Nio and XPeng Surge with October EV Deliveries, While Li Auto Falters

Chinese electric vehicle manufacturers Nio and XPeng reported significant gains in October deliveries, contrasting with a continued decline for Li Auto, signaling a shifting landscape in the competitive EV market.

Nio announced today that it delivered 40,397 vehicles in October 2025, a 92.6% increase year-over-year and a 16.3% rise from September. This marks the first time Nio’s monthly deliveries have surpassed 40,000 units. The deliveries included 17,143 vehicles from the Nio brand, 17,342 from the Onvo sub-brand, and 5,912 from Firefly. The company highlighted the success of its Onvo L90 SUV, with over 10,000 deliveries for three consecutive months since its launch in late July 2025, and strong demand for the newly released ES8. These strong results demonstrate growing consumer confidence in Nio’s expanding product line.

XPeng followed closely, reporting a 76% year-over-year increase in October deliveries, reaching 42,013 EVs, though sequential growth was more modest at 1%. The company is actively expanding its global footprint, entering seven new markets across Europe, Asia, and Africa – including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar – as it seeks to broaden its international reach. XPeng’s stock has seen a 99% rally year-to-date, reflecting investor optimism. Investors are now focused on XPENG AI Day on November 5, where the company will unveil its latest advancements in artificial intelligence technology. For more information on the evolving EV landscape, see the International Energy Agency’s Global EV Outlook.

In contrast, Li Auto experienced a 38.3% decrease in October deliveries, totaling 31,767 units, marking its fifth consecutive month of decline. The company has struggled with demand for its extended-range electric vehicles (EREVs), prompting a relaunch of the Li i8 SUV with a reduced price in August. However, the recently launched Li i6 SUV has garnered over 70,000 orders, and the company is working to accelerate deliveries. Li Auto is also expanding internationally, opening its first overseas retail store in Uzbekistan and planning further expansion in Central Asia, the Middle East, Europe, and Asia-Pacific.

Wall Street currently maintains a Moderate Buy consensus rating for both Nio and XPeng, while Li Auto holds a Hold rating, suggesting analysts see potential for further growth in the former two companies but caution regarding Li Auto’s current performance.