Tesla, Inc.‘s TSLA rivals in the Chinese electric-vehicle market reported monthly sales numbers for August, which showed flattish to slightly higher performance versus a strong July.
What Happened: Of the U.S.-listed trio, XPeng, Inc. XPEV outperformed with both year-over-year and quarter-over-quarter increases in August. Warren Buffett-backed BYD Co. Ltd. BYDDY BYDDF also showed modest month-over-month growth, although its plug-in-hybrids did better than pure battery EVs.
Shanghai-based Nio, Inc. NIO and Beijing-based Li Auto, Inc. LI could not match their strong July showing, although both reported growth compared to a year ago. Nio has clocked 20k+ deliveries in each of the past four months.
Li Auto’s August deliveries came in shy of the record 51,000-unit sales for July. In a statement, Xiang Li, chairman and chief executive officer, said, “Li L6 has gained widespread popularity among young users, with deliveries exceeding 20,000 for the third consecutive month, further expanding our market share. Notably, our share of the RMB200,000 and higher NEV market grew to 18% in July, outpacing Tesla to become the sales champion among NEV brands in China.”
Here’s how the foursome performed in August:
| August Deliveries (in units) |
Y-o-Y Change | M-o-M Change | |
| Nio | 20,176 | +4.38% | -1.57% |
| XPeng | 14,036 | +2.53% | +25.94% |
| Li Auto | 48,122 | +37.83% | -5.64% |
| BYD | 148,470 | +1.95% | +14.21% |
BYD’s plug-in hybrid sales sizzled, with over 73% year-over-year growth and a 5.5% month-over-month increase. Taking into account both plug-ins and BEVs, the company’s deliveries came in at 370,854 for August, up from 370,854 units in July.
See Also: Best EV Stocks
XPeng Talks Up New Model: XPeng said its new all-electric hatchback coupe Mona M03, which comes in three variants priced between 119,800 yuan ($16,890) and 155,800 yuan, is the world’s first mass-produced vehicle to offer high-level ADAS functionality for under 200,000 yuan.
Why It’s Important: The Chinese EV market has become highly competitive with the mushrooming of nimble domestic upstarts. Tesla, the global EV leader, has found the going tough in China due to the rising competitive threat. Recently, the company said it has extended the zero-interest financing it offered to attract sales until the end of September.
Commenting on the move, GLJ Research’s Gordon Johnson said it reflected Tesla’s ongoing demand problem in China, which is one of the key markets for the company. Tesla is stymied by a lack of a low-end model, keeping it off this segment of the market.
Tesla’s China performance in August would be known when the China Passenger Car Association releases the number in the unfolding week.
China EV Stock Performances: According to Benzinga Pro data,
- Nio ended Friday’s session at $4.04, down 2.54%.
- XPeng added 2.29% before closing at $8.05.
- Li Auto fell 1.17% to $19.46.
- BYD’s ADRs listed over the counter closed at $60.96, down 0.03%.
Read Next:
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
