China is a leading market for electric vehicles. BloombergNEF estimates there were global sales of roughly 6.3 million electric vehicles (EVs) in 2021. Of these, around 3 million were sold in China. XPeng (NYSE: XPEV) sold 16,000 EVs in China in December, which looks impressive considering that it is competing with far bigger and more established companies in the sector.
With the global EV markets suddenly valued at $3 trillion, carmakers are rushing to ramp up battery production, and they are scrambling to find one crucial element that is in tight supply
Fourth-quarter 2021 deliveries NIO, XPENG (XPEV) and Li Auto's (LI) rise 44.3%, 222% and 143.5%, respectively, on a year-over-year basis.