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China-based electric vehicle (EV) companies NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI provided delivery updates for the fourth quarter and full-year 2024.
All three companies registered more than 30% year-over-year growth in deliveries for full-year 2024. Li Auto delivered 500,508 vehicles last year, up 33% from 2023 levels. With over 500,000 annual vehicle deliveries within just five years of the company’s first delivery, LI has set a new benchmark as the fastest-growing premium auto brand in the Chinese market. NIO and XPeng delivered 221,970 and 190,068 units in 2024, indicating an uptick of 30.7% and 34%, respectively.
Let’s look at fourth-quarter 2024 and December delivery count of these automakers.
NIO’s vehicle delivery surged 73% year over year to 31,138 vehicles in December. The deliveries included 20,610 vehicles from the NIO brand and 10,528 units from the ONVO brand. For the fourth quarter of 2024, NIO delivered 72,689 units, up 45% on a yearly basis. With that, NIO logged a new monthly and quarterly record in vehicle deliveries. The cumulative deliveries were 671,564 vehicles as of Dec. 31, 2024. At NIO Day 2024, the company officially launched the ET9 model, the deliveries of which are scheduled to begin in March. The deliveries of the first model of the company’s third brand, Firefly, will commence in April.
XPeng’s deliveries rose 82% year over year last month to a total of 36,695 units. Deliveries of the MONA M03 model exceeded 10,000 units for the fourth straight month. Fourth-quarter deliveries totaled 91,507 units, up 52% year over year, and surpassed the upper end of the company’s forecast. XPeng’s cumulative deliveries reached 590,379 vehicles as of Dec. 31, 2024. Last month, XPEV rolled out its second OTA upgrade for the P7+, introducing XOS 5.5.0 with advanced "door-to-door" ADAS for seamless driving across parking, highways, and urban roads. XNGP's urban driving penetration hit 85.12%.
While XPEV currently carries a Zacks Rank #2 (Buy), NIO is a #3 Ranked (Hold) stock now. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Li Auto delivered 58,513 vehicles last month, up 16.2% year over year. Fourth-quarter deliveries shot up 20.4% to a total of 158,696 units. As of Dec. 31, 2024, Li Auto reached a significant milestone by surpassing 1.1 million cumulative vehicle deliveries. At the end of 2024, Li Auto operated 502 retail stores in 150 cities, along with 478 servicing centers and authorized body and paint shops, extending its presence to 225 cities. This month, Li Auto will roll out OTA update 7.0, enhancing highway NOA (Navigation on Autopilot) with end-to-end architecture. It integrates city and highway NOA, powered by the company’s dual E2E and vision-language models.