TMTPOST -- The American depositary receipts (ADRs) of Xpeng Inc. settled 8.4% higher to $16.99 on Tuesday. Shares hit their highest close since November 2023 and logged a 11.6% gains since the Chinese electric vehicle (EV) maker reported new record monthly delivery with a triple-digit growth rate.
Credit：Xpeng
Xpeng delivered 30,350 EVs in January, topping 30,000 units for three months a row. With a 268% increase year-over-year (YoY), Xpeng outpaced other domestic EV rivals that have released their deliveries recently. The Guangzhou-based company also overtook Li Auto Inc. as the best seller among emerging home-grown Chinese EV startups in January. Though the delivery shed 6,345 vehicles, or 17.3%, from that in the previous month, its fourth straight monthly record, the YoY surge more than tripled that in December, highlighting traction from new launches.
Xpeng said monthly delivery of artificial intelligence (AI)-powered Xpeng Mona M03, a Tesla Model 3 rival, has kept exceeding 15,000 units since December, and cumulative deliveries Xpeng P7+, the world’s first vehicle to feature built-in AI-powered advanced Advanced Driver Assistance Systems (ADAS) across the entire lineup, reached 20,000 units in just two months since launch. Besides, Xpeng debuted the right-hand drive version of the Xpeng X9 MPV globally at the Singapore Motor Show in January. The company in the same month expanded its global presence by entering the markets of Belgium, Luxembourg, Ireland and Finland.
Like Xpeng, many other Chinese EV manufacturers including BYD Co. Ltd. maintained robust growth on YoY basis but recorded declines in deliveries sequentially. The decline came in a typical off-season of China’s auto market during a transition from the national subsidies program last year to a renewed consumer goods trade-in program to stimulate domestic demand and bolster economy this year.
BYD in January cemented its leadership in China with sales of 300,538 new energy vehicles (NEVs), including electric and plug-in hybrid vehicles. The sales represent a 49.2% YoY rise and dropped 41.6%, or more than 214,000 NEVs, from December, when BYD broke its sales record for the seventh consecutive month. January is BYD’s first month that sold no more than 500,000 vehicles since October, 2024.
Deliveries of Zhejiang Leapmotor Technologies Ltd., Nio Inc. and Li Auto also fell from their monthly records shattered in December.
Leapmotor delivered 25,170 EVs in January, soaring 105% YoY, while declined 40.8%, or more than 17,000 units from December. As of the year end, the Stellantis NV's Chinese partner extended its record-breaking streak from June. It shipped nearly 300,000 EVs with a YoY increase of more than 10% in 2024, and became the first Chinese EV startups that met its annual sales target earlier. It will challenge a 500,000-unit target for the year 2025.
Li Auto announced delivery of 29,927 vehicles in January with a surprising drop YoY drop of nearly 4% and a 48.8% month-over-month (MoM) decrease. The company reversed in December the sequential decline in delivery with a 20% MoM increase. Li Auto said Li L6 surpassed the 200,000 cumulative delivery milestone in January, maintaining its position as the best-selling extended-range electric vehicle model in China for seven consecutive months. The company also sustained its leadership as the sales champion of Chinese automotive brand in the passenger vehicle market priced at RMB200,000 and above.
Nio’s delivery in January grew 37.9% YoY to 13,863 vehicles, dropping more than 55% from a month earlier. With a delivery of 31,138 vehicles in December, Nio for the first time delivered more than 30,000 EVs in a month and recorded a 72.9% YoY increase and a MoM increase of 51.3%. Deliveries in January consisted of 7,951 vehicles from Nio’s premium smart EV brand NIO, and 5,912 vehicles from its family-oriented smart electric vehicle brand ONVO. Deliveries of the former brand crashed 61.4% MoM and the later brand down 43.8%.
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