Chinese EV Makers Set New Records in September Sales

September Brings New Records For Chinese EV Makers - BYD (OTC:BYDDY)

Five out of China's six biggest EV makers posted record sales in September. Fueled by discounts and promotions, the Chinese EV pack led by BYD Company Limited BYDDY revived demand. While Li Auto Inc LI and Xpeng Inc XPEV also had a record sales month, Nio Inc NIO was the only major Chinese carmaker that missed hitting record deliveries, but had sales grow by more than 35%. BYD continues to race to take over Tesla Inc TSLA. According to CnEVPost, BYD sold as many as 419,426 NEVs which include both EVs and plug-in-hybrids (PHEVs). Besides being the fourth straight month that BYD posted record sales, it is also the first time that BYD hit the 400,000 milestone in monthly sales. BYD also reached the 1 million mark in shipped vehicles in a single quarter. Keeping up with the larger trend to combat the EV slowdown, BYD also reported its hybrid sales went up more than 86% YoY. However, EV sales continued to pick up, rising 9% YoY and 11% from August. Li Auto also had a month of bumper sales. In September, Li Auto shipped a record 53,709 vehicles, which translates to a YoY rise of 48.94%. With this figure, Li Auto exceeded its prior record from July by 5%. This means that Leapmotor posted its fourth consecutive monthly sales record. In September, Stellantis N.V. STLA-backed Leapmotor delivered 33,767 NEVs, which translates to a YoY increase of 113.7%. Putting EVs aside, hybrid makers are emerging as winners on the mainland. While BYD reached glory thanks to its affordable EVs, it continues to expand its portfolio, including pickups and luxury models, challenging Tesla who will report its full third quarter earnings on October 23rd. After two quarters of declines, Tesla sales seem to be picking up. For the three-month period ending in September, Tesla made 469,796 vehicles and delivered 462,890 of them, which means production rose 14.4% and deliveries grew 5.8% from the second quarter. But before it releases the full figure third quarter report, Tesla will be revealing its long-awaited robotaxi on October 10th and provide a glimpse of its future and new identity as an AI and robotics company. But while its rivals continue to set new records, Tesla reported a smaller-than-expected rise in third quarter deliveries. DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice. This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy. Market News and Data brought to you by Benzinga APIs

Tesla Rivals Li Auto, XPeng Clock Record September Deliveries, End Q3 On A Strong Note - Tesla (NASDAQ:TSLA), Li Auto (NASDAQ:LI)

Domestic EV makers could be in the sweet spot of demand growth as China is stimulating the economy. Chinese electric vehicle startups Li Auto Inc. LI and XPeng Inc. XPEV reported September deliveries, registering gains on both year-over-year and month-over-month basis. The report comes a day ahead of bigger rival Tesla Inc. TSLA is set to announce its global deliveries update. Li Auto: Beijing-based Li Auto said it sold 53,709 EVs in September and this marked a 48.9% increase from a year ago. On a month-over-month basis, sales climbed 11.61%. Third-quarter deliveries totaled 152,831 units compared to the 145,000-155,000-unit the company guided to in late August. "With the penetration rate of new energy vehicles surpassing 50%, the dominance of leading brands has become more pronounced. Since the beginning of the third quarter, the top three brands have captured over 50% of RMB200,000 and above NEV market," Xiang Li, chairman and CEO, said in a statement. Li Aiuto said order intake for Li L series and Li MEGA has seen a steady increase, leading to record deliveries in September. The company also expects to achieve the milestone of manufacturing and delivering its one-millionth vehicle in October. See Also: Best EV Stocks XPeng: XPeng delivered 21,352 EVs in September, a 39% year-over-year growth and a 52.12% month-over-month. The company said the first month deliveries of its XPeng Mona M03, an affordable electric sedan launched in late August, topped 10,000 units. For the third quarter, the Guangzhou-based EV maker reported deliveries of 46,533 units, marking a 16% year-over-year increase. This exceeded the company's guidance of 41,000 and 45,000 units. XPeng said following the successful launch events in Madrid and Lisbon in September, XPENG officially introduced the G9, G6, and P7 models to the Spanish and Portuguese markets. Looking ahead, the company expects to unveil XPENG P7+, positioned as an AI-defined car, in October. XPeng said it will showcase its state-of-the-art AI technologies and applications and its new model lineup at the 2024 Paris Motor Show from October 14 to 21. Why It's Important: The Chinese EV market has seen intensifying rivalry, with companies undercutting competition and also rolling out new models to cater to different segments of the market. To make matters worse, weakening economic fundamentals hurt demand. All this could be a thing of the past as China has shown intent to revitalize the domestic economy by pouring in copious stimuli. Li Auto's U.S.-listed ADRs closed Monday's session down 0.50% at $25.65, according to Benzinga Pro data. Xpeng ADRs closed down 4.25% at $12.18. Check out more of Benzinga's Future Of Mobility coverage by following this link. Read Next: Tesla's Chinese Rival Nio Snags $1.9B Investment From Parent, Strategic Investors As It Forays Into Mass Market Photo courtesy: Shutterstock Market News and Data brought to you by Benzinga APIs

Li Auto, XPeng, and NIO post record EV sales in September By Investing.com

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. Cumulatively, by the end of September, Li Auto had delivered 341,812 vehicles in 2024, bringing its total deliveries since inception to an impressive 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 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. Meanwhile, NIO, another leading player in the smart electric vehicle sector, also 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.