Monthly delivery results from Chinese electric-vehicle makers
NIO,
XPeng,
and
Li Auto
looked great. That’s a relief for
Tesla
investors.
NIO
(ticker: NIO) reported deliveries of 16,074 vehicles in October, up from 10,059 units delivered in October 2022. In September, NIO delivered 15,461 units.
XPeng
(XPEV) delivered 20,002 vehicles, a monthly record, up from 5,101 units delivered in October 2022. In September, XPeng delivered 15,310 units.
Li Auto
(LI) delivered 40,422 vehicles, cracking the 40,000 level for the first time, up from 10,052 units delivered in October 2022. In September, Li delivered 36,060 units.
Combined, the three delivered 76,498 vehicles, a record total for a month and up from 25,212 delivered in October 2022. In September, the number was 66,831.
Investors wanted to see growth. They have been feeling nervous about EV demand for several reasons.
Most recently, auto chip supplier
ON Semiconductor
(ON) said that fourth-quarter sales should come in at about $2 billion. Wall Street was looking for about $2.2 billion. Shares, as a result, have declined 25% for the week.
ON Semi’s weak guidance followed after warnings from
Volkswagen
(VOW.Germany),
Mercedes-Benz
(MBG.Germany),
Ford Motor
(F), and
General Motors
(GM) about weaker-than-expected EV demand.
All that has weighed on shares of EV producers. Coming into Wednesday,
Tesla
(TSLA) stock has fallen 3% for the week. Shares have declined 17% since Tesla reported disappointing third-quarter numbers on Oct. 18.
U.S.-listed shares of NIO were up 0.7% early Wednesday. XPeng and Li shares rose 4.1% and 1.5%, respectively.
S&P 500
and
Nasdaq Composite
futures were both down 0.4%. Tesla stock was up 0.7% in premarket trading.
Coming into Wednesday’s trading, NIO stock has fallen 25% over the past 12 months. XPeng and Li shares have fared much better, up about 125% and 132%, respectively. Tesla stock has declined 11% over the past 12 months.
Write to Al Root at [email protected]
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