Chinese Electric Vehicle Makers Report Strong Deliveries in December Despite Competition
U.S.-listed Chinese electric vehicle (EV) makers have reported strong delivery numbers for the month of December, defying the intensifying competitive threat in the domestic market. Nio, XPeng, Li Auto, and BYD Co Ltd. all reported impressive month-over-month and year-over-year growth in deliveries.
Here is a summary of their sales performance:
– Nio: Delivered 18,012 vehicles in December, with a 12.86% increase compared to the previous month and a 13.89% increase compared to the previous year. In the fourth quarter, Nio delivered a total of 50,045 vehicles, representing a Q-o-Q change of -9.72% and a Y-o-Y change of 24.95%. The company achieved annual deliveries of 160,038 units.
– XPeng: Delivered 20,115 vehicles in December, with a slight M-o-M change of 0.37% and a significant Y-o-Y change of 78.14%. In the fourth quarter, XPeng delivered a total of 60,158 vehicles, showing a Q-o-Q change of 50.37% and a Y-o-Y change of 170.93%. The company’s annual deliveries reached 141,601 units.
– Li Auto: Delivered 50,353 vehicles in December, with a 22.72% increase compared to the previous month and a remarkable 137.15% increase compared to the previous year. In the fourth quarter, Li Auto delivered a total of 131,895 vehicles, with a Q-o-Q change of 25.40% and a Y-o-Y change of 184.56%. The company’s annual deliveries amounted to 376,030 units.
– BYD: Achieved record quarterly battery EV deliveries of 190,754 units in December, with a 12.11% increase compared to the previous month and a 70.41% increase compared to the previous year. In the first three quarters of 2023, BYD delivered a total of 526,409 EVs, showing a Q-o-Q change of 21.97% and a Y-o-Y change of 60.00%. The company’s annual BEV sales reached 1.58 million units.
Despite the challenges faced by Chinese EV startups in 2023, including lackluster economic growth and intensified price wars in the domestic market, these companies have managed to thrive. Nio, XPeng, Li Auto, and BYD have overcome these obstacles and achieved impressive sales growth.
Nio, which was rumored to be facing a cash crunch, successfully raised finances from private investors. XPeng secured a deal with German automaker Volkswagen AG. Li Auto surpassed the annual delivery milestone of 300,000 vehicles, making history for a Chinese emerging new energy automaker. BYD, backed by Warren Buffett, reported record quarterly battery EV deliveries, positioning itself to challenge Tesla for the global EV crown.
Looking ahead, Nio plans to start deliveries of its ET9 electric executive flagship in the first quarter of 2025. XPeng recently launched its X9 multi-purpose EV, receiving over 30,000 preorders. Despite trading off their highs, XPeng, Li Auto, and BYD ended the year with positive stock performances.
The strong performance of these Chinese EV makers is a testament to their resilience and innovation in a highly competitive industry. As the global demand for electric vehicles continues to grow, Chinese companies are well-positioned to capture a significant share of the market.
