Tesla faces increased competition in China as Li Auto and Nio report surging sales

Tesla ($TSLA@US) competitors in China Li Auto ($LI@China) and Nio ($NIO@US) reported their delivery numbers for April. Li Auto had a record-breaking month, with a 516.3 percent YoY jump in deliveries to 25,681 units, surpassing their March delivery record of 20,823 units. XPeng had a marginal increase in deliveries to 7,079 EVs in April but a major slump of about 21.4 percent compared to April 2022. Nio recorded a 31.2 percent annual jump to 6,658 vehicles in April but a shocking 35.8 percent drop from March deliveries.