Xpeng said deliveries of its newly launched G9 SUV jumped in October compared to September, despite a drop in the brand’s overall monthly deliveries.
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BEIJING – Chinese electric car start-up Xpeng delivered about half the number of cars that rivals Nio and Li-Auto made in October, according to company statements Tuesday.
While the other two startups reported monthly deliveries of more than 10,000 each, Xpeng said it only delivered 5,101 cars – a third consecutive month of decline.
Xpeng shares fell 3% in U.S. trading overnight. Nio shares rose 0.4% and Li Auto shares jumped 6.9%.
The Chinese electric car market is very competitive. Older car manufacturers BYD and You’re here lead monthly shipments by far, while new entrant Huawei says its Aito brand has passed the 10,000 per month mark in less than a year since its launch.
Deliveries of Xpeng’s best-selling model, the P7 sedan, halved from September to October, with just over 2,100 units delivered last month. The company’s recently launched G9 SUV saw its deliveries increase from 184 units in September to 623 units in October.
Xpeng said mass shipments of the G9 began on October 27. The company said it expects the new model to become its best-selling car next year.
Nio, which has targeted a higher price range for SUVs and sedans, said it delivered 10,059 vehicles in October. That marked a slight drop from September, but marked a fifth consecutive month of deliveries that topped 10,000.
“Vehicle production and delivery has been limited by operational challenges at our factories as well as supply chain volatility due to COVID-19 situations in some regions of China,” Nio said in a statement. Press.
The company said its October deliveries included vehicles sold in Europe, but not those offered under a local subscription program.
Li Auto delivered 10,052 vehicles in October. Since May, the company has delivered more than 10,000 cars every month except August.
After having only one model on the market since 2019, Li Auto has launched three new models in recent months – the L9 which started deliveries in August, the L8 which is expected to start deliveries this month and the L7 which should reach consumers early next year.
Unlike Xpeng and Nio, Li Auto’s vehicles are not purely electric as they are equipped with a fuel tank to charge the battery and extend range.
Of the three companies, Li Auto’s U.S.-listed shares held up the best in a year of broad market decline. The stock is down around 55% so far this year, while shares of Nio have fallen 69% and Xpeng 87%.
. deliveries cars electric Xpeng drop october half ones Nio