Chinese electric vehicle (EV) manufacturers NIO Inc. (NIO), XPeng Inc. (NYSE:XPEV), and Li Auto Inc . (NASDAQ:LI), their delivery figures for July 2024 on Thursday, signaling improvement in the EV market.
NIO delivered 20,498 vehicles, bringing its year-to-date total to 107,924, a 43.9% increase compared to the same period last year. The deliveries consisted of 11,964 premium smart electric SUVs and 8,534 premium smart electric sedans.
XPeng also reported positive results, delivering 11,145 vehicles in July, marking five consecutive months of growth. The company's XPENG X9 model was particularly successful, solidifying its position.
XPeng also said it plans to offer a "door-to-door" smart driving experience by the end of the year.
Li Auto continued its strong performance with 51,000 vehicles delivered in July, setting a new monthly record and representing an increase of 49.4% year over year.
The company's Li L6 model has been a standout performer.
"Li L6 sustained its robust sales performance with monthly deliveries continually exceeding 20,000 and has become a blockbuster model in the RMB200,000 to RMB300,000 price range," commented Xiang Li, chairman and chief executive officer of Li Auto.
"With the rollout of OTA versions 6.0 and 6.1 in July, Li L series and Li MEGA have undergone major upgrades, achieving comprehensive enhancements in product strengths across autonomous driving, smart space, and smart electric features."
He added that the company's autonomous driving technology has "garnered significantly higher user interest and recognition following our 2024 Autonomous Driving Summer Launch Event held on July 5."