Chinese EV market August overview: BYD’s dominance unmatched, Li Auto follows with strong growth
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The Chinese electric vehicle (NYSEARCA:EV) market continues to experience rapid growth, driven by strong government support and increasing consumer demand.
August marked another month of robust growth for BYD (OTCPK:BYDDF) and Li Auto (NASDAQ:LI), the two profitable EV manufacturers in mainland China. The companies reported significant Y/Y delivery increases, with BYD up by 36% and Li Auto soaring by 37.8%.
However, on M/M basis, Li Auto’s deliveries declined by 5.6%, while BYD experienced a 9.0% increase.
XPeng (NYSE:XPEV) delivered 14,036 vehicles in August, marking its sixth consecutive monthly increase, with a growth of 25.9% M/M and 2.5% Y/Y.
NIO (NYSE:NIO) delivered 20,176 vehicles in August, surpassing the 20,000 mark for the fourth consecutive month. This represents a 4.4% increase Y/Y, though a slight 1.6% decline from July deliveries of 20,498 units.
