Chinese electric vehicle startups, namely Nio (NYSE:NIO), Li Auto (NASDAQ:LI), and Xpeng (NYSE:XPEV), disclosed their July delivery results, with Li Auto emerging as the leader, delivering an impressive 34,134 units, marking a remarkable year-on-year surge of 227.5%. This achievement signifies the second consecutive month during which Li Auto surpassed 30,000 deliveries.
“As a preferred premium automotive brand for Chinese families, we successfully delivered our 400,000th vehicle in July, becoming the first emerging NEV manufacturer in China to achieve this milestone,” commented Xiang Li, chairman and chief executive officer of Li Auto.
Nio came in behind LI with a remarkable 103.6% YOY increase, topping 20,000 units for the first time. Nio’s deliveries included 14,066 premium smart electric SUVs and 6,396 premium smart electric sedans. As of July 31, 2023, Nio's cumulative deliveries of vehicles reached an impressive 364,579.
"The lackluster first half of 2023 is now behind us, and we are starting to see an inflection point of meaningful operational improvement," Morgan Stanley analysts wrote in a note.
XPENG recorded monthly deliveries of 11,008 EVs, a 28% increase over the prior month, marking its sixth consecutive month of delivery growth.
After its July launch, the brand-new G6 crossover, positioned as a more affordable competitor to the Model Y, exceeded expectations with over 3,900 deliveries. According to reports, management has set a goal of achieving monthly sales of 10,000 units for this competitively priced electric SUV.
XPeng delivered 23,205 EVs in Q2, above the top end of its guidance.
On July 26th, XPeng and Volkswagen (ETR:VOWG_p) announced a collaboration in China, forming a long-term strategic partnership to co-develop two B-class battery electric vehicle models under the Volkswagen brand.
The partnership aims to generate synergies in various aspects, such as cost efficiency in the supply chain, the creation of innovative vehicle models, and the implementation of cutting-edge technologies.
Shares of LI are up 2.47%, while NIO and XPEV are down 2.63% and 2.39% respectively in early trading Tuesday morning.