Nio's stock tumbles toward 3-year low after May deliveries fall

By Tomi Kilgore

Nio, Xpeng saw deliveries drop in May, while Li Auto deliveries more than doubled

The U.S.-listed shares of Nio Inc. sank toward a three-year low Thursday, after the electric vehicle maker reported a drop in May sales.

The Shanghai-based company (NIO) said it delivered 6,155 vehicles in May, down 12.3% from the 7,024 vehicles it delivered in the same month a year ago.

The deliveries in the latest month included 2,396 sport-utility vehicles (SUVs), down 54.9% from a year ago, while the 3,759 sedans delivered jumped 120.2%.

The company said it started deliveries of the new ES6 SUV on May 25, and plans to start deliveries of the ET5 Touring, a mid-size tourer, in June 2023.

Nio's stock dropped 3.9% in morning trading, putting it on track to close at the lowest price seen on a closing basis since June 29, 2020.

The stock has tumbled 2.7% year to date, while the iShares MSCI China exchange-traded fund (MCHI) has lost 8.0% and the S&P 500 index has gained 9.0%.

Shares of other China-based EV makers also fell after reporting May deliveries.

Li Auto Inc.'s stock (LI) slid 1.4%, even after the Beijing-based company say May deliveries rose 146.0% from a year ago to 28,277 vehicles, to mark the third-straight month that deliveries topped the 20,000 mark.

"In May, Li Auto's monthly gross sales exceeded RMB10 billion [$1.41 billion] for the first time in our history, laying a solid foundation for us to reach the sales target of RMB100 billion in 2023," said Chief Executive Officer Xiang Li.

Xpeng shares (XPEV) tanked 3.0% toward a 6-month low after the Guangzhou, China-based company reported a 25.9% drop in May deliveries to 7,506 EVs.

The company said presales of the G6 Ultra Smart Coupe SUV will begin on June 9.

Meanwhile, shares of Austin, Texas-based Tesla Inc. (TSLA), which generated 21% of its total first-quarter revenue from China, lost 0.8%, after closing Wednesday at a two-month high.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

06-01-23 1020ET

Copyright (c) 2023 Dow Jones & Company, Inc.