Published -July 10th, 2023 @ 12:43 PM (GMT+2)
The past week unfolded as an eventful period for the electric vehicle (EV) industry, with significant automakers revealing their second-quarter production and delivery figures. Interestingly, Rivian, an EV startup, now grapples with a lawsuit, making a fascinating contrast to the sector's prosperous figures.
Tesla's Record-breaking Quarter
Front-runner in the EV sphere, Tesla (NASDAQ:TSLA), disclosed another record-breaking quarter.
EV behemoth:
- 9% upturn in production - equating to 479,700 vehicles.
- Deliveries expanded by 10% for the Q2 - totaling 466,140 vehicles.
Tesla saw substantial traction in the Chinese market:
Selling 93,680 vehicles in June - marking an 18.72% yearly increment according to China Passenger Car Association (CPCA) statistics.
The robust Tesla sales in China were only outdone by local EV producer BYD.
BYD reportedly sold more than 250,000 EVs in June, signifying a considerable 88.16% year-over-year surge, as noted by the CPCA.
Li Auto Achieves Delivery Milestone
Li Auto Inc, a Chinese startup, achieved a remarkable milestone in June 2023, as the company surpassed the 30,000 monthly delivery mark for the first time by delivering more than 32,575 vehicles.
- Growth rate of 150.1% compared to the prior year
- Q2 deliveries hit 86,533 vehicles
- YoY increase of 201.6%
EV startups - Nio
Nio (NYSE:NIO) reported delivering 10,707 vehicles in June. While this figure represents a 17.4% drop from the same period last year, it also indicates a substantial:
- 74% monthly surge
- Q2 deliveries hit 23,520 vehicles.
Impressive Q2 for Xpeng
Chinese automaker Xpeng Inc (NYSE: XPEV)
- 8,620 EV deliveries for June
- 2Q total reached 23,205 units
- Q/Q increase of 27%
As of June 30, 2023, Xpeng's total EV deliveries surpassed 300,000.
Ford's Resilience in EV Sales
Ford (NYSE:F) retained its leading position, backed by the popularity of their combustion engine trucks. Simultaneously, Ford's EV sales exhibited promising growth.
- EV sales dipped by 2.8%
- YTD 11.9% at 25,709 units
GM's Sales Domination and EV Progress
On Wednesday, General Motors (NYSE:GM) announced:
- YoY 19% sales growth
- H1 sales with 1.3 million vehicles sold
The automaker also reported selling 36,322 electric vehicles, with 33,659 being Bolt and Bolt EUV models.
However, even as GM rules the U.S. auto sales sector, it faces potential complications from U.S. regulators. The company stated on Wednesday that it may encounter compliance challenges under the Environmental Protection Agency's (EPA) proposed vehicle emissions rules and other state and federal regulations.
Rivian's Legal Predicament Over Pricing
Meanwhile, American EV startup Rivian (NASDAQ: RIVN) found itself in the legal spotlight, as it was informed on Monday that it would have to confront a lawsuit initiated by Sjunde AP-Fonden. The lawsuit alleges that Rivian intentionally underpriced its EVs, consequently leading to an unpopular price hike necessary for the company to remain solvent.
The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions
