China is home to the most thriving EV market on the planet. It is one of Tesla's biggest markets alongside having homegrown majors like Nio and XPeng. And it is these two - Nio and Xpeng, who have posted record profits for June 2021 - basically Q2. Nio has been a publicly-traded company since 2014 and is based in Shanghai. It debuted its first EV, the EP9 sports car back then. Over the years, it has been more known for its electric SUVs like the ES8, ES6, and EC6. It now has the ET7 which is a sedan that was announced last January to compete with the Tesla Model S. Nio is now expanding beyond China with sales starting in Norway. It has also received approval for the mass production of ES8 which an SUV.
XPeng has had a similar journey. It was also founded in 2014 and is headquartered in Guangzhou. XPeng went public more recently in 2020 raising $1.5 billion. Since 2018, it has launched two EVs - the G3 SUV, and the P7 sedan. It also announced a new sedan called the P5 earlier this year at the Shanghai Motor Show.
NIO is one of the dominant EV players in the Chinese market
Nio reported that it had delivered 8.083 vehicles last month representing a growth of 116.1 per cent year on year. It also represented a 20 per cent growth from the previous month. It delivered 1,498 ES8s, 3,755 ES6s and 2,830 EC6s.
For Q2, Nio reported that it delivered 21,896 vehicles which is a quarterly record and an increase of 111.9 per cent. Overall, Nio now has delivered 1,17,587 electric vehicles.
XPeng wasn't far off from Nio. It reported its highest ever sales at 6,565 EVs in June 2021. This an even bigger increase than what Nio saw at 617 per cent compared to June 2020. It was also a 15 per cent increase in the last month. It sold 4,730 P7s and 1,835 G3s.
XPeng delivered a record total of 17,398 vehicles which was a staggering 439 per cent increase year on year. As of now, the overall deliveries have reached 30,738 which is a 459 per cent increase from June 2020.
