XPeng and NIO Plan for Big Decembers to Hit Quarterly Goals. The Stocks Fall.

A NIO et9 is displayed during the 21st Shanghai International Automobile Industry Exhibition on April 23, 2025. (Photo by WANG ZHAO/AFP via Getty Images)

Key Points

• XPeng, NIO, and Li Auto deliver over 106,000 vehicles combined in November, a 6% increase year over year.
• XPeng and NIO anticipate record December deliveries of approximately 50,000 and 46,000 vehicles, respectively.
• Chinese EV market growth, with 1.2 million sales projected for the trio in 2025, intensifies competition for Tesla.

Chinese electric-vehicle makers are banking on a big December to hit their quarterly goals. Investors, it seems, would have preferred a more balanced sales pattern heading into year-end.

XPeng on Monday announced November deliveries of 36,728 vehicles, up 19% year over year. NIO delivered 36,275 vehicles in the month, up 76% year over year. Li Auto delivered 33,181 vehicles, down 32% year over year.

Combined, deliveries for the three topped 106,000 vehicles, up 6% year over year. For all of 2025, the trio has delivered over 1 million vehicles, up 31% year over year.

Based on company-provided fourth-quarter guidance given in recent weeks when reporting quarterly numbers, XPeng expects to deliver almost 50,000 vehicles in December. NIO expects to deliver about 46,000 vehicles. Both would be monthly records for the company and up 36% and 47% year over year from December 2024, respectively.

Changing EV policies can drive a flurry of year-end buying. December is typically a good month for Chinese EV sales. Still, investors appeared nervous that fourth-quarter guidance can be met. XPeng’s U.S.-listed stock was down 2.9% in premarket trading at $21.20. NIO shares were down 3.3% at $5.32.

Starting points help explain the stock reactions. XPeng and NIO have relatively high expectations. Coming into Monday, XPeng and NIO shares have risen 85% and 26% this year, respectively.

Li shares have fallen 23% in 2025. Sales have been falling. Based on recent guidance, Li expects to deliver about 40,000 vehicles in December, down 32% year over year. Li stock was down 1.6% in premarket trading at $18.o9 a share.

China is the world’s largest market for all-electric cars, and the health of the Chinese EV market impacts Tesla, as well as Chinese car companies. Sales at NIO, Li, and XPeng should be roughly 1.2 million cars in 2025, up almost 30% year over year.

That growth also means more competition for Tesla. Its Chinese sales could decline year over year for the first time. Through October, Tesla had sold about 464,000 cars in China, down about 7% year over year.

Tesla stock was down 1.2% in premarket trading at $425, while S&P 500 and Dow Jones Industrial Average futures were down 0.6% and 0.5%, respectively.

Write to Al Root at allen.root@dowjones.com