Deliveries of China’s electric cars rise substantially
August 4, 2020 Category China News Round-up, Weekly
Chinese electric car start-ups delivered 44,000 units in the first half, up 44.46% year-on-year and bucking the declining trend for new energy vehicles (NEVs), according to the China Banking and Insurance Regulatory Commission (CBIRC). Startups sold 11,461 vehicles in June, an increase of 18.19% year-on-year. But total new energy vehicle sales fell 37.4% to 393,000 units in the first half, according to the China Association of Automobile Manufacturers (CAAM). With the improving pandemic situation and government policies to promote auto sales, the fall in new energy vehicle sales in the second quarter was lower than in the first three months. Some companies are raising funds and going public as they try to grab market share and develop models. The country’s auto startups are mostly targeting drivers in their 30s who are willing to pay for the latest technology offered by NEVs. Due to the launch of new models and increasing demand for replacement vehicles in the first half, sales of these companies are better than the overall market. In the first half, NIO remained the market leader, delivering 14,048 vehicles. Li Auto ranked second with 9,667 units and WM Motor ranked third with 5,772 cars delivered. They were followed by Xpeng Motors, which delivered 5,663 units from January to June.
Li Auto raised USD1.1 billion in a U.S. initial public offering (IPO). Guangzhou-based Xpeng Motors has filed confidentially to list in the U.S. But it has not yet chosen between the Nasdaq or the New York Stock Exchange (NYSE). China’s auto sales are set for a third straight year of decline, analysts say. The boost from pent-up demand and government incentives will likely fall in the second half, the Shanghai Daily reports.
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