Chinese Electric Vehicle Market Thrives

The Chinese electric vehicle market continues to thrive, driven by strong performances from major players namely NIO (NYSE:NIO), Li Auto (HK:2015, NASDAQ:LI), and XPeng (HK:9868, NYSE:XPEV), as they reported growth in vehicle deliveries during September and the third quarter of 2024.

Li Auto

Li Auto led the way with remarkable growth in September 2024, delivering 53,709 vehicles, marking a 48.9% increase compared to the same month last year. This contributed to a strong third-quarter performance with 152,831 vehicles delivered, representing a 45.4% year-over-year increase.

By the end of September, Li Auto had delivered 341,812 vehicles in 2024, bringing its total deliveries since inception to 975,176 units. The company, known for its focus on family-oriented new energy vehicles (NEVs), emphasized the growing dominance of leading brands in China’s NEV market.

Li Auto claimed a 17% market share in the premium NEV segment priced at RMB 200,000 and above, positioning itself as the top Chinese brand in this category.

“In October, we are set to reach the first million-unit milestone for emerging new energy automakers in China: the completion of production and delivery of our one millionth vehicle,” the company said in a statement.

This achievement underscores the company’s rapid rise in the NEV space and highlights its technological advancements, particularly in autonomous driving, with continuous over-the-air (OTA) updates improving the driving experience for users.

XPeng

XPeng delivered 21,352 vehicles in September — a 39% increase year-over-year and a 52% surge compared to the previous month. The third quarter of 2024 saw XPeng deliver 46,533 vehicles, up 16% from the same period in 2023.

The first month of deliveries of XPeng’s highly expected model, the MONA M03, exceeded 10,000 units, signaling strong demand and a positive market reception.

XPeng continues to push the boundaries of smart driving with the rollout of its XNGP system, an advanced driver assistance system empowered by AI and capable of handling complex driving scenarios.

The company also expanded its footprint in Europe, introducing its G9, G6, and P7 models in Spain and Portugal, further cementing its position in the global EV market. Looking ahead, XPeng plans to unveil its P7+ model, which will feature state-of-the-art AI technology, at the 2024 Paris Motor Show in mid-October.

NIO

Meanwhile, NIO, another leading player in the smart electric vehicle sector, reported strong results for September and the third quarter of 2024. The company delivered 21,181 vehicles in September, a 35.4% increase year-over-year, buoyed by 20,349 deliveries from its premium brand NIO and 832 units from its newly launched family-oriented brand ONVO.

NIO reported record quarterly deliveries of 61,855 vehicles, up 11.6% from the previous year, bringing its cumulative deliveries to 598,875 by the end of September.

ONVO’s debut model, the L60, a mid-size family smart electric SUV, was launched in mid-September and quickly gained traction in the market, with deliveries beginning by the end of the month.