Elon who?
Okay, that's a little harsh, but Musk's Tesla (TSLA) -), the world's largest electric vehicle maker, was slipping recently, while Chinese EV companies were posting impressive results.
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Tesla (TSLA) -) posted softer-than-expected third quarter deliveries on Oct. 2, citing planned downtimes for key factories in the U.S. and China.
Tesla delivered 435,059 new cars over the three months ended in June, the company said in a statement, up 26.5% from the same period last year and 6.6% south of the 466,140 tally reached over the second quarter.
Analysts' forecasts for deliveries ranged from 420,000 to around 470,000 with Refinitiv pegging the March quarter target at 459,000.
Things over in China, the world's largest electric vehicle market, were a little rosier.
Nio (NIO) -) delivered 15,641 vehicles in September, up by nearly 44% year-over-year. The deliveries consisted of 11,504 premium smart electric SUVs, and 4,137 premium smart electric sedans.
Image source: Nio
Company sees 'ever-increasing demand'
The company delivered 55,432 vehicles in the third quarter, up 75.4% year-over-year. Cumulative deliveries of Nio vehicles reached 399,549 as of Sept. 30.
Nio set a company record for monthly deliveries in July 2023 with 20,462, which include over 10,000 in sales of its all-new ES6 SUV, which debuted in May.
The Hefei, China, automaker reported 19,329,deliveries in August, an 81% increase year-over-year.
On Sept. 15, Nio launched and started deliveries of the EC6, a smart electric coupe SUV, the last of the company's models to convert to Nio's second generation NT 2.0 platform
The EV will be available first in China, before making its way to Europe at some point. There is currently no word on if it will ever make it to the U.S.
Meanwhile, Li Auto (LAAOF) -) said September deliveries grew 213% year-over-year and 3.3% month-over-month to 36,060 vehicles.
The company’s third-quarter 2023 deliveries skyrocketed nearly 300% to 105,108 units, exceeding the guidance range of 100,000 to 103,000 vehicles.
"Driven by the ever-increasing market demand, we made numerous historic breakthroughs in September, achieving record-high weekly and monthly sales performance as well as a new high in order intake with over 40,000 orders received in a single month," Xiang Li, chairman and CEO said in a statement.
EU conducting probe
"Meanwhile, monthly deliveries for each of our three Li L series models exceeded 10,000 vehicles for the second consecutive month," he said.
And then there's XPeng (XPEV) -), which said September deliveries increased by nearly 81% year-over-year and 12% from August to 15,310 vehicles.
Total smart EV deliveries for the third quarter reached 40,008 units, a quarter-over-quarter increase of 72%
The company's G6 deliveries reached 8,132 units in September, which brought cumulative G6 deliveries to 19,381 units
Back in June, XPeng's president Brian Gu predicted that the number of players in the EV field will shrink to about 10 companies as the sector becomes “a lot more concentrated than what we see today.”
Separately, the European Union is investigating subsidies that China has given to EV makers after gathering evidence of significant distortions in the European market, MSNBC reported on Sept. 28, where vehicles produced in the bloc are facing steep competition from cheaper offerings of products made in China.
Authorities in Beijing have criticized what they describe as “protectionist” views from Brussels.
Non-Chinese brands of electric cars, such as Tesla and BMW (BMWYY) -) could be examined as part of the ongoing investigation, the report said.
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