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Top Three Chinese Electric Car Startups Report 18K Deliveries in January 2021, Increasing by up to 470% YoY

Top Three Chinese Electric Car Startups Report 18K Deliveries in January 2021, Increasing by up to 470% YoY

Chinese electric vehicle (EV) makers Nio, Li Auto and Xpeng posted record performance in January.

According to the research data analyzed and published by Comprar Acciones, Nio delivered 7,225 cars, up by 352.1% year-over-year (YoY), Xpeng sold 6,015 units, up by 470% YoY while Li Auto had 5,379 deliveries, up by 355.8% YoY. In total, the three companies sold 18,619 units during the month of January 2021.

Based on a study by S&P Global, EV sales in China soared by an estimated 8% in 2020 to 1.3 million units. In 2021, it projects a 40% increase to 1.8 million deliveries.

Nio Sales to Jump by 100% in 2021, Li Auto by 92%, Xpeng by 126%

Nio’s stock gained by over 1,100% in 2020 and is up by 20.24% year-to-date (YTD) as of February 9, 2021. According to Marketwatch, its total gains over the previous one-year period was a spectacular 1,391.67%.

Xpeng which got listed on the NYSE in August 2020 saw its shares surge by 185% by the end of the year. On the other hand, since Li Auto’s listing on the Nasdaq in July, its shares gained 150% by the end of 2020.

According to Morgan Stanley, Nio and Li Auto are expected to post profits for the first time in 2021. Xpeng is, however, expected to widen its losses.

Nio’s sales are set to reach 33.6 billion yuan, up by 100% from 18.6 billion yuan in 2020. Its profit is projected to rise to 6 million yuan up from a 2020 loss of 4.4 million yuan. Li Auto’s revenue is set to rise by 92% to 17.96 billion yuan. Its profits are forecast to rise to 980 million yuan up from a 541 million yuan loss in 2020.

Xpeng is set to have a 126% increase in revenue to 13.95 billion yuan. But its losses will grow from 3.56 billion yuan in 2020 to 4.23 billion yuan in 2021.