Listen to this Article Now
A Chinese start-up is developing an electric vehicle. Nio, which had been ahead of Li Auto and Xpeng in terms of monthly deliveries, fell behind both of them in July. Nio, which is listed in the United States, said it delivered 7,931 vehicles in July, increasing the year-to-date total to 49,887, which is more than last year. However, the number of vehicles delivered in July was down from a monthly high of 8,083 in June.
Instead, Li Auto’s deliveries of what is effectively a hybrid electric car overtook those of Nio in July, and for the second month in a row, they eclipsed those of competitor start-up Xpeng. Li Auto announced on Sunday that it delivered 8,589 Li One cars in July, a monthly high. The Li One SUV is the company’s lone vehicle available for purchase. The car comes with a petrol tank that can be used to charge the battery, expanding the car’s 180-kilometer range by around 620 kilometers (385.35 miles).
Xpeng also said Monday that it had delivered an all-time high of 8,040 automobiles in a single month, with the P7 sedan accounting for 75% of the total, rather than the G3 SUV.what it meant Last month, Li Auto delivered 549 more automobiles than Xpeng, after delivering over 1,000 more cars in June.
Xpeng supplied slightly more cars year-to-date through July, 38,778 versus 38,743 for Li Auto. Xpeng supplied slightly more cars year-to-date through July, 38,778 versus 38,743 for Li Auto.
Nio has delivered nearly 10,000 more automobiles so far this year than each of the two start-ups combined. On August 11, the firm will reveal its second-quarter earnings. Li Auto’s stock has performed the best this year among the three Chinese electric car start-ups listed in the United States, with gains of 15.8 percent.
During the same time span, Nio’s stock has dropped 8.3 percent, while Xpeng’s has dropped nearly 5.4 percent in the last month, Chinese and US officials have boosted their inspection of Chinese companies listed in the United States. Some companies, such as Xpeng, have also registered their shares in Hong Kong, partially to protect themselves from hazards in the New York market. The company’s Hong Kong-listed shares have dropped more than 4% since an initial public offering in early July that raised roughly $1.8 billion.
A little more than a week later, Xpeng announced that the P5, its third model, and second sedan, will be available for as little as 160,000 yuan ($25,000). That’s less than the 250,900 yuan starting price for Tesla’s Model 3 in China. The P5, which will be available in six different models, will begin shipping in the fourth quarter.
Story By: Norvisi Mawunyegah