Nio is easily sold out Xpeng (XPEV) last month, while outperforming in the past Lee Otto (Mine). All three Chinese electric car startups have seen sales decline month-on-month, although several new models have been launched in recent months to stimulate sales.
In addition, Nio did not live up to its expectations for a record delivery in each month of the fourth quarter. Chinese car giant BYD (BYDDF) will announce October sales in the coming days.
On Tuesday, Hong Kong-listed Chinese stocks rose amid unconfirmed reports of easing the country’s tough policies on Covid-19. But they pared the gains after a Chinese government spokesperson said he was “not aware” of any such development, Bloomberg reported.
China EV Sales: Nio
Nio delivered 10,059 electric vehicles, down 7.5% from 10,878 in September but up 174% from the previous year. The October tally included 5,979 SUVs, including 2,814 new ES7s, and 4,080 sedans, including 3,050 ET7s and 1,030 ET5s. The company said Tuesday that the October tally also included leases in Europe, where Nio began a lease-only program last month.
Year-to-date, Nio EV deliveries are up 32% compared to 2021.
“Vehicle production and delivery has been restricted due to operating challenges in our plants, as well as supply chain fluctuations due to Covid-19 cases in certain regions in China,” the Nio EV sales statement added.
With three new EV models, Nio previously said it expects record deliveries in each month of the current fourth quarter. But October’s results show it missed that target.
In the third quarter, Nio outpaced XPeng and Li Auto with a record 31,607 delivery, as production improved and new models launched. Xpeng and Li were late earlier this year.
Local media reports on Monday said Nio customers are seeing delivery of the new ET5 sedan delayed due to Covid-19. On Tuesday, it was reported that Nio’s factories in Hefei have effectively shut down due to disruptions linked to Covid.
New Covid-19 restrictions are becoming widely felt in China, outside the auto sector, with apple (AAPL) to Disney (DIS) was also said to be affected.
Nio will release its third-quarter financial statements on November 10, before the US market opens.
Nio’s stock is up 4.1% to 10.08 in the stock market today, after falling 0.2% on Monday. Shares were sharply higher on Tuesday, but pared gains after the market opened. NIO is well below the 50 and 200 day moving averages.
XPeng sold 5,101 electric vehicles in October, down nearly 40% compared to September, as sales continued to deteriorate rapidly from month to month.
October deliveries included 2,104 P7 sedans, 1,665 P5 sedans and 709 G3i SUVs. Xpeng has delivered 623 units of its new G9 SUV, which was launched in September.
Year-to-date, Xpeng EV deliveries are up 56% compared to 2021.
“We are accelerating customer deliveries of the G9, and our logistics capabilities are ready to steadily increase production starting in November,” CEO He Xiaoping said in an Xpeng EV sales statement on Tuesday.
Xpeng stock fell 2.4% to 6.45 on Tuesday. Shares fell 3.8% on Monday, at record lows.
car sales for me
Li Auto sold 10,052 vehicles in October, down 13% compared to September and up 31% over the previous year.
The startup had been planning to stop production of the Li One hybrid electric model, its first model, in October. The stick carries over to the new L9 SUV, which is also a hybrid. Deliveries of the new L8, the L9 mini, will begin this month, Li Auto said in an EV sales statement on Tuesday. He did not divide me the October tally by form.
In late November, Li will begin deliveries of the L8, L9 miniature. It also plans to bring out the affordable L7 and L6 next year.
Li Auto stock rose 3.1% to 14.05 Tuesday. Shares fell 4.5 percent on Monday, after hitting a two-year low last week.
The Chinese electric and battery car giant is preparing to launch a new, cheaper version of its flagship Han electric sedan. It’s also ramping up new electric vehicles like the Seal, which was launched in late August. In the third quarter, BYD sold 538,704 electric and hybrid vehicles, nearly three times more than electric vehicles sales from a year earlier.
On October 28, BYD reported that net income for the third quarter jumped 350% over the previous year in local currency, with revenue up 116%. Adjusted earnings rose 923%. This was in line with preliminary earnings figures released earlier in the month.
BYDDF stock rose 4.2% on Tuesday. Shares rose 3.4% to 22.64 on Monday after matching a 52-week low on Friday.
BYD and Nio launched several new electric vehicles in Europe in October, as part of a major international expansion of the former. Exports are a small but rapidly growing share of BYD’s sales.
China sales EV
Industry-wide auto and electric vehicle sales data for October are likely to be released next week. This will include estimates of Tesla’s sales in China. Tesla stock advanced 1% on Tuesday after falling 0.4% to 227.54 on Monday. TSLA is down from 16-month lows but below key levels.
China’s electric car market remained sweltering in the first nine months of 2022. Sales of Chinese electric cars rose 83% in September, while overall vehicle sales grew only 3%, the lowest level in two decades, passenger car association data shows Chinese.
However, any potential economic slowdown could threaten growth. New cases of Covid-19 are spreading as China pledges to continue its strict “zero Covid” containment policy.
The Covid-19 restrictions come even as China prepares for an economic slowdown. Tesla (TSLA) and stronghold TSLA cut prices for the Model 3, Model Y and Mach-E in late October amid signs of waning demand in the world’s largest electric vehicle market. a excellent The joint venture (STLA) behind the Jeep brand will file for bankruptcy as sales continue to falter in China, the Wall Street Journal said on Monday.
China’s subsidy for electric vehicles will end on December 31. That should provide a boost to sales towards the end of the year, followed by weaker demand in January.
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