China’s electric vehicle (EV) market experienced a boost in the third quarter of 2020 despite subsidy cuts and a shakeout since the coronavirus crisis.
This is much because of better-than-expected market recovery in the country that new energy vehicle sales increased 26 percent year on year in August. Sales of passenger vehicles also increased 8.9 percent last month, registering the fastest growth since May 2018.
Tesla Inc on Friday beat Wall Street estimates for third-quarter vehicle deliveries, driven by higher demand for its mass-produced Model 3 sedans.
The American electric automaker made deliveries of 139,300 vehicles during the quarter, beating estimates of 134,720 vehicles.
Tesla delivered 124,100 Model Y and Model 3 units, somewhat below Refinitiv expectations of 128,000 for the two models combined.
Including the third quarter, Tesla has delivered about 318,000 vehicles this year, putting the company under pressure to boost deliveries once more to almost 182,000 in the fourth quarter to reach its ambitious year-end target of half a million deliveries.
Some 23,300 Tesla vehicles were registered in China during the months of August and July, with data from September is yet to be shared.
Chinese electric automaker Nio Inc delivered 4,708 vehicles in September 2020, a new monthly record accounting for a strong 133.2 percent year-over-year growth.
NIO delivered 12,206 vehicles in the third quarter of this year, representing a boost of 154.3 percent year over year and exceeding the higher end of the automaker’s quarterly guidance.
XPeng Inc, a Chinese smart electric vehicle company, said it achieved a record month of 3,478 Smart EV deliveries in September 2020, a 31 percent boost from August and a 145 percent boost year on year.
In the third quarter of 2020, XPeng made deliveries of a total of 8,578 Smart EVs, consisting of 6,210 P7s and 2,368 G3s, representing a boost of 266 percent from a year ago.
Sales of trucks and other commercial vehicles, which represent around a quarter of the Chinese market, increased 41.6 percent, driven by government investment in infrastructure, and as purchasers upgraded to adhere to tougher emissions rules.