Chinese EV makers Li Auto and Xpeng buck downwards trend, report second straight month of growth in deliveries

Li Auto reports an increase of 25.3 per cent in deliveries for March, Xpeng an increase of 16.5 per cent

Excited to see that Li Auto has captured nearly 20 per cent of market share for premium SUVs: CEO

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A Li One electric SUV on display at its showroom in Shanghai. The carmaker has emerged as Tesla’s nearest challenger buoyed by strong sales of its EVs. Photo: Bloomberg

Daniel Renin ShanghaiandYulu Aoin Hong Kong

Published: 4:30pm, 2 Apr 2023

Li Auto and Xpeng, two of mainland China’s top-three premium electric vehicle (EV) makers, reported growth in deliveries for a second consecutive month in March, bucking a downwards trend in the world’s largest automotive market.

Beijing-headquartered Li Auto said on Saturday that it handed over 20,823 vehicles to Chinese customers last month, an increase of 25.3 per cent over February. March’s tally was Li Auto’s second-highest monthly sales figure since its founding in 2015, trailing only December last year, when its total deliveries hit 21,233 units.

Xpeng, headquartered in Guangzhou, delivered 7,002 EVs to buyers in March, an increase of 16.5 per cent over the previous month.

“The sales results appear to be fairly good, given the downturn in the Chinese automotive market,” said Chen Jinzhu, CEO of consultancy Shanghai Mingliang Auto Service. “The three carmakers still have chances of catching up with Tesla, as they launch more new models to woo local customers.”

The Xpeng factory in Zhaoqing, in China’s Guangdong province. Photo: Iris Ouyang

Li Auto and Xpeng, along with Shanghai-based Nio, are viewed as China’s best response to US carmaker Tesla, which is the runaway leader in the mainland’s premium EV segment.

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