Chinese EV makers see march deliveries surge
Chinese electric carmakers Nio Xpeng, Xpeng, and Li Auto face several obstacles including increased raw material prices and a resurgence for Covid in China. All three companies saw increased March delivery volumes.
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Chinese electric car manufacturers are dealing with an increase in Covid cases, which could cause disruption to production and deliveries. Meanwhile, raw material costs keep rising. This has forced many Chinese car companies to close. TeslaTo Xpeng, and Li Auto to hike the prices of their cars.
In U.S. Pre-Market Trade, the share prices for all three companies (Nio, Xpeng, and Li Auto) were significantly higher.
Xpeng was the company that delivered most electric vehicles in March of all three. The Guangzhou-headquartered automaker said it delivered 15,414 vehicles in March, up 148% from February. Xpeng shipped 34,561 cars in its first quarter. This is an increase of 159% from the previous year.
Xpeng’s flagship sedan P7 sold over 9,000 vehicles per month, a record.
CNBC was told by Xpeng that “the company attributes its strong Q1 delivery results growing brand awareness, higher demand for Smart EVs as well as accelerated delivery o its large order backlog starting in 2021 and new orders received after it has completed technological upgrades to its Zhaoqing factory in February.”
Zhaoqing is a major manufacturing facility for Xpeng in South China.
Chinese company starts electric car manufacturing Li AutoAlthough the company reported an increase in car deliveries during February, it stated that production had been affected due to an increase in Covid cases.
Li Auto (U.S.) and Hong Kong-listed delivered 11,034 Li ONE utility vehicles (SUVs), up 31% from February. Li Auto reported that it delivered 31716 vehicles in the first quarter. This is an increase of 152.1% over last year.
According to Li Auto, however, production was not affected due to a shortage of parts caused by COVID-19 cases in Yangtze Delta. This includes the region where Li Auto is located.
Li Auto last month announced that the Li ONE price would rise from 338,147 yuan ($531,147) to 349.800 yuan. This change will take effect from April 1.
Li Auto will soon release the L9 SUV from its new car line, as China’s competition heats up in electric vehicles.
Nio reported that it shipped 9,985 vehicles March. This is an increase of 62.8% over February. In the first quarter 2022, 25,768 vehicles were delivered by Nio. This is an increase of 28.5% over last year. The electric vehicle manufacturer set a new quarterly record in deliveries.
Nio is currently the only one of these three companies that has not raised the price of its vehicles.
Nio’s new SUV, the ES7, will be unveiled next month.