Electric vehicle manufacturers BYD, Nio, Li, and XPeng all see an increase in deliveries for the month of March

Electric vehicle manufacturers BYD, Nio, Li, and XPeng all see an increase in deliveries for the month of March

In 1995, BYD Company Limited (OTC: WILL) was a battery manufacturer. Today, BYD is the leading seller of electric vehicles in China and has even stolen the quarterly crown from the king of electric vehicles, Tesla Inc (NASDAQ: TSLA) in the last three months of 2023, becoming the world’s largest seller of electric vehicles. The rise of BYD, as well as startups XPeng Inc (NYSE: XPEV), Li Auto Inc (NASDAQ: LI) and Nio Inc (NYSE: NIO) reflects China’s growing dominance on the electric vehicle front.

March data

In the first quarter, BYD sold 626,263 new energy vehicles, representing a year-on-year increase of 13%. This figure includes around 300,114 electric vehicles and around 324,000 plug-ins.

On Monday, rival Tesla revealed that after declining in the first two months of 2024, its sales were up 46%. Additionally, BYD also reported an increase in exports. Sales of new energy vehicles almost tripled overseas to 38,434 units, while plug-in hybrids increased by 14% and pure battery electric vehicles by 13%.

Tesla is due to release its delivery figures on Tuesday.

In contrast, FactSet analysts predict Tesla will deliver 457,000 vehicles. Bloomberg analysts fear that Tesla is on track for the first year-over-year drop in deliveries since the pandemic in spring 2020. Last January, Tesla CEO Elon Musk warned of significantly lower growth. slow this year. Additionally, Tesla stock is down about 29% year to date.

Nio

In March, Nio delivered 11,866 smart electric SUVs and premium smart electric sedans, representing a 14.3% increase in vehicle deliveries year-over-year. For the first quarter ended March, Nio delivered 30,053 vehicles.

Li Auto was even the first to reach a milestone.

For the first quarter, Li Auto recorded a 52.9% increase in deliveries. Li Auto delivered 80,400 units during the three-month period. In March alone, Li Auto delivered 28,984 vehicles, representing an increase of 39.2% year-on-year. In addition, this figure makes Li Auto the first emerging Chinese new energy automobile manufacturer to reach the milestone of 700,000 cumulative deliveries by the end of March 2024.

XPeng met its delivery guidelines

XPeng deliveries increased 20% to 21,821 vehicles in the first quarter, which is within the previously guided range between 21,000 and 22,500 vehicles. This represents annual growth of 19.7%. In March, XPeng delivered 9,026 vehicles, an increase of 98.6% compared to February and 28.9% year-on-year.

Together, Nio, Li and XPeng delivered approximately 132,000 vehicles during the first quarter, representing a 30% year-over-year increase. Even besides BYD, Tesla also has to worry about this Chinese trio of electric vehicles.

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