There has been a lot of hype in recent months about EV sales growth slowing. As we’ve discussed here on, the story actually varies geographically and by brand. Some brands are seeing sales rise quickly, while others are seeing them stall or shrink. News this week out of China is that two of the biggest EV startups in the country, NIO and XPENG, have seen strong sales growth in 2024.Starting with NIO, the biggest figure it’s highlighting this week is that its April 2024 deliveries were up 134.
For the first four months of the year combined, NIO had 45,673 deliveries, an increase of 21.2%. Maybe it’s not 50% growth , but 21% growth is nothing to complain about!Furthermore, NIO just launched another hot new EV. “On April 25, 2024, NIO launched its 2024 ET7, a premium smart electric executive sedan. Featuring major enhancements in interior and exterior design and digital cockpit, the ET7 is tailored to cater to the demands of premium executive users.
Across the first four months of 2024, XPENG’s growth was similar to NIO’s. The company’s 31,214 deliveries meant a 23% increase year over year. Again, 23% growth is nothing to cry about! Interesting, XPENG’s highly advanced XNGP driver-assist suite had an impressive 82% user penetration rate in urban settings. Furthermore, XPENG is making progress bringing its unique driver-assist suite to Europe. “During the same month, XPENG successfully conducted tests for its NGP functions on the highways in Germany, making steady progress in the R&D phase toward the rollout of Highway NGP for overseas markets,”.
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