Li Auto, which joined the Hang Seng Index as one of the new constituents this month, reported deliveries of 41,030 units in November, up 1.5 per cent from the previous record of 40,422 it had set in October. The Beijing-based carmaker has now broken its monthly sales record for eight straight months.
“In November, Li Auto achieved its full-year delivery target ahead of time,” Li Xiang, co-founder and CEO of Beijing-based Li Auto, said in a statement on Friday. “Propelled by the growing market demand, we will continue to strive for a 50,000 monthly delivery target in December with ample preparations in sales, supply, production, and delivery capabilities.”
Li Auto, which builds luxury sport utility vehicles (SUVs), has emerged as Tesla’s biggest challenger in mainland China this year, buoyed by strong sales of its new models – L7, L8 and L9. All its vehicles are priced above 300,000 yuan (US$42,335).
The company’s total deliveries between January and November jumped 191 per cent year on year to 325,677 units, beating its full-year sales target of 300,000 vehicles.
Chinese EV builder Xpeng foresees record sales as new models prove a hit
Chinese EV builder Xpeng foresees record sales as new models prove a hit
In the first 10 months of 2023, Tesla delivered 378,800 vehicles, an increase of 62.2 per cent year on year, CPCA data showed.
“More middle-class consumers in China have been convinced that battery-powered vehicles represent the future of mobility,” said Phate Zhang, founder of Shanghai-based EV data provider CnEVPost. “Leading EV makers will continue to see sales increase but smaller players may find it difficult to survive a fiercer competition ahead.”
Xpeng’s buoyant sales resulted from the rising popularity of the new G6 SUV, which accounted for nearly half of its total deliveries in November.
A total of 8,750 G6s were delivered last month, compared with 8,741 units in October.
But another top Chinese premium EV builder, Nio, said its November deliveries slipped 0.7 per cent from a month ago to 15,959 units.
Tesla raised prices of its Shanghai-made Model 3 and Model Y vehicles in October and November due to higher production costs, making cars built by its Chinese rivals attractive to mainland motorists in terms of pricing.
Aito, a car brand developed by telecoms equipment giant Huawei, delivered a record 18,827 vehicles in November, up 48.2 per cent from a month ago.
The CPCA has predicted that the country’s EV industry will achieve a 50 per cent year-on-year sales growth in 2023, delivering a total of 8.5 million units to mainland Chinese customers.