Chinese EV Startups Nio, Xpeng, and Li Auto Outperform Tesla as BYD Dominates Deliveries
Chinese EV startup Nio reported 10,707 vehicle deliveries in June, a 17.4% decline YoY but a 74% increase from May. For Q2, Nio delivered a total of 23,520 vehicles. Li Auto led in sales among the three startups with 32,575 deliveries, followed by Nio and XPeng with 10,707 and 8,620 deliveries respectively. China's extension of the purchase tax exemption for new energy vehicles comes as the NEV industry faces intense competition and economic challenges.