Chinese EV Company Li Auto Overtakes Xpeng Motors; Delivers Over 7,000 Cars Last Month

Business

ZomaLi Auto Inc. also known as Li Xiang, is a Chinese electric vehicle manufacturer and one of three top Chinese electric car start-ups listed in the US. The three companies are Li Auto, Xpeng Motors and Nio. Amongst the three, Li Auto ranks in second place as it recently overtook Xpeng for making more deliveries in the month of June. This left Xpeng in third place. On June 2, China’s new energy market announced that Li Auto sold and delivered 7,713 units of its only existing model on the market, the Li One SUV. This represents a 320.6 per cent year-over-year increase, a 78.4 per cent quarter-over-quarter increase, according to a GlobeNewswire press release.

Xpeng on the other hand had sold 6,565 units. The majority of these deliveries were of the company’s P7 Sedan, while a smaller portion was made up of its G3 SUV. Both companies reported these numbers as personal record bests for that given month, according to a report by CNBC.

NIO, which sits at the top spot, sold 8,083 cars in June, which was also a monthly high for the electric vehicle company. Recent trends generally have put NIO in the top spot with Xpeng taking second amidst the three US-listed electric vehicle companies.

Xpeng Motors’ drop to the lower ranks comes as the New York Stock Exchange (NYSE), listed the company as being ready to launch a dual primary listing on July 7. The listing which is taking place in Hong Kong could be expected to raise around $2 billion. The company has two other deliveries that it is eyeing to execute later down the line, this year. One will be an upgraded version of the existing G3 SUV, which will be dubbed the G3i SUV and a new Sedan called the P5.

Li Auto has effectively beaten its previous numbers in its quarterly forecast by almost 2,000 deliveries, while Xpeng exceeded the higher end of its second-quarter by almost 1,400 units. The orders for its model surpassed the 10,000 units mark which is another personal best for the car maker. The total deliveries for Q2 increased 166.1 per cent year-over-year and 39.7 per cent quarter-over-quarter. This puts the final tally at 17,575 units, which according to the press release, exceeds the company’s projections.

The Company designs, develops and manufactures smart electric vehicles and was one of the first to penetrate the Chinese electric vehicle market. Its product, the Li One SUV is a six-seater, large premium electric SUV equipped with a range extension system and cutting-edge smart vehicle solutions. Mass production of the SUV began in November of 2019. By December of 2020, the company had delivered over 33,500 units.