Budget EV Houngguang's Sales Outshine Nio, Xpeng, Li Auto Numbers Combined In November, Record 22% Surge

China’s best-selling budget electric car that is built under a joint venture involving General Motors Company GM outshone the combined delivery numbers of the “big three” homegrown players Nio Inc NIO, Xpeng Inc XPEV and Li Auto Inc LI in November. 

What Happened: The Hongguang Mini EV built by Wuling — a partnership between China’s state-owned SAIC Motor and GM — sold 45,576 units in November,  a jump of 22.1% from a year ago, and a decline of 4.7% sequentially, as per a cnEVpost report.

See Also: GM Joint Venture's Budget EV Remains Top-Selling NEV In China Ahead Of Tesla Model Y, Model 3

For comparison, the three EV startups' combined delivery volumes came at 39,976 electric vehicles during the month. All three players delivered more than 10,000 electric vehicles each -- with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month. 

The basic Hongguang Mini starts at $4,500 and goes up to $6,000 for its most premium variant named Macaron. Rival electric vehicles including those of Tesla Inc’s TSLA cost significantly higher.

Why It Matters: GM has several other partnerships in China and doesn't always individually break down revenue and profit numbers in its financial results. The automaker has set ambitious targets to switch to electric and autonomous driving under CEO Mary Barra.

See Also: Li Auto Tops Rival Nio In November, Posting Record Monthly Deliveries At 13,485 EVs

China has been quickly ramping up new energy passenger car production and sales, led by both legacy players and startups. The country's new energy passenger vehicle sales are estimated to reach 2.4 million units this year, compared with 2 million earlier, helped by strength across segments, as per industry estimates.

For Tesla, the current global electric vehicle market leader, China is the second largest market outside the U.S. and holds a key potential for growth. The Elon Musk-led company's monthly delivery numbers are expected to be out next week.

Price Action: GM shares closed 0.33% higher at $58.06 a share on Wednesday.

Photo: Courtesy of Zotyefan via Wikimedia