Budget EV Houngguang's Sales Outshine Nio, Xpeng, Li Auto Numbers Combined In November, 22% Surge
China’s best-selling budget electric car that is built under a joint venture involving $General Motors (GM.US)$ outshone the combined delivery numbers of the “big three” homegrown players $NIO Inc (NIO.US)$ , $XPeng (XPEV.US)$ and $Li Auto (LI.US)$ in November.
What Happened: The Hongguang Mini EV built by Wuling — a partnership between China’s state-owned SAIC Motor and GM — sold 45,576 units in November, a jump of 22.1% from a year ago, and a decline of 4.7% sequentially, as per a cnEVpost report.
For comparison, the three EV startups' combined delivery volumes came at 39,976 electric vehicles during the month. All three players delivered more than 10,000 electric vehicles each -- with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month.
The basic Hongguang Mini starts at $4,500 and goes up to $6,000 for its most premium variant named Macaron. Rival electric vehicles including those of $Tesla (TSLA.US)$ cost significantly higher.
Why It Matters: GM has several other partnerships in China and doesn't always individually break down revenue and profit numbers in its financial results. The automaker has set ambitious targets to switch to electric and autonomous driving under CEO Mary Barra.
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Wilson LH : cute EV
魔家 : It looks like a toy car
70580956 : Looks like it’s from a cartoon
FiveHundredCents OP 70580956 : LOL...It seems very popular in the Chinese market, especially women
FiveHundredCents OP Wilson LH : right?
FiveHundredCents OP 魔家 : Lmao....suitable for cute girls, I can’t imagine boys driving it hahahaha, A "macho"