China’s leading EV makers reported a strong rebound in March 2026 deliveries after a softer February. Li Auto (LI) led in total volume, while NIO (NIO) and XPeng (XPEV) showed strong growth momentum.
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Li Auto Stays at the Top
Li Auto delivered 41,053 vehicles in March, maintaining its lead among the group. The company also said earlier production bottlenecks have been resolved, helping support the recent pickup in deliveries.
A key driver was the Li i6, with monthly deliveries crossing 24,000 units. Looking ahead, investors are watching the launch of the new Li L9, expected in the second quarter of 2026.
Nio Posts Strong Growth
Nio delivered 35,486 vehicles in March, marking a 136% increase year-over-year. Growth came from across its three brands, showing strength beyond its core premium segment.
The main Nio brand contributed 22,490 units, while ONVO added 6,877 and FIREFLY delivered 6,119 vehicles. This broad mix suggests the company is gaining traction across different price segments.
For the first quarter, Nio delivered 83,465 vehicles, up 98.3% from a year ago, with cumulative deliveries reaching 1,081,057 units.
XPeng Gains Momentum
XPeng delivered 27,415 vehicles in March, an 80% jump from the prior month, signaling a strong recovery.
For the first quarter, deliveries came in at 62,682 vehicles. The company is also pushing global expansion, recently entering the Mexican market as part of its broader Latin America strategy.
Overall, the March data points to improving demand across China’s EV market. The latest numbers suggest momentum is picking up again, with all three companies showing progress in production, product mix, and expansion.
Wall Street’s Take on NIO, XPEV, and LI Stocks
Using TipRanks’ Stock Comparison Tool, let’s look at Wall Street’s view on the U.S.-listed shares of Nio, XPeng, and Li Auto.
Currently, Nio and XPeng carry a Moderate Buy consensus rating, while Li Auto is rated Hold. Among the three, analysts see the highest upside in XPeng, with a potential gain of about 44%, compared to roughly 7% upside for both Nio and Li Auto.
