Nio Leads Strong May Deliveries By Chinese EV Makers — Do These Numbers Have Implications for Tesla?

$NIO-SW(09866.HK)$ sold a record 20,544 EVs in May, with both its SUVs and sedans selling strongly. The May number marked a record total for the company.

$XPeng(XPEV.US)$ said it sold 10,146 EVs, with X9 sales coming in at 1,625 units. XPeng stated that the X9 has maintained its top-selling position in both the all-electric MPV and three-row model segments in China since their launch.

$Li Auto(LI.US)$ delivered 35,020 vehicles in May 2024, including 15,000 Li L6s. Deliveries of the L6 began on April 24, and the strong sales set a record pace for the company’s newly launched models.

China has become a competitive market, as global leader Tesla has gone all out with its strategy of undercutting its competition. Nimble domestic startups have followed suit, announcing their own price cuts and incentives. Weekly insurance registration data released from $Tesla(TSLA.US)$ China shows Tesla still struggling to push sales. Through the week of May 26, the number of insurance registrations for Tesla EVs was at 13,200, according to a Tesla number cruncher.