Xpeng Retail Traders See It As 2025’s Big Winner As EV Maker Smashes September Delivery Record Even As Peer Li Auto’s Sales Slide
Xpeng extended its record-breaking streak in September with soaring deliveries, while Li Auto’s sales continued to lag amid its shift toward new all-electric models.
China’s electric vehicle giants ended September heading in opposite directions. Xpeng notched another record month, while Li Auto continued to feel the strain of shifting away from its older lineup toward new all-electric models.
Xpeng delivered 41,581 vehicles in September, marking its third straight monthly record. That’s a 95% jump from a year ago and 10% higher than August, underlining the company’s strong growth momentum. For the third quarter, Xpeng reported 116,007 deliveries, up 149% from last year, landing right at the top of the guidance range.
At the time of writing, Xpeng shares were up 3.6% in Hong Kong, while Li Auto gained 2.9%.
The company’s growth continues to be driven by the Mona M03. This affordable electric sedan has been a steady bestseller for a year, consistently topping 10,000 units every month for 12 consecutive months.
Other models, such as the P7+, the new P7, and the G7 SUV, also contributed to the strong sales momentum. With a lineup that now includes sedans, SUVs, and MPVs, Xpeng is covering a wide range of price segments and appealing to a broader base of buyers.
The company has expressed confidence in doubling deliveries next year, targeting around 380,000 vehicles for 2025 as Xpeng pushes deeper into the mass EV market.
Meanwhile, Li Auto delivered 33,951 vehicles in September, down about 37% from a year ago, marking its fourth consecutive month of falling sales. Deliveries were, however, up 19% from August, indicating that new models are slowly gaining traction, CnEVPost noted.
In the third quarter, Li Auto delivered 93,211 vehicles, meeting its target but still down 39% year-on-year and 16% from the previous quarter. The declines came amid Li Auto’s shift away from its once-popular L-series extended-range hybrids to a new generation of pure battery-electric SUVs. Its first all-electric SUV, the Li i8, began deliveries in August, followed by the Li i6 in late September.
CEO Li Xiang stated that the company aims to stabilize monthly deliveries of the i8 at around 6,000 units and of the i6 at up to 10,000 units by the end of the year.
One user stated that they believed Xpeng would outperform rivals like Nio and Li Auto, citing its expansion in Europe, hybrid manufacturing in Indonesia and China, and partnership with Volkswagen as key advantages. “Xpeng is the winner in 2025-26,” the user said.
Another user noted that Xpeng was nearing its 52-week high and expressed optimism that it could break through in October.
While Xpeng’s U.S.-listed stock has risen 98% so far in 2025, Li Auto’s U.S.-listed stock climbed 5.6% over the same period.
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