From Nio to Xpeng and Zeekr, China’s EV start-ups have been reporting smaller second-quarter losses as discounts lured more buyers to battery-driven cars
Chinese makers of smart electric vehicles (EV) will have to redouble their efforts over the next few quarters to stay on track to break even as the brutal discount war in the world’s largest vehicle market shows few signs of abating.
From Nio to Xpeng and Zeekr, China’s EV start-ups have been reporting smaller losses in the second quarter, as discounts helped to encourage more buyers to ditch their oil-guzzling vehicles for battery-driven cars.
Nio’s second-quarter loss narrowed by 26 per cent from the previous three months to 4.99 billion yuan (US$699 million). Xpeng’s loss shrank by two-thirds to 480 million yuan in the same period, while Geely Automobile Holdings’ Zeekr unit improved on its loss, narrowing it by 88 per cent to 287 million yuan in the quarter that ended in June.
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