Core Viewpoint - Chinese electric vehicle (EV) stocks are gaining significant traction in the market, with BYD emerging as a leader, while exports of Chinese EVs surged by 77% in 2023, totaling 1.2 million cars [1][2]. Group 1: BYD's Market Position - BYD has surpassed Tesla to become the largest seller of battery EVs in Q4 2023 [1]. - The company is expanding its global presence while dominating the domestic market [1]. Group 2: Li Auto's Performance - Li Auto is the first major EV startup in China to achieve profitability, reporting a net profit of $1.6 billion [4]. - The company achieved a gross margin of 22.2%, which is crucial amid a competitive price war in the EV sector [5]. - Li Auto generated $3.6 billion in revenue, reflecting a 36.4% year-over-year increase, and delivered 80,400 vehicles in Q1 2024, a 52.9% increase from the previous year [6]. Group 3: XPeng's Resilience - XPeng's stock has seen a decline of over 40% year-to-date, but the company delivered 9,393 EVs, marking a 33% year-over-year increase [10][11]. - The demand for XPeng's new 7-seater X9 is strong, with approximately 10,000 units delivered, including 1,959 in April [11]. - XPeng is enhancing its offerings with new AI features and has a high urban usage rate of 82% for its Advanced Driver Assistance System [12]. Group 4: Xiaomi's Entry into the EV Market - Xiaomi's first EV, the SU7, has gained popularity, boasting 664 horsepower and impressive specifications [14]. - The stock of Xiaomi jumped over 10% following the SU7's debut, with pre-orders exceeding 88,898 within 24 hours [15]. - The company aims to ramp up production to meet a target of 10,000 cars monthly, increasing from 4,000 to 5,000 vehicles by April [15].
3 Chinese EV Stocks That Could Be the Next BYD: May Edition