November marked a milestone for China‘s electric vehicle (EV) industry, particularly for luxury EV manufacturers Li Auto and Xpeng. Both companies not only surpassed their previous sales records but also set a new benchmark in the growing Chinese EV market.
Li Auto delivered over 41,000 cars in November alone
Li Auto, now a member of the Hang Seng Index, reported the delivery of 41,030 units in November, slightly edging past its October record. This achievement is a testament to the company’s consistent growth, marking its eighth consecutive month of record-breaking sales. The Beijing-based manufacturer has been riding high on the success of its luxury sport utility vehicles (SUVs), such as the L7, L8, and L9, all priced above 300,000 yuan. This pricing strategy positions Li Auto as a formidable competitor to Tesla, especially considering the strong demand for its new models.
On the other hand, Guangzhou-based Xpeng also showed impressive growth, delivering 20,041 vehicles in November. This number is marginally higher than its October figures, indicating steady progress. A significant contributor to Xpeng’s success is its new G6 SUV, which accounted for nearly half of its November deliveries.
However, the landscape of the Chinese EV market is not just about sales numbers. It’s also about the shifting preferences of Chinese consumers, particularly the middle class, who increasingly view battery-powered vehicles as the future of mobility. This shift is reflected in the growing market demand that both Li Auto and Xpeng are keen to capitalize on.
Interestingly, while Tesla remains a significant player in the Chinese market, it does not report monthly deliveries. However, CPCA data revealed a month-on-month decline in Tesla’s deliveries in October, a contrast to the Chinese manufacturers’ upward trajectory.
The Chinese EV market is also witnessing the entrance of new competitors, including tech giants like Xiaomi and Baidu, whose intelligent vehicles are starting to attract wealthy motorists. Additionally, Huawei‘s automotive venture, Aito, recorded a significant increase in November deliveries, emphasizing the increasing competition in the sector.
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