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China’s Tesla rivals Nio, Xpeng, Li Auto see sales jump in June, as demand for electric cars rebounds
- The recovery bodes well for an industry vital to the country’s economic recovery
- Many motorists who sat out the recent price war have now entered the market, a research note by Citic Securities said
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Daniel Renin Shanghai
The three main Chinese electric-car makers enjoyed a surge in sales in June buoyed by pent-up demand after months of lacklustre demand, boding well for an industry vital to the country’s economic recovery.
Beijing-based Li Auto hit an all-time high of 32,575 deliveries last month, up 15.2 per cent from May. It was the third consecutive monthly sales record for the electric vehicle (EV) maker.
Shanghai-based Nio handed 10,707 cars to customers in June, three quarters higher than the volume a month earlier.
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Xpeng, based in Guangzhou, posted a 14.8 per cent month-on-month jump in deliveries to 8,620 units, its highest monthly sales so far in 2023.
“The carmakers can now expect strong sales in the second half of this year since thousands of drivers have begun making EV purchase plans after waiting on the sidelines for several months,” said Gao Shen, an independent analyst in Shanghai. “Their new models will be important game-changers.”
The three EV builders, all listed in both Hong Kong and New York, are viewed as China’s best response to Tesla.
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