Tesla reported on Saturday that it delivered 180,570 electric vehicles in the fourth quarter and 499,550 vehicles for the full year of 2020, which easily tops previous records. Tesla became a part of the benchmark stock index S&P 500 last month, while current US politics are posing risks for Chinese companies listed in that market.
In the same space, Chinese electric vehicle makers Nio, Li Auto, and Xpeng have each announced an increase in deliveries in 2020, ending the year with new monthly peaks.
China, the largest auto market in the world, is striving to become a leader in EV technology, with its government boosting the industry via subsidies, easier restrictions, and more. The recovery of China’s economy and EV market has been boosted by strong demand. China is seen as arguably Tesla’s most important single market.
In the period between January to November, sales of electric vehicles climbed by 4.4% compared to the same period in 2019 and compared to a slump of 7.6% in overall passenger car sales during the same period, said China’s Ministry of Industry and Information Technology.
Nio, one of the best-performing Chinese companies listed in the US, said its deliveries more than doubled to 43,728 vehicles, compared to last year. Nio’s founder William Li said his company plans to pursue its international expansion plans in the second half of this year, starting with Europe. The company is set to unveil its first sedan car on Saturday.
On the other hand, Li Auto said on Friday it shipped 32,624 cars last year, only 12 months after it started operating, while another China-based carmaker Xpeng shipped 27,041 vehicles in 2020, more than double compared to a year ago. In December, Xpeng delivered 5,700 electric vehicles, marking the second month of gains.
Tesla stock trades 4.2% higher at $735.24 in New York on Monday.
Chinese electric vehicle startups Nio, Li Auto, and, Xpeng have each reported a significant rise in car deliveries in 2020, suggesting an increase in competition for Tesla in the world’s largest auto market.