Li Auto (LI) hit a significant milestone in 2024, surpassing 500,000 electric vehicle (EV) deliveries, a major achievement for a startup. The company’s sales jumped 33% from last year, with 58,513 cars sold in December alone, according to CNBC. However, despite this strong performance, the company slightly missed its Q4 target of 160,000-170,000 deliveries.
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XPeng and Zeekr Follow Suit with Strong Growth
XPeng (XPEV) saw an impressive 82.4% year-over-year surge in December, delivering 36,695 cars, driven by its new P7+ model and the Mona M03 subbrand. Similarly, Zeekr (ZK) posted its fourth consecutive month of record sales, closing December with 27,190 units sold, contributing to a full-year total of 222,123 vehicles. Both companies have aggressively expanded their offerings and sales targets, with Zeekr reporting a near 100% increase in Q4 deliveries.
China’s EV Price War Heats Up
The price war in China’s EV market is pushing the industry into overdrive. Tesla (TSLA) and BYD (BYDDF) have slashed prices on their EV models, with discounts driving sales but putting pressure on smaller makers. China’s EV market is poised to grow, with sales expected to top 11 million vehicles in 2024. This could set the stage for a huge moment in 2025 when EVs might actually outsell traditional combustion engine vehicles.
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