Three major electric automakers all suffered losses in the first six months of 2022, totalling nearly 10 billion yuan ($1.44 billion).
NIO, Xpeng Motors, and Li Auto are the leading electric automobile companies that are regarded as new forces in China’s automakers.
According to some Chinese news outlets, these companies released their second-quarter financial statements. The results show that they all posted net losses, though revenues increased in the quarter.
Among them, NIO experienced a net loss of 2.8 billion yuan (nearly $408.2 million) in the second quarter, or a 370% bigger loss over the same period last year.
Based on more than 25,000 vehicles delivered in the second quarter, NIO would incur a loss of more than 110,000 yuan (about $16,000) per vehicle sold.
Meanwhile, Xpeng Motors encountered a net loss of 2.7 billion yuan ($393.7 million) in the second quarter, or 126% worse than a year earlier.
Li Auto posted a net loss of 641 million yuan (nearly $93.5 million) in the second quarter, ushering in the largest quarter loss since its listing.
Data shows that these companies sold a total of 180,200 vehicles in the first half of this year. Among them, Xiaopeng Motors sold 69,000 vehicles, Li Auto delivered 60,400; and NIO sold 50,800.
In addition to Weilai’s loss reduction compared with the same period last year, Xiaopeng Motors’ losses increased by 122.21%, and Li Auto also increased by 9.58% compared with the same period last year.