Li Auto, Nio, and Xpeng, which are Chinese electric vehicle developers, witnessed gains in their sales in the last part of last year. The companies said that the citizens have become aware of the need to transition to electric vehicles developed locally to boost profits’ internal circulation. On the other hand, Tesla decided to lower its electric cars’ prices in the country to acquire more market share and boost its profits. Nio produced 7000 vehicles last month, breaking a record in their production cycle. The company hinted at this in one of their interviews with famous media houses. The company recorded a total of 43728 new electric vehicles that it developed entering the market. This number exceeds twice the quantity they produced in the previous year. 

Similarly, Nio unveiled a second-hand vehicle portfolio where customers with the company’s used cars can sell them to other customers, outlining the changes in these cars with time. The company announced that it would be investing $460 million into this business through to 2025 to maintain customer satisfaction and brand loyalty. Elsewhere, Xpeng experienced a similar trend selling over 5600 electric vehicles to mark a 326% increase. The company reported that they had supplied over 27000 electric vehicles in the market to unfold the 112% annual increase.

Moreover, the company hinted at plans to integrate the Livox lidar sensors prompted by China’s DJI drone company. This component will feature in the commercial products that the company will unveil beginning this year. This move could also isolate the company from other familiar brands like Tesla, whose chief executive, Elon Musk, termed the technology an unnecessary cost that his company won’t venture. 

On the other hand, Li Auto managed to deliver over 6000 electric vehicles last month. This number clocked a 530% increase in the company’s previous year’s production. Last year, the company developed a total of 32625 electric vehicles and was in the process of developing an advanced model that will be unveiled next year. Tesla responded to these statistics by reducing its models’ prices by an average of 155000 Chinese yuan for passenger models and the sporty models. The company is hopeful that this move can win over the models’ market share if not bringing in stiff competition that will stir up their creativity. The company also reduced its famous Model 3 sedan prices in the country to record sales exceeding 100000 units, as reported by the China Passenger Car Association (CPCA).

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