NIO & Xpeng Gross sales — Good, However Form of Meh

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We’ve obtained some excellent news and a few meh information relating to sizzling, enjoyable EV startups Xpeng and NIO. Each Chinese language automakers simply reported their August gross sales numbers, and the long-term tendencies look good, nevertheless it wasn’t a spectacular month of progress.

Xpeng Gross sales Development

Let’s begin with Xpeng, because it offered barely extra data. The corporate delivered 14,036 EVs (or “Good EVs” because it calls them) in August 2024. That’s solely a rise of three% yr over yr (over the 13,690 EVs delivered in August 2023).

Nevertheless, wanting month to month, this was large progress. Xpeng’s supply complete grew 26% over July 2024 (11,145 deliveries).

Within the first 8 months of the yr mixed, Xpeng delivered 77,209 EVs. That may be a strong 17% enhance over the primary 8 months of 2023. Good. The way more constructive information, although, is that if we multiply the August complete (14,036) by 8, we get 112,288 deliveries. That’s an enormous bump over the 77,209 complete from the primary 8 months of the yr.

Extrapolating from August for an annual gross sales price, we’d get 168,432 Xpeng gross sales. Not too shabby, however I feel we will anticipate a a lot larger quantity within the years to come back, particularly with the introduction of the brand new M03.

NIO Gross sales Development

NIO had 20,176 deliveries in August 2024. That’s simply 4% progress over August 2023 (19,329 deliveries). However it’s progress.

The larger story NIO wished to focus on is its 2024 complete thus far. The corporate reached 128,100 deliveries within the first 8 months of 2024, a 36% enhance over the 94,352 deliveries within the first 8 months of 2023.

Total, NIO has climbed to 577,694 cumulative gross sales over the course of its younger life.

The 20,176 deliveries of August multiplied by 12 give us an annualized price of 242,112 deliveries. In different phrases, in about two years, NIO would attain the 1 million car gross sales milestone. Although, with the corporate’s gross sales climbing yr after yr, maybe it might hit that milestone notably sooner — possibly even earlier than the top of 2025?