Quarterly Results

Xpeng delivered a record 91,507 vehicles in the fourth quarter, exceeding the upper end of its guidance range of 87,000 to 91,000 vehicles.

Li Auto delivered 158,696 vehicles in the fourth quarter, below the lower end of its guidance range of 160,000 to 170,000 units.

The Zeekr brand delivered 79,250 vehicles in the fourth quarter of 2024, an increase of 99.84 percent year-on-year and up 44.08 percent over the third quarter.

The automotive business was the main reason for Tesla's weaker-than-expected earnings, as incentives were more intense than expected.

Leapmotor attributes this to continued volume growth, product mix optimization, cost control and operational efficiency.

Nio is confident of doubling sales next year and aims to be profitable by 2026. The third brand is officially named Firefly and its first model will begin deliveries in the first half of 2025.

Nio reported weaker-than-expected revenue in the third quarter, which was also below its guidance range. It reported a net loss that was flat from the second quarter, with gross margin improving to 10.7 percent.

Xpeng reported revenue of RMB 10.1 billion in the third quarter, with a record gross margin of 15.3 percent, beating analysts' expectations.

In the third quarter, Xiaomi's innovative business, which includes EVs, had a gross margin of 17.1 percent and an average vehicle sales price of RMB 238,650.

Zeekr saw its net loss decrease by 37.0 percent in the third quarter, while lower battery pack sales dragged down revenue.