Chinese EV market September overview: BYD, Li Auto, and Xpeng report the highest deliveries
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The Chinese electric vehicle industry is exhibiting significant growth, driven by government support and growing consumer interest. Given China’s ongoing efforts to stimulate the domestic economy, EV makers can anticipate a surge in demand, bolstering their market prospects.
The September 2024 data reveals a competitive landscape among four major Chinese electric vehicles (NYSEARCA:EV) manufacturers: Li Auto (NASDAQ:LI), Xpeng (NYSE:XPEV), NIO (NYSE:NIO), and BYD (OTCPK:BYDDF).
Here’s an analysis focusing on the numbers and growth trends:
Li Auto (LI):
- Deliveries: 53,709 units.
- Month-over-Month (M/M) Growth: 11.6%, an impressive rebound from August’s 5.6% decline.
- Year-over-Year (Y/Y) Growth: 48.9%, maintaining robust yearly growth compared to September 2023.
Li Auto continues to show consistent performance, with significant annual growth reflecting sustained demand for its premium EV models. The M/M rebound also shows that the company is back on track after a slower month in August.
Xpeng (XPEV):
- Deliveries: 21,352 units.
- M/M Growth: 52.1%, the largest monthly increase among the competitors.
- Y/Y Growth: 39.5%, showing strong yearly growth.
Xpeng had a record month with over 50% monthly growth, the highest of the group. This surge in deliveries suggests successful launches of new models and growing consumer interest. While its total units lag Li Auto, its fast growth rate indicates it’s closing the gap.
NIO (NIO):
- Deliveries: 21,181 units.
- M/M Growth: 5.0%, a modest monthly improvement.
- Y/Y Growth: 35.4%, showing solid annual growth.
NIO’s steady delivery numbers indicate that while its growth is not as rapid as Xpeng’s, it is consistently expanding. The company is maintaining competitiveness with stable month-to-month increases and strong year-over-year growth, driven by its premium offerings.
BYD (OTCPK:BYDDF):
- Deliveries: 419,426 units.
- M/M Growth: 12.4%, a healthy monthly rise.
- Y/Y Growth: 45.9%, reflecting strong annual growth.
BYD is the clear leader in the EV market, with delivery numbers dwarfing its competitors, surpassing the combined total of Li Auto, Xpeng, and NIO. With over 419K vehicles delivered in September 2024, BYD shows that it continues to dominate, not just through volume but also with strong double-digit monthly and yearly growth.