According to statements released by a trio of Chinese electric vehicle startups, the October deliveries made by Xpeng dropped to about one-half of those made by its local rivals Nio Inc. and Li Auto. This poor sales performance caused the shares of Xpeng to drop versus those of its rivals.
While Xpeng reported that it had delivered 5,101 EVs in October, Nio says it dispatched 10,059 electric vehicles to its customers while Li Auto delivered a total of 1,052 cars during the month of October. This marks the third consecutive month that Xpeng’s deliveries have declined.
The market for electric vehicles is very competitive in China, and older startups such as BYD and Tesla take the lead in terms of market share. However, new-kid-on-the-block Huawei claimed that in October, its Aito EV exceeded the 10,000-vehicle mark for monthly sales. This claim hasn’t been independently verified, and some industry watchers wonder how this feat could have been attained given that the model is less than a year old.
A closer look at sales figures from Xpeng show that the company is in some sort of troubled patch. For example, the Xpeng P7 sedan has been the best-selling EV model for the company. However, deliveries of this vehicle dropped in October to one-half of what the company delivered in September. That is a sharp month-on-month decline. For such a large company to deliver only 2,100 vehicle units in a month raises question marks.
Notwithstanding, the company recently launched its G9 SUV and deliveries started in September. During that month, 184 vehicles were delivered, and deliveries surged to 623 vehicles in October. The company expects this particular model to become its best-selling electric vehicle over the coming months.
Nio’s delivery figures for October show that for five months in a row, the company has managed to deliver at least 10,000 units per month to its customers. This is a strong performance given the different challenges that the auto industry and the global economy continues to face as inflation soars and supply chains remain constrained.
For its part, Li Auto has also managed to deliver at least 10,000 cars to its customers every month starting in May. It is only in October that they failed to hit that milestone. It should be noted that Li Auto makes hybrid electric cars, so the sales figures for this type of vehicle suggest that hybrids can be a good transition moving people from gas-powered cars to fully electric ones rather than expecting all customers to go cold turkey and ditch fossil-fuel cars all at once.
The stage looks set for stiff competition between these Chinese EV startups and others around the world, including Lordstown Motors Corp. (NASDAQ: RIDE).
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