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2024.04.02 14:07
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BYD, Nio, Li and XPeng Report Deliveries Rose In March

BYD, Nio, Li, and XPeng reported increased deliveries in March, reflecting China's growing dominance in the EV market. BYD sold 626,263 new-energy vehicles in Q1, a 13% YoY rise. Nio delivered 11,866 vehicles in March, a 14.3% YoY increase. Li Auto delivered 28,984 vehicles in March, a 39.2% YoY rise, and reached a milestone of 700,000 cumulative deliveries. XPeng met its delivery guidance with a 20% rise in Q1 deliveries. Together, Nio, Li, and XPeng delivered about 132,000 vehicles in Q1, a 30% YoY increase.

Back in 1995, BYD Company Limited (OTC:BYDDY) was a battery manufacturer. Today, BYD is China’s leading EV seller who even stole the quarterly crown of the EV king, Tesla Inc (NASDAQ:TSLA) during the last three months of 2023 as it became the world’s largest EV seller. The rise of BYD, as well as of startups, XPeng Inc (NYSE:XPEV), Li Auto Inc (NASDAQ:LI) and Nio Inc (NYSE:NIO) is a reflection of China’s growing dominance on the EV front. 

March data

During the first quarter, BYD sold 626,263 new-energy vehicles which represents a 13% YoY rise. This figure includes roughly 300,114 EVs and about 324,000 plug-ins.

On Monday, the Tesla rival revealed that after slipping during the first two months of 2024, sales rose 46%. Moreover, BYD also reported exports also rose. New energy-vehicle sales nearly tripled overseas to 38,434 units, while plugin hybrids expanded 14% and pure battery EVs expanded 13%. 

Tesla is due to release delivery figures on Tuesday. 

By contrast, FactSet analysts forecast that Tesla delivered 457,000 vehicles. Bloomberg analysts fear Tesla is on track for the first YoY decline in deliveries since the pandemic spring of 2020. Back in January, Tesla CEO Elon Musk did warn of a notably slower growth this year. Also, Tesla stock is about 29% down year to date.

Nio

In March, Nio delivered 11,866 premium smart electric SUVs and smart electric sedans, representing a 14.3% YoY increase in vehicle deliveries. For the first quarter ended in March, Nio delivered 30,053 vehicles.

Li Auto was even the first to reach a milestone.

For the first quarter, Li Auto posted a 52.9% jump in deliveries. Li Auto delivered 80,400 units during the three months period. As for March alone, Li Auto delivered 28,984 vehicles, representing a 39.2% YoY rise. Moreover, this figure established Li Auto as the first Chinese emerging new energy automaker to reach a milestone of 700,000 cumulative deliveries as of end of March 2024. 

XPeng met its delivery guidance

XPeng deliveries rose 20% to 21,821 vehicles during the first quarter, which falls within its previously guided range between 21,000-22,500 vehicles. This reprensents a YoY growth of 19.7%. In March, XPeng delivered 9,026 vehicles which is a 98.6% rise from February and 28.9% YoY increase. 

Together, Nio, Li and XPeng delivered about 132,000 vehicles during the first quarter, which represents a 30% YoY increase. Even besides BYD, Tesla also has this Chinese EV trio to worry about.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.