Chinese EV Maker Nio Inc Reports 10,707 Vehicle Deliveries in June, Li Auto Takes the Lead in Sales
July 3, 2023 1:28 AM | 1 min read
Chinese electric vehicle (EV) maker Nio Inc (NYSE:NIO) has reported 10,707 vehicle deliveries for the month of June. While this number falls behind Li Auto’s (NASDAQ:LI) deliveries, it surpasses those of XPeng (NYSE:XPEV).
In comparison to the previous year, Nio saw a 17.4% decline in deliveries. However, it experienced a significant 74% increase from the delivery numbers reported in May. In total, Nio delivered 23,520 vehicles for the second quarter.
Meanwhile, Li Auto reported 32,575 deliveries, while Guangzhou-based XPeng recorded 8,620 deliveries. Cumulatively, for the second quarter, Li Auto took the lead in sales among the three EV startups, with Nio coming in second.
Late last month, China announced its decision to extend the purchase tax exemption for new energy vehicles for an additional four years. This move comes at a time when the economy is facing challenges despite reopening after the COVID-19 pandemic. The NEV industry, in particular, is experiencing intense competition due to the large number of players.
As a result, Nio recently reduced the prices of all its new models by 30,000 yuan or $4,200. This decision followed disappointing quarterly results that fell short of estimates.
The extension of the purchase tax exemption provides a boost to the EV industry in China, as it continues to navigate through a competitive market and economic recovery.
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