Xpeng said October deliveries of its newly launched G9 SUV rose sharply from September, despite a decline in the brand’s total monthly deliveries.
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BEIJING – Chinese electric car startup Xpeng delivered about half of the cars that competitors no and Li car in October, according to the company on Tuesday.
While the other two startups reported monthly deliveries of more than 10,000 each, Xpeng said it had shipped just 5,101 cars — a third straight month of decline.
Xpeng shares fell 3% in US trade overnight. Nios rose 0.4% and Li Auto shares rose 6.9%.
China’s electric car market is highly competitive. Older automakers BYD and Tesla lead monthly shipments by a wide margin, while newcomer Huawei claims its Aito brand has surpassed 10,000 a month in less than a year since launch.
Deliveries of Xpeng’s best-selling model, the P7 sedan, halved from September to October, with just over 2,100 units delivered last month. The company’s newly launched G9 SUV saw deliveries increase from 184 units in September to 623 units in October.
According to Xpeng, bulk deliveries of the G9 began on October 27th. The company expects the new model to become its best-selling car next year.
Nio, which is targeting a higher price range for both SUVs and sedans, said it delivered 10,059 vehicles in October. That was a slight drop from September, but a fifth straight month of shipments above 10,000.
“Vehicle production and deliveries have been constrained by operational challenges at our plants as well as supply chain fluctuations due to the COVID-19 situations in certain regions of China,” Nio said in a press release.
The company said its October deliveries included vehicles sold in Europe but not those offered under a local subscription program.
Li Auto delivered 10,052 vehicles in October. Since May, the company has delivered more than 10,000 cars every month except August.
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After only having one model on the market since 2019, Li Auto has launched three new models in recent months – the L9, which started deliveries in August, the L8, which is due to start deliveries this month, and the L7, which is expected to reach consumers early next year.
Unlike Xpeng and Nio, Li Auto’s vehicles are not purely electric, as they are equipped with a fuel tank to charge the battery and extend the range.
Of the three companies, US-listed Li Auto has held up best in a year of broad market declines. The stock is down about 55% so far this year, while Nio shares are down 69% and Xpeng is down 87%.