Chinese EV Manufacturers Unveil Impressive Delivery Volume in March
Chinese electric vehicle manufacturers have recently reported their delivery volumes for March. Based on the performance of NIO, XPeng, and Li Auto – all listed in both China and the US – it appears that they have met or exceeded their delivery expectations for the first quarter of this year.
In March, BYD sold 207,100 new energy vehicles and has already sold over 550,000 units in the first quarter. Additionally, in March, BYD sold a total of 13,312 new energy passenger vehicles overseas.
Li Auto delivered 20,800 new vehicles in March, marking another month of surpassing the 20,000 vehicle delivery milestone. This represents an impressive year-on-year growth rate of 88.7%. The company has officially delivered its L7 model and plans to begin deliveries for the L7 Air and L8 Air models in April. Li Xiang, Chairman and CEO of Li Auto, is optimistic about future sales projections stating that once the Air version models are released, monthly deliveries will exceed 30,000 units.
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NIO delivered 10,378 vehicles in March, marking a year-on-year increase of 3.9%. According to William Li, the Chairman of NIO, the brand will maintain its stable pricing strategy and has no intention of reducing prices by downgrading intelligent functions on models.
In March, the delivery volume of NETA was 10,087 units, a year-on-year decrease of 16.12% and a month-on-month increase of 0.14%. In the first quarter of this year, NETA’s cumulative delivery volume was 26,176 units, a year-on-year decrease of 13.19%. XPeng delivered 7,002 new cars in March with a month-on-month growth rate of 17%. Among them, the P7 model sold 3,030 units with a month-on-month growth rate of 32%, accounting for 43% of the total monthly deliveries. In March, Leapmotor delivered a total of 6,172 new cars, which is down by 39% compared to the same period last year. By the first quarter, Leapmotor has cumulatively delivered 10,509 vehicles.
In March, GAC AION, a subsidiary of the state-owned automaker GAC Group, delivered 40,016 new vehicles. This marks an increase of 97% year-on-year and 33% month-on-month. It is also the first time that monthly deliveries have exceeded 40,000 units. Meanwhile, Zeekr – an auto brand under Geely – delivered 6,663 new cars in March, which represents a YoY increase of 271% and MoM growth of 22%. According to Zeekr CEO An Conghui’s statement, the company aims to deliver up to 140,000 vehicles by the end of 2023.
According to the China Passenger Car Association (CPCA), retail sales of new energy passenger vehicles are expected to reach 560,000 units in March. This represents a year-on-year increase of 25.8% and a month-on-month increase of 27.5%. Despite poor performance in January and February due to adverse factors, the auto market in China began to recover in March as demand for cars increased. However, CPCA noted that increased consumer wait-and-see sentiment caused by various companies’ price reductions has resulted in a lower-than-expected market recovery rate. The China Association of Automobile Manufacturers (CAAM) predicted that the automobile market would stabilize in April with an accelerated recovery in demand.