NIO Delivers Fewer Cars Than Rivals; Li Auto Presses On With HKD15 Billion IPO
Leading Chinese electric vehicle (EV) maker NIO has been overtaken by local competitors Xpeng and Li Auto for the first time ever.
NIO announced on Monday that it delivered 7,931 vehicles in July, summing a total of 49,887 in 2021 so far. Although the mid-year total was higher than last year’s figures, NIO’s July numbers fell short compared to June.
On the same day, Xpeng said it delivered a monthly record of 8,0840 in July, while Li Auto announced on Sunday that it delivered 8,589 Li One vehicles in July – also a monthly record for the company.
Nonetheless, neither Xpeng and Li Auto have surpassed NIO’s year-to-date figures, delivering 38,778 and 38,743 vehicles respectively.
Meanwhile, Li Auto is pressing on with its dual listing in Hong Kong. It intends to issue 100,000,000 shares at a maximum of HKD 150 (USD 19.29) each.
Li Auto currently only has the Li One EV model on sale for now. It plans to launch 3 more models by 2023.
Amid the recent rout in Chinese equities, the EV industry stood out as a safe haven for investors given China’s quest to rebalance its economy for greater equality and sustainability. Read Bread’s insight on the industry here.