China’s electric-vehicle leaders posted another month of mixed delivery results in November 2025. NIO (NIO) and XPeng (XPEV) continued to show solid growth momentum, while Li Auto (LI) remained under pressure as demand slowed for its older models.
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NIO Posts Strongest Growth
NIO delivered 36,275 vehicles in November, up 76.3% year-over-year, marking one of the strongest delivery increases in the sector. Growth came from across its three brands — NIO, ONVO, and FIREFLY — showing broad consumer demand across multiple price segments.
Year-to-date, NIO has delivered 277,893 units, up 45.6% from the same period last year. The company’s steady delivery ramp continues to support sentiment that its multi-brand strategy may be paying off.
XPeng Maintains Strong Delivery Momentum
XPeng reported 36,728 deliveries in November, rising 18.88% year-over-year. While deliveries declined 12.58% compared to October’s record level, the company still posted one of its strongest totals so far.
XPeng also hit a major milestone as its cumulative deliveries since inception reached 982,316 units, putting it close to the one-million mark. Year-to-date deliveries stand at 391,937 units, up 155.54% from last year, supported by growing overseas demand and newer model momentum.
Li Auto Is Still Struggling
Li Auto delivered 33,181 vehicles in November, down 31.92% year-over-year, marking its sixth straight monthly decline. Still, deliveries rose 4.45% from October, indicating that demand may be starting to steady as newer models ramp up.
So far this year, Li Auto has delivered 362,097 vehicles, down 18.08% from last year. The company is now focused on increasing production of its newer electric SUVs and boosting capacity for the Li i6, which it hopes will help turn the trend around.
Which Is the Best EV Stock?
Using TipRanks’ Stock Comparison Tool, we compared XPeng, NIO, and Li Auto to see which stock analysts currently prefer. Both XPeng and NIO hold a Moderate Buy rating, while Li Auto carries a Hold rating, reflecting its recent delivery softness.
Analysts see the highest upside in XPeng, with an average price target of $29.43, pointing to about 35% upside. NIO follows with a price target of $6.67, suggesting 21% upside. Meanwhile, Li Auto’s price target of $23.21 implies about 26% upside.
