XPeng Leads Growth, While NIO and Li Auto Maintain Steady Gains
China’s top three smart electric vehicle (EV) manufacturers—NIO Inc. (NIO), XPeng Inc. (XPEV), and Li Auto (LI)—reported solid delivery growth in March and the first quarter of 2025, showcasing resilience in the competitive EV landscape.
NIO’s Steady Growth and Premium Focus
NIO delivered 15,039 vehicles in March, marking a 26.7% year-over-year increase. This included 10,219 units from its premium smart EV brand NIO and 4,820 units from its family-oriented ONVO brand. First-quarter deliveries totaled 42,094 units, reflecting a robust 40.1% annual increase. As of March 31, NIO’s cumulative deliveries reached 713,658. The company also started delivering its new smart electric executive flagship, the NIO ET9, in late March, aiming to strengthen its position in the high-end EV market.
XPeng’s Explosive Growth and AI Innovations
XPeng continued its rapid ascent, delivering 33,205 vehicles in March—a staggering 268% increase year over year. This marked the fifth consecutive month of deliveries exceeding 30,000 units. For Q1 2025, XPeng delivered 94,008 smart EVs, up 331% from the prior year. The company also launched the 2025 versions of its XPENG G6 and G9 models, featuring 5C AI batteries and Turing AI-powered smart driving capabilities. XPeng’s autonomous driving system, XNGP, achieved an 86% monthly active user penetration rate in urban driving. Additionally, the company expanded its global reach by entering the Indonesian market.
Li Auto’s Expansion and Infrastructure Growth
Li Auto saw steady growth, with 36,674 deliveries in March, up 26.5% year over year. Q1 deliveries rose 15.5% to 92,864 units, bringing its total deliveries to 1,226,736. The company continues to expand its retail and service network, boasting 500 stores across 150 cities and 502 service centers. Its charging infrastructure also grew, with 2,045 supercharging stations and over 11,000 charging stalls.
Stock Performance and Market Outlook
Despite strong sales, NIO and Li Auto’s shares declined 13.8% and 15.3%, respectively, over the past year. XPeng, however, saw its stock surge 182.1%, reflecting investor confidence in its aggressive growth and AI-driven strategy. As China’s EV market evolves, these companies are racing to solidify their positions in an increasingly competitive industry.
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