Volkswagen Group VWAGY sold 12,736 locally made ID. series electric vehicles in China during the month of October, cnEVpost reported on Tuesday, citing the company, which is more than the monthly delivery numbers of homegrown rivals Nio Inc NIO, Xpeng Inc XPEV and Li Auto Inc. LI.
What Happened: The German automaker, which has been selling the ID. family of electric vehicles in China since June, had sold 10,216 units, a month prior, in September.
The latest delivery boost came from its recently launched compact electric car ID.3. Volkswagen delivered 1,255 units of ID.3 after launching the electric vehicle in the last week of October.
The locally-made compact electric is the third model from Volkswagen's ID. series lineup of electric vehicles. The automaker also sells the ID.4 and ID.6 electric vehicles that it produces via its joint ventures SAIC Volkswagen and FAW Volkswagen, respectively, in China.
At $25,000, the ID.3 has a more affordable price tag than the ID.4 and ID.6 counterparts, which are priced at $28,000 and above.
Xpeng delivered 10,138 vehicles in October and Nio delivered 3,667 electric vehicles during the month.
See Also: Xpeng Registers 233% YoY Rise In Deliveries For October But Numbers Fall Shy Of Record Month
Why It Matters: The world’s second-largest automaker is a key market for Volkswagen where it aims to sell up to 100,000 ID. series electric vehicles this year and has much catching up to do to meet that target.
The German legacy automaker sold 1.85 million vehicles in the country during the first half of 2021, making China its single largest market with a 37% share of total volumes.
The automaker competes with electric vehicle leader Tesla Inc TSLA in China and homegrown startups Nio and Xpeng.
Price Action: VWAGY shares closed 2.64% higher at $33.47 a share on Monday.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo: Courtesy of Volkswagen
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
