Chinese EV startup Xpeng reportedly delivered half the number of models that its rivals, Li Auto and Nio sold in October, as per company statements.
Li Auto and Nio both saw monthly deliveries of over 10,000 units, while Xpeng only delivered 5,101 cars last month, marking the third consecutive month of drop in sales.
Following the report, the US-listed shares of Xpeng fell 3%, while Li Auto’s jumped by 6.9% and Nio’s by 0.4%.
In the highly competitive EV market of China, currently older carmakers Tesla and BYD are leading monthly deliveries. Huawei, which is the newest entrant in the market, claims that its EV brand Aito surpassed the 10,000-a-month mark within a year of its launch.
Deliveries of the P7 Sedan, Xpeng’s best-selling car, dropped to half from September to October, reaching 2,100 units last month.
Meanwhile, the startup’s newly debuted G9 SUV saw deliveries soar to 623 units last month from 184 units in September. Xpeng expects that the new model, whose mass deliveries began last week, will become its best-selling model in 2023.
Last month, Nio delivered 10,059 models in October, and although was lower compared to September, marked the fifth consecutive month of deliveries surpassing 10,000.
In a press release, the startup said that vehicle production and delivery were hindered due to operational issues at its plants and supply chain disruptions due to Covid-related situations in certain regions in the country.
Nio’s October deliveries also include the models sold in Europe.
Li Auto, meanwhile, delivered 10,052 models last month, and has delivered over 10,000 units every month since May, except August.
The startup recently launched three new models: L9, which began deliveries in August, L8, which is scheduled to begin deliveries this month, and L7, which will begin deliveries next year. However, it should be noted that unlike Nio and Xpeng, Li Auto’s vehicles are not purely electric and come with a fuel tank for battery charging and extending driving range.
Source credit: https://www.cnbc.com/2022/11/02/xpeng-electric-car-deliveries-drop-in-october-to-half-of-nios.html