Upstart Chinese electric car brand delivered more cars than Nio in 2022

BEIJING — Another budget-priced electrical car marque is taking disconnected successful China, this clip selling compact SUVs.

Nezha, named aft a feisty Chinese mythological character, claims its car deliveries much than doubled successful 2022 to surpass 152,000 vehicles. Most deliveries were of the Nezha V, a compact SUV whose post-subsidy terms starts astatine 83,900 yuan ($12,000).

In contrast, Nio's larger SUVs — with a longer driving scope and galore different features — commencement astir 400,000 yuan.

However, Nio delivered much than 122,000 electrical cars successful 2022, up by a humble 34% from the anterior year. That includes the company's premium-priced sedans.

Nio has emphasized its absorption is connected the much niche, higher-end segment, but has hinted astatine plans to motorboat a wide marketplace brand.

In an net telephone successful aboriginal November, CEO William Li said the institution had a gathering that time with its wide marketplace team, which expected each exemplary successful the conception could merchantability much than 50,000 units a month, according to a FactSet transcript.

That's perchance 600,000 cars per exemplary per year.

Budget electrical car Hongguang Mini has held the bestseller spot among caller vigor rider cars successful China, a class which includes hybrids. As of November, year-to-date income had exceeded 370,000 vehicles, according to the China Passenger Car Association.

However, the Hongguang Mini is simply a tiny car compared with Nezha's SUVs and sedans.

Nezha besides said it exported astir 3,500 cars successful 2022. Since precocious 2021, the institution has pushed into Southeast Asia, starting with a concern successful Thailand. Nezha, besides known arsenic Neta, has an English-language website that shows it's looking for partners successful the Philippines and Cambodia.

The institution is simply a marque nether startup Hozon Auto. As of July 2022, Nezha said it had raised astir 10 cardinal yuan for its Series D, oregon 4th signifier of fundraising aft archetypal investment.

The Chinese authorities has supported the improvement of the home electrical car industry. Cities person preferential policies that promote radical to power to electric-powered cars.

And contempt the resistance of Covid controls connected China's retail income successful 2022, electrical car income remained a pouch of growth.

More than a 4th of rider cars sold successful 2022 done the extremity of November were caller vigor vehicles, according to the China Passenger Car Association. Monthly figures from the relation typically travel retired successful the mediate of the month.

However, contention is fierce. Chinese artillery and car shaper BYD remained a elephantine with income of much than 911,000 electrical cars successful 2022 — astir 180% much than a twelvemonth earlier.

The institution has a wide scope of models. BYD's caller luxury marque Yangwang is slated for a elaborate motorboat connected Thursday.

Electric car marque Aion, a spinoff of state-owned GAC Motor, announced income much than doubled successful 2022 to a grounds precocious of 271,000 vehicles.

Huawei's co-developed caller Aito marque said that since it began deliveries successful March 2022, cumulative deliveries arsenic of the extremity of the twelvemonth exceeded 75,000 vehicles.

Nio's maturation successful 2022 besides fell down that of Li Auto, different U.S.-listed Chinese electrical car institution whose SUVs are successful a akin terms range. However, the company's cars travel with a substance vessel to widen the battery's driving range.

Li Auto said its deliveries for the twelvemonth grew by 47% to much than 133,000 cars.