NIO & Xpeng Sales — Good, But Sort of Meh – CleanTechnica

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We’ve got some good news and some meh news regarding hot, fun EV startups Xpeng and NIO. Both Chinese automakers just reported their August sales numbers, and the long-term trends look good, but it wasn’t a spectacular month of growth.

Xpeng Sales Growth

Let’s start with Xpeng, since it provided slightly more info. The company delivered 14,036 EVs (or “Smart EVs” as it calls them) in August 2024. That’s only an increase of 3% year over year (over the 13,690 EVs delivered in August 2023).

However, looking month to month, this was big growth. Xpeng’s delivery total grew 26% over July 2024 (11,145 deliveries).

In the first 8 months of the year combined, Xpeng delivered 77,209 EVs. That is a solid 17% increase over the first 8 months of 2023. Nice. The much more positive news, though, is that if we multiply the August total (14,036) by 8, we get 112,288 deliveries. That’s a huge bump over the 77,209 total from the first 8 months of the year.

Extrapolating from August for an annual sales rate, we’d get 168,432 Xpeng sales. Not too shabby, but I think we can expect a much higher number in the years to come, especially with the introduction of the new M03.

NIO Sales Growth

NIO had 20,176 deliveries in August 2024. That’s just 4% growth over August 2023 (19,329 deliveries). But it is growth.

The bigger story NIO wanted to highlight is its 2024 total so far. The company reached 128,100 deliveries in the first 8 months of 2024, a 36% increase over the 94,352 deliveries in the first 8 months of 2023.

Overall, NIO has climbed to 577,694 cumulative sales over the course of its young life.

The 20,176 deliveries of August multiplied by 12 give us an annualized rate of 242,112 deliveries. In other words, in about two years, NIO would reach the 1 million vehicle sales milestone. Though, with the company’s sales climbing year after year, perhaps it could hit that milestone notably sooner — maybe even before the end of 2025?