Chinese EV startup Li Auto says car deliveries more than doubled in May
Chinese electric car start-up, Li Auto, saw a dramatic increase in monthly deliveries in May, leading for a third straight month with more than 20,000 deliveries. Compared to last year, deliveries rose by about 146% to 28,277 vehicles. In contrast, competitors Nio and Xpeng reported a year-on-year drop in monthly deliveries.
Li Auto differs from the other two electric car start-ups as its vehicles come with a fuel tank for charging the battery and extending driving range. The fast-growing electric car market in China is becoming increasingly competitive, with some brands, such as Xpeng, selling advanced assisted driving technology to differentiate themselves.
Despite Li Auto’s reported and forecast deliveries, the company still only holds a fraction of the market compared to industry giants Tesla and BYD.
BYD reported that it sold 239,092 passenger vehicles in May, doubling compared to last year with half being purely battery-powered while the other half were hybrids. Tesla sold almost 40,000 cars to consumers in China in April, according to the China Passenger Car Association.
Tesla CEO, Elon Musk, visited Beijing and Shanghai this week for the first time in more than three years.
FAQ:
What is Li Auto?
Li Auto is a Chinese electric car start-up that offers vehicles with a fuel tank for charging the battery and extending driving range.
How many cars did Li Auto deliver in May?
Li Auto delivered 28,277 vehicles in May, up by 146% from the previous year.
How does Li Auto differ from Nio and Xpeng?
Li Auto’s vehicles come with a fuel tank for charging the battery and extending driving range, while Nio and Xpeng focus on selling advanced assisted driving technology.
Who are the industry giants in the electric car market in China?
Tesla and BYD are the industry giants in the electric car market in China.
Li Auto, a Chinese electric vehicle startup, reports over two-fold increase in car deliveries for May.
Li Auto, a Chinese electric car startup, has announced that it delivered over twice as many cars in May 2023 compared to the same period last year. The company’s deliveries exceeded 20,000 units for the third consecutive month, climbing to 28,277 vehicles in May, marking a 146% increase from last year. In contrast, competitors Nio and Xpeng reported a YoY decline in monthly deliveries. Li Auto’s electric vehicles come with a fuel tank for charging the battery and extending driving range, setting it apart from the other startups. China’s electric car market is becoming more competitive, with an average selling price decrease across brands, according to Bank of America Securities’ Head of Asia Pacific Basic Materials, Matty Zhao. Li Auto expects to deliver at least 22,000 vehicles in June based on its reported and forecast deliveries. That said, monthly deliveries for these startups are still a fraction of the market compared to industry giants like Tesla and BYD. In May, Tesla sold nearly 40,000 cars to Chinese consumers, while BYD sold 239,092 passenger vehicles.