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Li Auto, Xpeng and Nio report upbeat sales in September, but bumpy road ahead for Chinese EV makers amid increasing competition, analyst says
- Li Auto delivers 10,123 units of its new L9 SUV during its first full month of delivery
- September tends to be a good period for vehicle sales, as buyers like to travel in the coming months, Huanghe Science and Technology University professor says
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Nio, Li Auto and Xpeng Motors, the top three Chinese smart electric vehicle (EV) makers, reported upbeat sales in September amid easing coronavirus restrictions in mainland China, but could face slowing growth amid heightened competition in the new energy vehicle (NEV) market.
Beijing-based Li Auto’s sales shot up 152 per cent to 11,531 EVs in September, compared with 4,571 in August, according to a statement on Saturday. The carmaker delivered 10,123 units of its new L9 flagship sport utility vehicle (SUV) during its first full month of delivery. L9, the company’s second production model which was unveiled on June 21, amassed 30,000 pre-orders within three days of its launch.
Shanghai-based Nio delivered 10,878 vehicles last month, up 1.9 per cent from August. Guangzhou-based Xpeng, China’s best-performing EV maker this year, delivered 8,468 vehicles in September, down 11.6 per cent from a month earlier, and reported a third straight monthly drop. However, the carmaker’s deliveries of 98,553 units year-to-date have already surpassed the total amount for the whole of 2021, according to a statement on Saturday.
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“The Covid-19 situation has eased compared to the first half of the year, and the markets have opened up. This has definitely helped sales growth at [EV makers]. September also tends to be a good period for vehicle sales, as buyers like to travel in the coming months,” said David Zhang, visiting professor at the engineering department of Huanghe Science and Technology University.
02:05
Chinese smart-battery swap stations can change EV batteries automatically
Chinese smart-battery swap stations can change EV batteries automatically
The top three EV firms, regarded as China’s answer to American carmaker Tesla, have received huge orders for their existing and new models. Tesla and its Chinese rivals build and sell smart EVs priced at more than 300,000 yuan (US$42,175), which feature preliminary autonomous driving technologies, sophisticated in-car entertainment systems and high-performance batteries.
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The top three are, however, experiencing slowing growth amid heightened competition in the market from new players such as Leapmotor and Hozon Auto’s Nezha brand, Zhang said.
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