(CapitalWatch, Dec. 1, New York) Chinese EV makers Nio and Li Auto surged in early trading on Wednesday, while XPeng slid lower on reports of November deliveries. The strong results followed the companies' earnings release for the third quarter that signaled rapid growth and continued demand for EVs even amid the slowdown in the auto market and the chip shortage woes.
To start with the best monthly performer, XPeng Inc. (Nasdaq: XPEV; HKEX: 9868) delivered 15,613 vehicles in November, a 270% increase year-over-year. That's also a significant improvement from October deliveries despite the "ongoing challenges in various aspects of the global supply chain," as XPeng said in the statement today.
The year-to-date total deliveries reached 82,155, a 285% increase year-over-year.
Last week, XPeng released better-than-expected revenue results for the third quarter. It booked sales of $888 million and a loss per share of 15 cents in the three months through September. The company's chairman and CEO, He Xiaopeng, also impressed investors with talk of developing navigation technology for robotaxis.
Also in November, XPeng unveiled the G9, the company's first model "designed according to international safety and environmental protection standards" that sports its newest, "groundbreaking" in-house technology. The deliveries of G9 are expected to launch in the third quarter of 2022.
Li Auto Inc. (Nasdaq: LI; HKEX: 2015) also showed a strong improvement, with 13,485 Li ONEs delivered last month – triple from the same time last year and up 76% from October. So far, Li Auto has delivered 76,404 units in 2021.
On Monday, Li Auto posted $1.21 billion in third-quarter sales, up 209% year-over-year, on adjusted earnings of 3 cents per share.
The company pointed out that it is expanding production capacity and sales network. Li Auto's factory being constructed in Beijing is slated to begin roll out in 2023. The current capacity of Li Auto is at 14,000 units, but the chip shortage has slowed down production, according to company management.
Nio Inc. (NYSE: NIO) is again at the bottom of the list, with 10,878 vehicles delivered in November. That's double the deliveries of November 2020 and a significant improvement from 3,667 units in October, when Nio was upgrading its manufacturing lines.
Year-to-date, Nio's delivery number stands at 80,940 vehicles, according to the report.
In the third quarter, Nio booked $1.5 billion in revenue, up 116%. Adjusted earnings were 6 cents a share compared with losses of 82 cents a share a year ago. Third-quarter deliveries had doubled year-over-year.
The stocks of both Nio and Li Auto were trading up about 3% on Wednesday morning, while XPeng slumped 3%. Still, year-to-date, XPeng remains the best performer, with 22% in gains.