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Xpeng, Li Auto and Nio report woeful August sales as Chinese EV makers face weakening demand for big-ticket items
- Xpeng and Li Auto reported fewer deliveries month on month in August, while Nio reported a 6 per cent increase in sales
- Buyers are having second thoughts about making big purchases amid an uncertain economy, says market observer
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The three top Chinese smart electric vehicle (EV) makers reported lacklustre sales in August, sparking fears that consumers are putting off big-ticket purchases because of a slowing economy.
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Xpeng, the best-performing smart Chinese EV maker this year, delivered 9,578 vehicles in August, down 17 per cent from a month earlier and a second straight monthly drop.
Li Auto’s sales plunged 56.1 per cent to 4,571 units, compared with 10,422 in July. It was the second lowest monthly sales this year, slightly better than 4,167 in April when Covid-19 related lockdowns strained the automotive supply chain and disrupted production.
Nio delivered 10,677 vehicles last month, up 6 per cent from July.
“The sales of the three companies failed to live up to expectations,” said Chen Jinzhu, chief executive of Shanghai Mingliang Auto Service, a consultancy firm. “Some potential buyers [of their vehicles] might have changed their minds due to worries about job prospects.”
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