TMTPOST -- Zeekr Intelligent Technology Co., Ltd. and Xpeng Inc. outperformed the U.S. stock market Friday. The American depositary receipts (ADRs) of Zeekr and Xpeng rose nearly 1% and and around 2.6%, while the benchmark S&P 500 settled 0.4% higher. Share rallied after the Chinese electric vehicle (EV) makers and thir peers further set their monthly delivery records.
Credit:BYD
BYD Co. Ltd, China's No.1 new energy vehicle (NEV) manufacturer, sold 502,657 vehicles in October, refreshed its sales record for a fifth straight month. The sales represented a 66.5% year-over-year (YoY) increase, and marked BYD became the first Chinese automaker to sell more than 500,000 cars in a month. As of October, BYD sales to the year date gained 36.49% YoY to 3,250,532 units.
Zeekr's delivery for October nearly doubled from a year ago to 25,049 vehicles, shattering its monthly record for two months in a row. The new record volume was 3,716 units more than the previous one, or a 17.4% month-over-month (MoM) increase. With a YoY rise of 92%, Zeekr became one of Chinese EV startups with the most robust delivery growth last month.
Zeekr, the startup under Volvo's owner Zhejiang Geely Holding Group has delivered a total of 167,922 EVs from January to October, up 82% YoY. Zeekr has to break more records in the rest months of the year 2024 to meet the annual target of 230,000 cars it disclosed January. That means the company need to deliver more than 31,000 vehicles in November and December each.
Zeekr suggested it can gain traction with launches recently. It said it has officially rolled out and commenced deliveries of the Zeekr MIX, a five-seat, family-oriented vehicle. The ZEEKR MIX redefines the concept of an everyday driver, seamlessly combining ample space, outstanding safety, and agile handling.
Xpeng announced delivery of 23,917 Smart EVs in October, up 12%, or 2,560 units, from its previous month record set in September. The delivery rose 20% YoY in October and brought the total deliveries in the first ten months of the year to 122,478 units, a 21% increase from the same period last year. As to its intelligent all-electric hatchback coupe, Xpeng said deliveries of MONA M03 exceeded 10,000 units for the second straight month.
Other Chinese EV manufacturers also recorded robust delivery growth on yearly basis. Leapmotor's delivery in October surged 109.7% YoY to a new record of 38,177 cars. The Stellantis' Chinese partner for the first time received order of more than 42,000 units that month. Orders of three Leapmotor models--C10, C11 and C16 exceeded 10,000 units each.
Li Auto said it delivered 51,443 vehicles in October, up 27.3% YoY, while the delivery was declined 4.2% from the monthly record the company set a month ago. As of October 31, Li Auto had delivered a total of 393,255 vehicles in 2024, with cumulative deliveries reaching 1,026,619. The company said it remained the sales champion of Chinese automotive brands in the RMB200,000 and above NEV market for seven straight months. And October saw the company achieved a significant milestone with over one million cumulative deliveries, becoming the first Chinese premium automotive brand to reach this landmark.
Nio shipped 20,976 EVs in October with a 30.5% YoY increase, nearly 1% less than delivery for the previous month. The EV company has recorded monthly delivery of more than 20,000 units for the sixth consecutive month. Its deliveries for the first ten months of 2024 reached 170,257 units, up 35.05% YoY.
