EV Makers Nio and XPeng Struggle with Demand and Financial Losses.
Nio and XPeng are relying on new electric vehicles to boost their sales, with Nio launching an upgraded ES6 SUV and XPeng set to release the G6 SUV. XPeng reported a wider-than-expected Q1 loss, but hopes the G6 will revive its fortunes in the second half of 2023. Nio's EV sales fell 35.9% in April, while XPeng's sales were up a modest 1.1%. The Chinese EV startups are facing competition from Tesla's Model Y, which has seen increased sales after price cuts.
