While Xpeng and Li Auto outpaced Nio in third quarter deliveries, Nio had the highest revenue as its vehicles sold for the highest price of the three.

So far, the three leading US-listed Chinese electric vehicle companies, Nio, Xpeng Motors and Li Auto, have all announced their third-quarter financial results.

Many investors are wondering how Nio compares to Xpeng and Li Auto. We have tried to explain with several graphics.

Although Xpeng and Li Auto delivered more vehicles than Nio in the third quarter, Nio had the highest revenue because its vehicles sold for the highest price of the three.

Nio delivered 24,439 vehicles in the third quarter, below Li Auto's 25,116 vehicles and Xpeng's 25,666 vehicles for the first time.

(Graphic by CnEVPost)

Nio's revenue in the third quarter was RMB 9.8 billion, still higher than Li Auto's RMB 7.78 billion and Xpeng's RMB 5.72 billion.

(Graphic by CnEVPost)

Given that Nio's vehicle delivery growth rate was lower than Xpeng and Li Auto in the third quarter, its revenue growth rate was also lower than its two local counterparts.

Nio's revenue grew 16.1 percent in the third quarter compared to the second quarter, while Xpeng and Li Auto's growth rates were 52.1 percent and 54.3 percent, respectively.

Nio's gross margin was 20.3 percent in the third quarter, higher than Xpeng's 14.4 percent, but lower than Li Auto's 23.3 percent.

(Graphic by CnEVPost)

Xpeng's R&D expenses increased significantly in the third quarter, surpassing Nio once again after the third quarter of 2020.

Xpeng's R&D expenses were RMB 1.26 billion in the third quarter, up 99.0 percent year-on-year and up 46.4 percent from the second quarter.

The increase was mainly due to higher employee compensation as a result of the increase in R&D staff, as well as higher expenses related to the development of new models G9 and P5 and related software technology development to support future growth.

Nio's R&D expenses in the third quarter were RMB 1.19 billion, an increase of 101.9 percent year-on-year and a 35 percent increase from the second quarter.

Li Auto's R&D expenses in the third quarter were RMB 890 million, an increase of 165.6 percent year-on-year and 36.0 percent from the second quarter. This was mainly due to the increase in employee compensation as a result of the increase in R&D staff and the increase in expenses related to the increase in R&D activities for new models.

(Graphic by CnEVPost)

In terms of net loss, Xpeng had the largest in the third quarter, while Li Auto was close to profitability.

Xpeng reported a net loss of RMB 1.595 billion in the third quarter, an increase of 38.8 percent year-on-year and 33.5 percent from the second quarter. It reported a non-GAAP net loss of RMB 1.492 billion, an increase of 72.5 percent year-on-year and 36.1 percent from the second quarter.

Nio net loss was RMB 835 million, down 20.2 percent year-on-year and up 42.3 percent from the second quarter. Adjusted net loss, excluding equity incentive expenses, was RMB 570 million, down 42.9 percent year-on-year and up 69.7 percent from the second quarter.

Li Auto's net loss was RMB 21.5 million, a decrease of 79.9 percent year-on-year and a 90.9 percent decrease from the second quarter. Its had a Non-GAAP net profit of RMB 336 million, compared to RMB16 million in the same period of the previous year.

(Graphic by CnEVPost)

It is also worth noting that Nio, which was established the earliest, has a clear advantage in terms of sales network.

As of the end of the third quarter, Nio has owned 32 Nio Houses and 285 Nio Spaces, covering 132 cities. It also has 43 Nio service centers and 181 authorized service centers, covering 141 cities.

Xpeng's sales network includes 271 stores covering 95 cities.

Li Auto has 153 retail centers covering 85 cities and operates 223 after-sales service centers and Ideal Auto authorized sheet metal spray centers in 165 cities.