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Nio Leads Strong May Deliveries By Chinese EV Makers — Do These Numbers Have Implications for Tesla? – XPeng (NYSE:XPEV), NIO (NYSE:NIO), Li Auto (NASDAQ:LI)

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Nio Leads Strong May Deliveries By Chinese EV Makers — Do These Numbers Have Implications for Tesla? – XPeng (NYSE:XPEV), NIO (NYSE:NIO), Li Auto (NASDAQ:LI)


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Chinese electric vehicle startups defied inclement industry conditions and posted strong deliveries in May.

What Happened: Premium EV maker Nio, Inc. (NYSE:NIO) reported selling an impressive 20,544 EVs in May. This includes 12,164 premium smart electric SUVs and 8,380 premium smart electric sedans. The May number marked a record total for the Shanghai-based company.

Guangzhou, China-based XPeng, Inc. (NYSE:XPEV) said it sold 10,146 EVs, with X9 sales coming in at 1,625 units. The X9 is an ultra-smart large 7-seater that began shipping in January. XPeng stated that it has maintained its top-selling position in both the all-electric MPV and three-row model segments in China since their launch.

Li Auto, Inc. (NASDAQ:LI) delivered 35,020 vehicles in May 2024, including 15,000 Li L6s. Deliveries of the L6 began on April 24, and the strong sales set a record pace for the Beijing-based company’s newly launched models.

“We are fully committed to securing the supply chain and ramping up production of Li L6 to ensure users receive their vehicles at the earliest possible opportunity,” the company said.

“Sales of the 2024 Li L7, Li L8, and Li L9 continue to gain momentum, driven by the new pricing strategy we implemented,” said Xiang Li, chairman and chief executive officer of Li Auto.

“Our market share in the RMB200,000 [$27,600] and higher NEV market continues to experience healthy year-over-year growth, expanding to 13.5% for the period between January to April and strengthening our top position among Chinese auto brands.”

See Also: Best EV Stocks

How Growth Compares: Here’s how the trio fared in terms of month-over-month and year-over-year growth:

Deliveries M-o-M Y-o-Y
Nio 20,544  +32% +244%
XPeng 10,146 +8% +35%
Li Auto 35,020 +36% +24%

Source: Company reports

Why It’s Important: China has become a competitive market, as global leader Tesla, Inc, (NASDAQ:TSLA) has gone all out with its strategy of undercutting its competition. Nimble domestic startups have followed suit, announcing their own price cuts and incentives. Weekly insurance registration data released from Tesla China shows Tesla still struggling to push sales. Through the week of May 26, the number of insurance registrations for Tesla EVs was at 13,200, according to a Tesla number cruncher.

The U.S. EV giant does not report monthly numbers. The China Passenger Car Association will release preliminary monthly sales numbers for automakers, including new-energy vehicle companies, early next week. The data will offer clues as to whether Tesla has thrived amid competition.

Nio ended Friday’s session down 0.19% at $5.39, according to Benzinga Pro data. XPeng and Li Auto fell 4.04% and 2.41%, respectively, to $8.31 and $20.25.

Read Next: Is Faraday Future Meme Stock Material? Reddit Army Charges In As EV Maker Faces SEC Heat, Reveals Bleak Results: ‘Hold The Fort! Don’t Panic!’

Photo: Shutterstock


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