NIO & XPeng Sales Increase 30% & 20% In October

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It’s the primary of the month, and we’ve received constructive EV gross sales information from NIO and XPeng but once more. Each Chinese language EV automakers noticed robust gross sales will increase in October 2024 in comparison with October 2023.

NIO Gross sales

NIO scored 20,976 gross sales (i.e., deliveries) in October, a rise of 30.5% over October 2023, however a slight lower month over month (the corporate had 21,181 deliveries in September 2024).

Yr to this point, NIO has landed 170,257 gross sales this yr. That’s a good greater enhance, 35.1%, yr over yr.

Notably, we’re now speaking about gross sales from two completely different manufacturers, as NIO has rolled out the ONVO model now. NIO had 16,657 of the month’s gross sales, whereas ONVO had 4,319 gross sales. ONVO, as the corporate itself describes it, is NIO’s “family-oriented smart electric vehicle brand.” Right here’s extra on current ONVO progress: “In October 2024, the production and delivery of the ONVO L60 have been steadily ramping up. As of October 31, 2024, ONVO operated 166 ONVO Centers and ONVO Spaces across 60 cities, while also providing users with seamless access to 584 NIO Power Swap Stations in China. ONVO will continue to expand its sales, service and power networks to serve a growing user base and drive long-term growth.”

Is ONVO a concession that NIO can’t develop sufficient with its authentic model? Maybe, however does it matter? When you can develop quicker by creating extra manufacturers targeted on completely different niches available in the market, why not do this?

Cumulatively, NIO has offered 619,851 autos. When you extrapolate October gross sales, NIO is at an annual gross sales charge of 251,712. That’s greater than Tesla’s 2018 complete (244,920 gross sales) — and recall that 2018 was the yr that Tesla received Mannequin 3 mass manufacturing rolling (within the second half of the yr, which can also be when Tesla began making a quarterly revenue).

XPeng Sale

On to XPeng, the considerably youthful good electrical automobile firm had just a few thousand extra gross sales in October. XPeng scored 23,917 gross sales in October, which was a 20% enhance yr over yr. Moreover, it was a 12% enhance month over month. Extrapolating to a full yr, 23,917 gross sales a month would translate to 287,004 gross sales a yr.

The recent, reasonably priced, new-ish XPeng MONA M03 is carrying the corporate now, scoring greater than 10,000 deliveries for the second month in a row.

Within the first 10 months of the yr, XPeng received 122,478 gross sales. That’s a rise of 21% yr over yr.

One factor I’ve realized over time is XPeng is all the time keen to emphasise its tech management. On that matter, the corporate had the next to share: “In October, XNGP‘s month-to-month energetic person penetration charge in city driving reached 86%. On the XPENG Tech Workshop on October 24, 2024, the Firm demoed its AI-powered ADAS know-how on XPENG P7+ and unveiled its AI Tianji XOS 5.4.0. The Firm additionally introduced that the XPENG P7+ can be geared up with end-to-end AI-driven ADAS know-how as an ordinary configuration.

“XPENG has become the only Chinese automaker to deliver industry-leading urban ADAS that does not rely on HD maps or LiDARs, providing the most competitive cost in China and accelerating the mass adoption of autonomous driving.”

The corporate additionally famous that it entered the UAE market final month (a narrative we someway missed, despite the fact that we did discover that NIO moved into the UAE in August). XPeng is now promoting its good electrical autos in 5 Center East and North Africa (MENA) markets — the UAE, Israel, Egypt, Jordan, and Lebanon.