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There has been a lot of hype in recent months about the slowdown in electric vehicle sales growth. As we discussed here CleanTechnica, the story actually varies geographically and by brand. Some brands are seeing sales increase rapidly, while others (particularly Tesla) are seeing them stagnate or shrink. The news out of China this week is that two of the country's largest EV startups, NIO and XPENG, have seen strong revenue growth in 2024.
NIO turnover increased by 21% in 2024
Starting with NIO, the biggest figure it highlights this week is that April 2024 shipments rose 134.6% year-over-year, reaching 15,620 units. Multiply that by 12 and that would be 187,440 deliveries for the year. April deliveries came from “8,817 premium smart electric SUVs and 6,803 premium smart electric sedans,” the company said.
For the first four months of the year combined, NIO had 45,673 deliveries, an increase of 21.2%. Maybe it's not 50% growth (or 135% growth), but 21% growth is nothing to complain about!
Cumulative lifetime deliveries increased to 495,267 units.
Plus, NIO just launched yet another new EV. “On April 25, 2024, NIO launched its 2024 ET7, a premium smart electric executive sedan. With significant improvements to the interior and exterior design and the digital cockpit, the ET7 is tailored to the demands of premium executive users. Deliveries of the ET7 2024 started on April 30, 2024,” writes the company.
XPENG sales increased by 23% in 2024
Meanwhile, XPENG's April sales grew 33% year-over-year to 9,393 deliveries. Multiply that by 12 and you arrive at 112,716 deliveries spread over a year. The new XPENG G9 accounted for 1,959 of those deliveries.
Through the first four months of 2024, XPENG's growth was similar to NIO's. The company's 31,214 deliveries marked a 23% increase year-over-year. Again, 23% growth is nothing to cry about!
Interestingly, XPENG's highly advanced XNGP driver assistance package had an impressive 82% user penetration rate in urban environments. In addition, XPENG is making progress in bringing its unique driver assistance package to Europe. “In the same month, XPENG successfully tested its NGP features on highways in Germany, making steady progress in the R&D phase towards the rollout of Highway NGP for overseas markets,” writes XPENG. There's more to write about the AI and driver assistance technology, but that's probably best left for a separate article or two.
EV sales hopping
Overall, I think it's safe to say that the EV revolution is alive and well in China. EV startups continue to see strong growth, reaching numbers comparable to sales of many older brands in China and other major auto markets.
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