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Chinese EV makers see march deliveries surge


Chinese electric carmakers Nio, Xpeng and Li Auto are facing a number of difficulties including higher raw material costs and the resurgence of Covid in China. However, all announced a spike in shipments in March.

Qilai Shen | Bloomberg | beautiful pictures

Electric vehicle startup in China Nio, Xpeng and Li Auto delivered more vehicles in March than in February even as they faced some challenges over the past few weeks.

Chinese electric carmakers are grappling with a surge in Covid cases in China, which threatens to disrupt production and deliveries, while raw material costs continue to rise. That has forced some auto companies in China, from Tesla to Xpeng and Li Auto, increase the price of their car.

Share prices of all three companies, Nio, Xpeng and Li Auto, all rose sharply in pre-market US trading.

Xpeng

Of the three, Xpeng delivered the most electric vehicles in March. The Guangzhou-based automaker said it delivered 15,414 vehicles in March, up 148% from February. In the first quarter, Xpeng delivered 34,561 vehicles, up 159% year-on-year.

Xpeng’s flagship sedan P7 has surpassed 9,000 deliveries, a monthly record.

The company attributes the strong Q1 delivery results to growing brand awareness and higher demand for Smart EV products as well as the rapid delivery of large backlogs from 2021. and new orders received in 2022 following the completion of a technology upgrade for the Zhaoqing factory in February,” an Xpeng spokesperson told CNBC.

Zhaoqing in southern China is one of Xpeng’s main production bases.

Li Auto

Start China’s electric car Li Auto reported a rebound in vehicle deliveries in February but said production had been affected by the resurgence of Covid cases in China.

US and Hong Kong-listed Li Auto delivered 11,034 Li One sport utility vehicles (SUVs) in March, up 31% from February. In the first quarter, Li Auto said it delivered 31,716 vehicles, increased 152.1% over the same period last year.

Read more about electric vehicles from CNBC Pro

However, the company said production had been affected by “a shortage of some auto parts due to the recent resurgence of Covid-19 in the Yangtze River Delta region”, including The whole area has Li Auto’s factory.

Last month, Li Auto said it would raise the price of its Li One vehicle from 338,000 Chinese yuan ($53,147) to 349,800 yuan, effective April 1.

Li Auto is gearing up to release its next vehicle, the L9 SUV, on April 16, as competition in China’s electric vehicle market continues to heat up.

Nio

Nio said it delivered 9,985 vehicles in March, up 62.8% from February. The company delivered 25,768 vehicles in the first quarter of 2022, up 28.5 percent year-on-year. That’s the electric vehicle maker’s quarterly delivery record.

Nio is the only one of the three that has yet to raise the price of its autos.

Next month, Nio will launch its new SUV called ES7.



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