Recently, three new energy vehicle companies, Weilai , Xiaopeng , and Ideal , released their semi-annual reports. The losses of the three companies amount to $1.4 billion.

The financial reports show revenue in the year’s first half has grown significantly. NIO’s (Weulai’s) revenue is $2.9 billion (20.23 billion yuan), an annual increase of 22.96%. Xiaopeng and Ideal have a revenue growth rate of over 100%.

However, the net profit of the three companies is meager. The net losses of NIO and Xiaopeng are about $0.6 billion. Ideal’s loss is $93 million. Total net loss up to 

$1.4 billion.

According to the financial reports, every car sold by the big three in the second quarter of this year carried a heavy loss. NIO lost $14,000 for every car sold. Xiaopeng lost $11,300. Ideal lost $3,200.

Although the production and sales of new energy vehicles in China continue to grow, it isn’t easy to make a profit.

Xu Haidong , the deputy chief engineer of the China Automobile Association, said that, at present, China’s new energy vehicle manufacturing enterprises have not reached a profitable level.

In addition, traditional car companies have poured into the new energy vehicle manufacturing field. As a result, the competition in the industry is increasing.

According to China Passenger Vehicle Market Information Association, NIO, Xiaopeng, and Ideal entered the top 10 of the new energy vehicle sales list last year. However, the rankings have dropped significantly from January to August this year.

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