Li Auto (NASDAQ: LI) continued to flex its muscles, showing strong sales last week while its two local peers, NIO (NYSE: NIO) and XPeng (NYSE: XPEV), remained weak.
For the week of June 5 to June 11, Li Auto sold a record 8,400 units, the company said today on Weibo.
That's far more than other new car-making brands and more than the second, third and fourth places on the list combined, it said, adding that Li Auto had sold 11,900 units this month as of June 11.
Li Auto continues to rank in the top five luxury brands sold in the Chinese market and is the highest-ranked Chinese brand on the list, it said.
The company has maintained its focus on premium family customers and has made a strong showing in the segment with its L series models, it said.
With the company's all-electric model and the delivery of the Li L6 next year, Li Auto is confident it will surpass one of the German luxury brands BMW, Mercedes-Benz and Audi in total sales in 2024, it said.
BMW Brilliance sold 653,976 vehicles in 2022, essentially unchanged from 651,236 in 2021, and ranked 14th among the top 15 automakers in retail sales in China last year, according to the China Passenger Car Association (CPCA). Mercedes-Benz and BMW did not make the ranking.
Li Auto did not explain on what basis that weekly sales were tallied, but apparently, they were insurance registrations. The company had suspended sharing those numbers in May, but has later resumed sharing them.
All of the models Li Auto is currently selling are extended-range electric vehicles (EREVs), essentially plug-in hybrids, including the five-seat Li L7 and the six-seat Li L9 and Li L8.
The EREV maker guided a month ago for second-quarter deliveries of between 76,000 and 81,000 units, meaning June deliveries are expected to be between 22,042 and 27,042 units, considering it delivered 25,681 and 28,277 units in April and May, respectively.
Tesla (NASDAQ: TSLA) sold 16,400 units last week, putting the June 1-11 cumulative total at 26,000, according to Li Auto. In the previous week, May 29-June 4, Tesla's figure was 14,500 units.
NIO (NYSE: NIO) had 1,500 units last week and 2,800 units this month as of June 11. Its figure for the previous week was 1,700 units.
When NIO announced its first-quarter earnings on June 9, it guided for second-quarter vehicle deliveries to be in the range of 23,000 to 25,000 units.
Considering it delivered 6,658 vehicles in April and 6,155 vehicles in May, the guidance implies that NIO expects June deliveries to be in the range of 10,187-12,187 vehicles.
NIO officially launched the new ES6 on May 24, and its deliveries started the same night. The company will launch the ET5 Touring on June 15 and deliveries will start the next day.
Yesterday, NIO's starting prices for the entire new lineup were reduced by RMB 30,000 ($4,200), but the previously free battery swap service several times a month became a paid option.
This move will provide consumers with more flexibility and lower the threshold for purchasing a NIO car, which is expected to boost sales.
XPeng (NYSE: XPEV) was at 1,500 units last week and 2,200 units for the month as of June 11. XPeng's figure for the previous week was 2,100 units.
The company guided for second-quarter deliveries of between 21,000 and 22,000 units when it reported first-quarter earnings on May 24. That means XPeng deliveries in June are expected to be in the range of 6,415 to 7,415 units.
XPeng began pre-sales of the new SUV G6 on June 9, with pre-sale prices starting at RMB 225,000, significantly lower than the Tesla Model Y's starting price of RMB 263,900 in China.
The G6 show cars are already available at XPeng stores, and the model will be officially launched on June 29, with deliveries starting in July.
The XPeng G6 received more than 25,000 orders within 72 hours of the start of pre-sales, the company announced yesterday.
Zeekr was at 1,500 units last week and 2,400 units this month as of June 11. Its figure for the previous week was 2,100 units.
Leapmotor was 3,000 units last week and 4,400 units this month as of June 11. Its figure for the previous week was 3,400 units.
Neta was at 1,900 units last week and 2,800 units this month through June 11. Its figure for the previous week was 2,900 units.