-on-month rise of 22 per cent.

“Chinese drivers’ rising penchant for EVs offered the market leaders, including Tesla, a good opportunity to improve sales,” said Gao Shen, an independent analyst in Shanghai.

“For China’s EV start-ups like Xpeng and Li Auto, a monthly sales of 10,000 units will be a meaningful threshold to target because after exceeding that level, a carmaker will be viewed as a powerful player in the automotive industry.”

Li Auto, Xpeng, and NIO are the three main Chinese smart-EV. These companies have the potential to challenge Elon Musk’s Tesla in the mainland. This is according to industry observers.

Shanghai-based NIO, which is traded on the New York Stock Exchange, said its deliveries in July climbed 124 per cent to 7,931 units. But the sales fell 2 per cent sort of the all-time high of 8,083 units set in June.

The three EV makers are revving up development of new models that can cater to wealthy consumers’ demands amid their push for a leading position in the future of mobility, but they still trail the global leader in terms of deliveries.

We wonder when Chinese car makers will overtake Tesla.

See also  Nio Stock drops despite record deliveries
Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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