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Tesla Rival Reveals Disappointing News

by WOOWinvest
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Tesla Rival Reveals Disappointing News

Tesla, the electric vehicle industry’s top manufacturer, has delivered good news to its investors, customers and fans lately as it rolled out its first EV semi trucks on Dec. 1. The company is also well on its way to delivering 1 million EVs this year as it reported 908,000 vehicles rolling off the line through the third quarter.

Ford (F) – Get Free Report, the No. 2nd EV company in the US after Tesla (TSLA) – Get Free Report, also had great news for its investors and customers as it reported a 103% increase in EV sales year-over-year in November. Data provided by S&P Global Mobility on Nov. 29 placed Tesla at the top of the EV market with a 65% share with Ford registering about 7% of the market. Kia was third at 5% and Chevrolet and Hyundai were next with about 4% each.

Ford had other good news on Nov. 30 as it reported that it produced its 150,000th Mustang Mach E since the model began rolling off the assembly line almost two years ago.

Kia contributed its good EV news also on Nov. 30 as it reported its electric models posted a record-breaking performance with a 133% year-over-year increase in sales in November, according to a statement.

Kia’s parent Hyundai reported that in the nine months through November, sales have quadrupled for its Ioniq 5 EV with 88,000 units sold. The EV maker’s new Ioniq 6 model, that rolled out in October, sold 3,905 vehicles in November.

GM delivers EVs to Domino’s

General Motors (GM) – Get Free Report had good news about its Chevy Bolt EV as Domino’s Pizza (DPZ) – Get Free Report on Nov. 21 said that the pizza chain would be buying 800 Bolts, making it the largest electric pizza delivery fleet in the country. GM in November said that it’s planning to ramp up production to 1 million annually and reach 20% of US industry sales by 2025.

Volkswagen reported in November that it had reached its 500,000 EV delivery benchmark a year earlier than expected, Electrek reported. In October, it said its deliveries of all-electric vehicles had risen 25% year-over-year with 366,400 delivered compared to 293,000 in the same period of 2021.

Not every rival of Tesla had great news to report in November. Chinese rival XPeng (XPEV) – Get Free Report reported that it delivered 5,811 vehicles in November, which was about a 63% year-over-year decline, InsideEVs reported. The EV maker said in a statement that it was mitigating challenges brought by covid-related restrictions and disruptions in China.

XPeng Has Some Overall Good News

XPeng said that it delivered 1,546 of its flagship G9 SUVs in November “against a challenging operating backdrop which affected G9’s production ramp-up and delivery services in certain areas.” Cumulative deliveries of the company’s G3/G3i, P5 and P7 models amounted to 4,265, but the company did not break out specific delivery amounts for each.

The Guangzhou, China-based EV maker, however, has delivered 109,465 EVs in 2022 through Nov. 30, for a 33% year-over-year increase. XPeng said it expects that deliveries will significantly increase in December 2022 as G9’s production ramp-up accelerates under normalized operating conditions.

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