Is EV still a growing industry??

Let's have a quick overview of its annual deliveries.

BYD: 3,024,417 vehicles (up 61.9% yoy)

Tesla: 1,810,000 vehicles (up 38% yoy)

Li auto: 376,030 vehicles (up 182.2% yoy)

Nio: 160,038 vehicles (up 30.7% yoy)

Xpev: 141,601 vehicles (up 17% yoy)

Rivian: 50,122 vehicles (up 146.5% yoy)

Growth in the global EV market is set to slow to 27.1% in year 2024 as a reduction in state subsidies makes the cars less appealing to buyers. Furthermore, limited product choices and inconvenient charging experience have hampered demand, impacting the market growth of EVs. This is clearly evident as the overall slowdown in the EV transition has prompted several legacy automakers, such as Ford, to scale back their EV production expansion plans.

Using Xpeng as an example,

2024 Jan + Feb: 12,595

2023 Q4: 60,158

2023 Q3: 40,008

2023 Q2: 23,205

2023 Q1: 18,230

Although the car deliveries is on an impressive growth qoq, we witnessed a sudden drop in car deliveries in both Jan and Feb 2024. Hence, one may ponder if the EV demand is waning off? The company may be capable of scaling up the production, but it is also important to consider the increased compeition from other EV companies that may lead to waning demand for Li Auto cars.

Most of these EV companies are still unprofitable. With persistently high inflation and price wars among the EV companies, it's likely to hurt their profit margin even further, and they are likely to remain unprofitable in the near future. Hence, is it wise to wait until the companies turn profitable before you start to invest in them? What do you think? Let me know your thoughts!

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