Tesla Rivals Nio and Xpeng See Sales Surge 352% and 470% in January

China’s auto market is not only the largest in the world, but it’s also becoming the largest electric vehicle (EV) market specifically. With companies like Xpeng Motors and Nio seeing major sales increases, other startups like Li Auto are expecting their shot soon too.

In January, Nio’s sales increased 352%, while Xpeng Motors saw an increase of 470%, according to Investor’s Business Daily. Nio sold a total of 7,225 units within the first month of the year, while Xpeng sold 6,015 in sum, following impressive Q4 2020 earnings from both EV companies.

Li Auto, another Chinese EV startup, is also expected to see increases in sales, following gains of 530% in December sales of its Li One electric SUV. The company’s Q4 sales rose 67% quarter over quarter, with Li One production only having started in November 2019.

As Nio and Xpeng sales soar, the companies’ stock prices are expected to increase too, trading at $57.30 and $49.79, respectively. Nio’s shares touched an all-time high of $66.99 last month, immediately following the release of its ET7 sedan.

In any case, Tesla is still a dominant force in the Chinese EV market, and Nio, Xpeng, and Li will all have to fight for their spots in their own home country. Still, the battle is likely to bring more EVs to the consumer than ever before in the years to come, and that’s a fight worth watching.