Chinese electric vehicle (EV) makers posted a mixed bag of delivery results for August. XPeng (XPEV) and NIO (NIO) both set new monthly records, with strong year-over-year gains. Meanwhile, BYD (BYDDF) reported flat sales compared to last year but a solid rebound from July. In contrast, Li Auto (LI) saw another month of sharp declines, raising questions about its lineup and market share.
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XPeng Extends Record Streak
XPeng delivered 37,709 EVs in August, marking a 169% year‑over‑year increase and a 3% rise from July, setting a new monthly record. Demand was powered by the success of its budget-friendly Mona 03 sedan, as well as continued traction from the next-generation P7 models.
The company also highlighted strong adoption of its driver-assistance system, XNGP, which saw an 85% penetration rate in urban driving. With new launches planned ahead, XPeng has positioned itself as the fastest-growing Chinese EV maker this summer.
NIO Hits New High
NIO delivered a record 31,305 vehicles in August 2025, up 55.2% year-over-year and 48.9% sequentially, driven by strength across its new sub-brands Onvo and Firefly. The Onvo L90 SUV stood out with 10,575 deliveries in its debut month, becoming the fastest model in NIO’s history to cross the 10,000-unit mark.
NIO also began pre-sales of its new ES8 on August 21, with early demand quickly surpassing the Onvo L90’s debut pace. The model will officially launch at NIO Day 2025 in late September, which could give another boost to deliveries.
BYD Holds Steady in August
BYD reported 373,626 new energy vehicle (NEV) deliveries in August 2025, essentially flat year-over-year but up 8.9% from July. Passenger NEV deliveries were up slightly by 0.17%, and overall deliveries rose 8.93% sequentially. Despite the lack of growth from last year, BYD remains far ahead of its peers in terms of volume, delivering several times more vehicles than XPeng, NIO, and Li Auto combined.
Meanwhile, the company also made 353,090 NEVs in August and shipped 80,813 units overseas, reflecting its growing global footprint. In addition, BYD installed about 23.2 GWh of batteries for both vehicles and energy storage, showing its strength as both the top EV seller and a key battery maker.
Li Auto Continues Downward Trend
Li Auto delivered 28,529 vehicles in August 2025, down 7.2% from July and 40.7% year-over-year. This was the company’s third straight month of falling deliveries.
To counter the slowdown, Li Auto is preparing new launches. In September, it will roll out the Li i6 battery electric SUV, priced between RMB 250,000 and RMB 300,000. It will also release OTA 8.0, adding its VLA Driver large AI model to Li AD Max users and introducing an upgraded smart assistant.
Which Is the Best EV Stock?
Using TipRanks’ Stock Comparison Tool, let us take a look at Wall Street’s ratings for the four EV stocks mentioned above.
Analysts are moderately bullish on BYDDF stock, which has a ‘Moderate Buy’ rating and the highest upside potential of 28.83%, with a price target of $17.63. XPEV also has a ‘Moderate Buy’ with 18.74% upside, while Li Auto has a ‘Hold’ but still a 17.73% upside. Meanwhile, NIO carries a Moderate Buy rating but analysts expect a 21.47% downside.
