Sales of the US-listed Chinese electric car trio are on the rise, with Nio (NYSE: NIO) on track to sell 100,000 units next year and Li Auto (NASDAQ: LI) and Xpeng (NYSE: XPEV) on track to sell 50,000 units each, analysts said.
In a report on Saturday, China Merchants Securities said the market response to Nio’s ES6 and EC6, Li ONE, and Xpeng P7 models has been positive.
From the disclosed sales figures in October, Nio’s monthly sales reached 5,055 units, while Li Auto and Xpeng’s monthly sales have exceeded 3,000 units.
Now that Nio, Xpeng, and Li Auto have all gone public in the US, the three new powerhouses are now on a rapid rise in sales after a difficult period, the report notes.
The judgment was based on the fact that China’s new-energy vehicle sales are accelerating in 2020, shaking off the effects of Covid-19, the report said.
China’s new-energy vehicle sales remained at around 1.05 million units from 2018 to 2019. As we enter 2020, new energy vehicle sales are rapidly recovering from the epidemic, although the impact of Covid-19 has significantly reduced year-over-year sales in the first few months of the overall auto market.
The year-on-year growth rate of new energy vehicle sales has turned from negative to positive from July and growth is accelerating. Domestic new energy vehicle sales were 16.0 million units in October, up 104.5 percent year-on-year, the report said.
