Nio and Xpeng Report Record-Breaking Q1 in China, But Tesla Still on Top
Electric vehicles (EVs) are increasing in popularity around the world, though they’re growing particularly popular and competitive in China, the world’s largest auto market.
Chinese automakers NIO and Xpeng each saw record-breaking EV sales in the first quarter of the year, as deliveries increased five-fold compared to Q1 2020, according to South China Morning Post.
Still, both companies continue to trail behind US rivals Tesla, even in their home market of China, as it sells nearly the same amount of cars in a single month as others sell in a quarter.
NIO and Xpeng Motors both had stronger-than-ever sales in January, despite a price cut from Tesla skyrocketing the company’s February sales.
While NIO said Thursday that it delivered 20,600 vehicles between January and March, up 423% from last year. Similarly, Xpeng sold 13,340 units within the same period, up 487% from last year’s Q1.
Tesla, alternatively, delivered 28,014 Model 3 units globally in February alone, let alone the 13,971 Model Y units delivered globally in the same month. This highlights a major barrier for Xpeng Motors and NIO – the lack of access to a larger network of networks, like Tesla has.
Regardless, it doesn’t negate the impressive sales numbers NIO and Xpeng have posted this year, as was also shown by NIO’s battery-swapping model reaching its 2 millionth battery swap last month.