Tesla rivals in China Nio (NIO), Li Auto (LI) and XPeng (XPEV) reported EV deliveries Sunday, with Li Auto once taking the lead. XPeng stock jumped above a key level Friday.
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Chinese EV and battery giant BYD (BYDDF) is on deck in early October. Tesla (TSLA) is due to report global sales for the third quarter.
Tesla Rivals In China Eye Strong September
Preliminary signs pointed to another strong month after a robust August for China EV sales. The Tesla rivals in China have all launched new and more affordable models amid a price war.
Li Auto Sales
Li Auto led the way again, delivering 36,060 vehicles in September, the sixth straight monthly record and up 213% vs. a year earlier. Third-quarter deliveries totaled 105,108, above Li’s guidance for 100,000-103,000.
Li touts strong sales of the L7, Li L8, and Li L9. Those are all new, premium, hybrid-electric SUVs. All three topped 10,000 deliveries once again.
Its first all-electric vehicle, the Mega, is in the works.
Shares rallied 3.2% in Friday’s stock market trading, closing at 35.65. Year to date, Li stock is up more than 74%. Li Auto tumbled last week amid reports of sizable discounts due to greater competition, including from Huawei-backed Aito.
Nio EV Sales
Nio delivered 15,642 vehicles in September, up 44% vs. a year earlier but down from 19,329 in August and July’s 20,462.
Q3 deliveries totaled 55,432. That was near the low end of its range for 55,000-57,000.
September deliveries included 11,504 SUVs and 4,137 sedans, with no specific figures for its eight models.
Analysts have high hopes for the new ES6, a totally overhauled version of Nio’s top-selling electric SUV.
In September, Nio also launched its first smartphone and unveiled its first chip developed in-house.
Nio shares gained 1.5% on Friday, but remain well below the 50- and 200-day lines. Year to date, Nio stock is down more than 7%. Shares have lost nearly half their value from the Aug. 4 high of 16.18.
Nio, a loss-making Chinese EV startup, and German car giant Mercedes-Benz (MBGAF) held talks earlier this year about a technology and investment deal, sources told Reuters Thursday. But Nio denied the talks.
XPeng Sales
XPeng delivered 15,310 EVs in September, 81% vs. a year earlier and up from 13,690 in August and 11,008 in July. In fact, September was the eighth straight month-to-month gain, and XPeng’s second-highest monthly total ever.
The G6 crossover, a Tesla Model Y rival, had 8,132 deliveries, some 53% of the total.
Q3 deliveries hit 40,008, right in the middle of its target for 39,000-41,000.
Shares of XPeng surged 6.6% on Friday, regaining the 50-day line and arguably offering a very aggressive entry Year to date, XPeng stock is up nearly 85%.
BYD Sales
BYD sold 262,161 EVs in July and a record 274,386 in August.
It has not given a Q3 delivery estimate. It will likely report on Sunday or Monday.
The EV maker aims to sell at least 3 million vehicles this year, up from 1.86 million in 2022. To achieve that target, BYD has to average nearly 302,000 deliveries per month for the rest of the year. So far in 2023, BYD has sold 1,792,184 EVs, including hybrid vehicles.
The Warren Buffett-backed company is gaining ground on Tesla in all-electric BEVs. It could seize the top BEV maker title in the fourth quarter.
BYD stock advanced 2.6% on Friday, after testing the 200-day line Thursday and hitting resistance at the 50-day earlier this week. Year to date, Tesla rival BYD’s shares are up about 26%.
China EV Sales
For the month of September through Sept. 24, retail sales of passenger new energy vehicles (NEVs) in China stood at 508,000 units, up 11% from the same period the prior month, according to preliminary data from the China Passenger Car Association (CPCA).
So far this year, retail NEV sales have reached 4.951 million units, led by BYD, the No. 1 Tesla rival in China. That is up 36% year over year, according to CnEVPost.com.
However, growth is slowing in the world’s largest EV market.
China EV sales more than doubled in 2021 and nearly doubled in 2022. They are expected to grow around 30% this year. Much of that growth has come from grabbing market share from traditional gas-burning vehicles.
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