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I covered XPENG’s and NIO’s great December, 4th quarter, and overall 2024 sales results yesterday. It was an excellent year for these two pure EV Chinese startups, and especially an excellent end of year for them. Now, I want to dive into their long-term sales trends. Note: I imagine neither company likes that I lump them together for articles like these, but it just seems natural when looking at how closely their sales trends have tracked over the past several years.
NIO & XPENG Annual Sales — 2020–2024
Starting with annual sales over the past 5 years, let’s look at the NIO and XPENG charts to kick things off.
The charts look so similar it’s crazy. But those are different scales. How do they compare on the same chart? I’m glad you asked.
On one combined chart, we can see that NIO has been a bit ahead of XPENG for the past few years. However, overall, they still look extremely similar. And we should note here too that the sales growth each of them has seen is amazing. It’s superb growth year over year, and if you just go back to 2020 and compare that to 2024, holy cow, what growth! Even comparing to 2021, the companies’ sales level in 2024 was a huge step up.
I think it’s safe to say that pretty much any company would love to see growth like that across five years.
NIO & XPENG Quarterly Sales — 2020–2024
Let’s drill down to the quarterly level to look at things in a somewhat more granular way.
We can see here that things are a lot bumpier — a lot more up and down — when looking at things on a quarterly basis. That’s especially the case with XPENG, which had a sharper rise, and then a sharper drop, and then a big spike for half a year before another steep drop, and then an extreme spike again at the end of 2024. NIO’s ups and downs are more moderated, but it also had its own three periods of spiking sales, punctuated by its best quarter ever at the end of 2024 (actually, the 2nd, 3rd, and 4th quarter were each successively the company’s best quarter ever).
Given that the Chinese New Year leads to a significant drop in auto sales in China, we can expect a dip in the 1st quarter of 2025. If we don’t see one, though, that would be an extremely good result for the companies. Either way, though, 2025 looks bright.
NIO & XPENG Monthly Sales — 2020–2024
Alright, now we’re going to get very granular. Is there anything to learn from looking at these companies’ sales trends across five years on a monthly basis?
For my taste, there’s a bit too much noise there. I love looking at those charts, but there’s not much more to make from them than what I already discussed with the quarterly charts.
Overall, I just love looking at this EV growth from pure EV startups that are producing superb “smart electric cars” and scaling up production year after year. It’s what we want to see.
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