Nio, Xpeng and Li Auto electric vehicle deliveries jump for July, stocks rise

Xpeng said it delivered 11,524 in July, up from the same time last year, but it fell back from the June figure. Xpeng achieved higher deliveries than its closest competitors Nio and Li Auto in July. Xpeng said it will start accepting reservations for its new G9 SUV in August 2022.

Chen Dongqiu | China Optical Group | Getty Images

Shares of Chinese electric car startups Nio, Xpeng and Li Auto jumped in pre-market trade in the United States on Monday after the companies reported an increase in auto deliveries in July.

Nio said it delivered 10,052 vehicles in July, up 26.7 percent year-on-year, but down from June’s figure of nearly 13,000.

Meanwhile, Li Auto said it delivered 10,422 of its Li ONE SUV in July, up 21.3% year-on-year, but also slipped from the June figure.

Xpeng made the most of the rival trio. The China-based company Guangzhou said total deliveries in July were 11,524, up 40% year-on-year, but also down from the June figure.

Nio shares jumped 1%, while Xpeng shares fell 0.8%. Li Auto jumped more than 1%.

The three automakers were hit earlier this year by the resurgence of Covid-19 in China, which shut down major cities and manufacturing centers in the world’s second-largest economy. Automakers are also dealing with ongoing supply chain issues, component shortages, and rising material costs.

Nio said production of its ET7 and EC6 vehicles in July was “restricted” due to the supply of casting parts.

The company said it was “working closely with supply chain partners and expects to accelerate vehicle production in the following months of the third quarter of 2022.”

Xpeng and Li Auto did not report any supply chain disruptions. Xpeng said it plans to start accepting reservations for its new flagship G9 SUV in August, with an official launch in September.

Li Auto said the 200,000th Li ONE car rolled off the production line at its Changzhou plant on Monday, marking a milestone for the company.

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