NIO Inc

NIO handed over 25,059 vehicles during the second quarter, constituting a 14.4% year-over year rise, but the figure was lower than the one in the first quarter.

Last month, the Chinese EV startup had unveiled its latest model, the ES7 mid-large SUV, with deliveries expected to begin in August. The ES7 will be the firm’s fastest SUV to date, with 0-100 Km / h achieve in 3.9 seconds.

Earlier this week, Grizzly Research had accused NIO of exaggerating revenue and profitability figures, with the EV maker responding that the report of the “short seller” has no merit and includes “numerous errors, unsupported speculations and misleading conclusions and interpretations”.

NIO.us rose by around 25% last month but had a mixed second quarter, in an overall bad year-to-date performance.

Trade the News: View our Economic Calendar

XPeng

Rival XPeng, reported higher figures, since it delivered 34,422 cars in Q2, almost doubling compared to the same period last. However, the firm had handed over a marginally higher number of vehicles during the first quarter (34,561).

The firm said that pre-orders for its new G9 flagship SUV will start next month. The new model was unveiled late last year and will be the first to get the XPILOT 4.0 in-house proprietary advanced driver assistance system (ADAS).

XPEV.us registered a very poor first-half of the year, but the third quarter as profitable thanks to June’s roughly 35% rally.

China’s EV Importance

The electric vehicle market is very dynamic with start-ups constantly popping-up and legacy automakers pushing on electrification, while Tesla (TSLA) is the undisputed king of the market, having delivered more than 900,000 cars worldwide last year.

The Chinese market is very important for the industry, since it accounted for more than half of the global sales in 2021. In a report published yesterday, the International Energy Agency (IEA) found that electric vehicle sales doubled to 6.6 million last year, representing close to 9% of the overall car market, while 3.4 million of them were sold in China.

During a recent Bloomberg interview in the Qatar Economic Forum, Tesla’s CEO Elon Musk, said that he is “very impressed” with Chinese car companies (and in Chinese firms in general), which are “extremely competitive”.