Chinese EV maker Nio Inc NIO reported 10,707 vehicle deliveries last month. The fresh delivery numbers trail behind Li Auto‘s LI but are ahead of XPeng‘s XPEV.
What Happened: Nio, a Chinese EV startup, reported 10,707 deliveries in June, marking a 17.4% slump year-on-year. However, the numbers are a 74% jump from the delivery numbers reported for May.
For the second quarter, Nio cumulatively delivered 23,520 vehicles.
Why It Matters: Meanwhile, Li Auto reported 32,575 deliveries while Guangzhou-based XPeng recorded 8,620.
Cumulatively, for the second quarter, Li Auto took the lead in sales among the three startups, seconded by Nio.
| Company | June 2023 Deliveries | Year-On-Year Growth | Month-on-Month Growth | Q2 deliveries |
| Li Auto | 32,575 | 150.1% | 15.2% | 86,533 |
| Nio | 10,707 | -17.4% | 74.0% | 23,520 |
| XPeng | 8,620 | -43.6% | 14.8% | 23,205 |
State Stimulus: Late last month, China decided to extend the purchase tax exemption for new energy vehicles, originally set to expire later this year, for four more years.
The extension of the purchase tax exemption comes at a time when the economy is experiencing a soft patch, despite reopening following prolonged COVID-19 lockdowns.
The NEV industry, in particular, faces intense competition due to the large number of players. Last month, Nio cut prices on all its new models by 30,000 yuan or $4,200 after reporting quarterly results below estimates despite promising otherwise earlier.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read More: Warren Buffett-Backed BYD Continues To Trump Elon Musk’s Tesla In Deliveries
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July 03, 2023 at 12:28PM
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Nio Vs Xpeng Vs Li Auto: How Chinese EV Startups Fared On Q2 Deliveries - XPeng (NYSE:XPEV), NIO (NYSE:NI - Benzinga
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