China’s NIO, Xpeng, Li Auto See Growth Slowed by Chip Shortage
A global semiconductor chip shortage affected NIO, along with a slew of other China-based electric vehicle (EV) manufacturers and others around the world.
According to Investors Daily, Chinese automakers NIO, Xpeng Motors, and Li Auto, all saw triple-digit sales growth in this year’s first quarter, despite production being slowed significantly due to an inability to acquire EV components amidst the chip shortage.
Year-over-year (YoY) NIO saw a jump in April sales of 125% to a total of 5,147 EVs delivered, including 1,523 ES8 SUV units, 3,163 ES6 SUV units, and 2,416 EC6 crossover units.
While sales growth itself dropped from the 373% the company achieved in March, the figures are still impressive given the ongoing semiconductor chip shortage, which should have taken a much greater toll on the company’s sales growth.
China’s NIO and Xpeng are Tesla’s Best Rivals for Global Marketshare: JPMorgan https://t.co/o7fNFkfiWM
— TeslaNorth.com (@RealTeslaNorth) April 26, 2021
Similarly, Xpeng’s April sales grew 285% YoY for a total of 5,147 units made up of 2,995 of its P7 sedan, and 2,152 of the company’s G3 compact SUV. Sales growth also slowed for Xpeng from March, which held a 239% pace of growth.
According to a statement, Li Auto reached its 500,000th delivery more swiftly than any of its peers, with the company’s sales having increased YoY April sales by 111%, making up a total of 5,539 of its hybrid-electric SUV units, while sales growth dropped from the 239% growth seen in March.
In contrast, Tesla saw over 69,000 sales in China throughout all of Q1, while NIO delivered 20,600 vehicles in the quarter, and Xpeng 13,340 in the same time period.