Nio, Xpeng, Li Auto July electric car deliveries leap, shares rise

Xpeng mentioned it delivered 11,524 in July, a rise versus the identical time final 12 months, however slipping from June’s determine. Xpeng had the best deliveries out of its closest rivals Nio and Li Auto in July. Xpeng mentioned it can start accepting reservations for its new G9 SUV in August 2022.

Chen Dongqiu | Visual China Group | Getty Images

Shares of Chinese electric car startups Nio, Xpeng and Li Auto jumped in pre-market commerce within the U.S. Monday after the businesses posted a rise in July car deliveries.

Nio mentioned it delivered 10,052 automobiles in July, up 26.7%% year-on-year, however down from June’s determine of virtually 13,000 deliveries.

Li Auto in the meantime mentioned it delivered 10,422 of its Li ONE sports activities utility car in July, up 21.3% year-over-year, but additionally slipping from June’s determine.

Xpeng delivered probably the most out of the trio of rivals. The Guangzhou, China-based agency mentioned July deliveries totaled 11,524, up 40% year-on-year, but additionally falling from June’s determine.

Nio and Xpeng shares have been buying and selling just below 3% greater whereas Li Auto was hovering round 3.5% greater in pre-market commerce.

All three carmakers have been hit earlier this 12 months by a resurgence of Covid-19 in China that led to lockdowns in main cities and manufacturing hubs internationally’s second-largest economic system. Automakers are additionally coping with continued provide chain points, part shortages and rising supplies prices.

Nio mentioned that the manufacturing of its ET7 and EC6 automobiles in July was “constrained” by the provision of casting components.

The firm mentioned it “has been 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 didn’t point out any provide chain disruptions. Xpeng mentioned it plans to start accepting reservations for its new flagship G9 SUV in August, with an an official launch in September.

Li Auto mentioned that the 200,000th Li ONE rolled off the manufacturing line at its Changzhou manufacturing facility on Monday, marking a milestone for the corporate.

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