China’s Xpeng keeps up its solid EV delivery streak against rivals
The post China’s Xpeng keeps up its solid EV delivery streak against rivals appeared on BitcoinEthereumNews.com. Chinese electric car company Xpeng displays its mass-market Mona M03 coupe inside a headquarters’ showroom in Guangzhou, China, on Aug. 26, 2024. CNBC | Evelyn Cheng BEIJING — Chinese electric car startup Xpeng is keeping up the sales momentum against its rivals, even as BYD expands on its market dominance amid a fierce price war in China. Xpeng said Tuesday it delivered 34,611 cars in June, its eighth-straight month of delivering more than 30,000 cars. Shares rose more than 2% in New York trading. Xpeng did not specify what portion of the deliveries were for its cars with advanced driver-assist, or for its lower-priced Mona brand. China’s electric car price war has only intensified in recent weeks, drawing government criticism for “involution,” or excessive, non-productive competition. Chinese President Xi Jinping on Tuesday also led a high-level financial and economic commission meeting that called for more governance of “low price, disorderly competition,” according to a CNBC translation of Chinese state media. Mixed results for competitors Xpeng’s U.S.-listed rivals, which target a more premium segment of China’s car market, saw more modest sales momentum. Geely-backed Zeekr reported 16,702 car deliveries in June, down 11.7% from the prior month and 16.9% year over year. Nio reported 24,925 car deliveries in June, a slight increase from May, thanks to growth across its premium “Nio” brand and lower-priced Onvo and Firefly brands. Li Auto reported 36,279 vehicle deliveries in June, a 11.2% drop from May, but its total deliveries in the second quarter came in at 111,074 units, better than the company’s lowered guidance of 108,000 cars. The company on Friday cut its second-quarter delivery outlook by more than 15,000 cars, attributing the decline to an upgrade to its sales system. “Based on our channel checks and analysis, we understand Li Auto has started toprohibit…
The post China’s Xpeng keeps up its solid EV delivery streak against rivals appeared on BitcoinEthereumNews.com.
Chinese electric car company Xpeng displays its mass-market Mona M03 coupe inside a headquarters’ showroom in Guangzhou, China, on Aug. 26, 2024. CNBC | Evelyn Cheng BEIJING — Chinese electric car startup Xpeng is keeping up the sales momentum against its rivals, even as BYD expands on its market dominance amid a fierce price war in China. Xpeng said Tuesday it delivered 34,611 cars in June, its eighth-straight month of delivering more than 30,000 cars. Shares rose more than 2% in New York trading. Xpeng did not specify what portion of the deliveries were for its cars with advanced driver-assist, or for its lower-priced Mona brand. China’s electric car price war has only intensified in recent weeks, drawing government criticism for “involution,” or excessive, non-productive competition. Chinese President Xi Jinping on Tuesday also led a high-level financial and economic commission meeting that called for more governance of “low price, disorderly competition,” according to a CNBC translation of Chinese state media. Mixed results for competitors Xpeng’s U.S.-listed rivals, which target a more premium segment of China’s car market, saw more modest sales momentum. Geely-backed Zeekr reported 16,702 car deliveries in June, down 11.7% from the prior month and 16.9% year over year. Nio reported 24,925 car deliveries in June, a slight increase from May, thanks to growth across its premium “Nio” brand and lower-priced Onvo and Firefly brands. Li Auto reported 36,279 vehicle deliveries in June, a 11.2% drop from May, but its total deliveries in the second quarter came in at 111,074 units, better than the company’s lowered guidance of 108,000 cars. The company on Friday cut its second-quarter delivery outlook by more than 15,000 cars, attributing the decline to an upgrade to its sales system. “Based on our channel checks and analysis, we understand Li Auto has started toprohibit…
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