Only a day after the EV king, Tesla Inc (NASDAQ:TSLA) topped estimates with record second quarter deliveries and together with BYD (OTC:BYDDY) achieved record deliveries of made-in-China vehicles, XPeng Inc (NASDAQ:XPEV) showed signs of improvement and Rivian Automotive Inc (NASDAQ:RIVN) reported that it had its best quarter yet in terms of deliveries while production-wise it had its Q2 record.

It Was A Great June For EV Startups

Li Auto (NASDAQ:LI) delivered 32,575 vehicles in June, while its second quarter figures totaled 86,533. Nio Inc (NYSE:NIO) was not at all far ahead of XPeng as it delivered 10,707 vehicles in June and 23,520 cars in the second quarter.

Tesla and BYD achieved record deliveries of their made-in-China EVs

In June, BYD delivered 253,046 battery powered EVs and plug-in hybrids, translating to a 96% YoY rise and passing the 250,000 units milestone for the first time. Therefore, between April and June, BYD delivered 700,244 vehicles. June revenue surged 88.16% YoY as 251,685 were sold, according to CPCA data.

Tesla Also Achieved A Global Record With Q2 Deliveries

As for Tesla’s June figures, 93,680 were sold, rising 18.72% YoY since its Shanghai factory delivered 78,906 vehicles comprised of Model 3 and Model Y. From April to June, Tesla sold 247,2of its vehicles made in China, which is the all-time high since it started delivering EVs manufactured in China, according to the China Passenger Car Association (CPCA) data.

Tesla delivered 466,140 across the world for the second quarter, which is a record.

Rivian

The first EV maker to put the electric pickup on the road has topped market estimates for its Q2 deliveries on higher production and stable demand, sending its shares up more than 14% on Monday.

Rivian revealed it tripled its EV production and deliveries In the second quarter, achieving a new all-time high. At its manufacturing facility in Normal, Illinois, it produced 13,992 battery electric vehicles, which is 218% more than a year ago and 4,597 more than in the previous, first quarter of 2023. The previous record was 10,020 units in 2022’s Q4. Rivian delivered 12,640 vehicles which translates to a 183% YoY increase, and also a new all-time record, far better than the previous one from 2022’s Q4 when it amounted to8,054. Considering that Rivian does not disclose the numbers for particular models, these figures are comprised of R1T pickup, R1S SUV, and EDV vans for Amazon Inc (NASDAQ:AMZN)

Year to date, Rivian made over 23,000 EVs and delivered more than 20,000, which are both three times greater compared to last year’s figures. Year to date, Rivian made 23,387 vehicles (which translate to a YoY increase of 236%) and delivered 20,586 (which is a YoY increase of 262% YoY).

The latest reported quarter showed significant acceleration compared to last year’s performance as back in 2022, Rivian made 24,337 EVs while delivering 20,332. 

With these figures, Rivian confirmed it is in line with its ambitious guidance as it briefly reiterated its full year production target of 50,000 EVs. If one looks at the bigger picture since 2021’s Q3, Rivian produced nearly 49,000 EVs until now and delivered almost 42,000 while most of the production was for the US market as Canada deliveries started last November. Along with entering the Tesla supercharging network, Rivian also continues to build its charging infrastructure which will become a significant revenue source. Despite posting smaller loss in the first quarter, these figures suggest Rivian might just have what it takes for the EV race.

Chinese Tesla Rival Xpeng Sees EV Deliveries Return To Growth

During Q2, Xpeng delivered 23,205 cars which translates to a 27% quarter-on-quarter improvement, surpassing its own delivery forecast that was in the range between 21,000 and 22,000 units. But deliveries have been dropping since 2022’s Q1 and the latest result was still lower than the 2022’s Q2 deliveries that amounted to 34,422 vehicles.

Besides a challenging macroeconomic environment in China and intense competition from both domestic rivals like XPeng, Li Auto and Nio, as well as from Tesla who started a price war to boost demand. But XPeng’s June deliveries totalled 8,620 cars, showing a 15% improvement from May and also being the highest monthly delivery figure this year. XPeng’s June deliveries of its flagship P7 sedan were said to have risen 17% from May.

But Xpeng’s losses are still widening and competition is getting fiercer with Nio also making big price cuts of its models. Hoping to unlock growth, XPeng has been reorganizing its management structure and overhauling the company.

The bottom line is that even though Tesla continues rocking the EV world, the latest figures show EV startups might have a shot

The quarterly delivery numbers are a positive sign as these EV players struggled to raise output amid supply-chain disruptions and harsh competition.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.