Image: NIO
China’s auto market saw sales fall across the board in July, including electric vehicle (EV) startups including NIO, XPeng Motors and Li Auto.
Deliveries for NIO, XPeng and Li dropped off in July along with much of the market, though the automakers also saw their shares rise, according to Barron’s.
NIO delivered 10,052 deliveries in July, representing a month-to-month drop from its 12,961 June deliveries.
Still, NIO’s July deliveries jumped year over year, landing a 26.7 percent increase from June last year.
XPeng delivered 11,524 vehicles marking a 43 percent increase year over year, and down from 13,024 in June.
Li Auto had 10,422 units, dropping from 13,024 in June but up 21.3 percent year over year.
NIO Power Day 2022: 500 kW Fast-Chargers Unveiled, Next-Gen Swap Stations https://t.co/jNzg8mExLq
— TeslaNorth.com (@RealTeslaNorth) July 6, 2022
With all three automakers combined, deliveries landed at 31,998 vehicles and were down by over 9,000 units — or 22 percent from June’s combined record-breaking deliveries at 41,820 units.
Despite the drops, shares of all three automakers were on the rise in July, with Li Auto jumping by about 7 percent, while NIO and XPeng’s shares rose by around 4 percent and 0.4 percent, respectively.
Similarly, Tesla’s shares are up about 1.9 percent, while the S&P 500 and Dow Jones are both down by roughly 0.3 percent.
Late last month, NIO announced plans to make a smartphone.
The battery-swapping automaker also reached a cumulative 10 million NIO battery swaps, averaging about one swap every 28 seconds.
