Nio, XPeng stocks surge after EV delivery data

By Tomi Kilgore

Nio June deliveries soar 74% on the month but fall on the year, XPeng deliveries rise 15% from May

Shares of China-based electric-vehicle makers surged Monday, after they reported June deliveries that showed big jumps from May.

The rallies come after EV giant Tesla Inc. (TSLA), which generates a significant percentage of its sales from China, also reported deliveries that beat expectations by wide margins.

Shanghai-based Nio Inc.'s stock (NIO) shot up 6.0% toward a three-month high in premarket trading.

The company reported over the weekend that it delivered 10,707 EVs in June, up 74.0% from May, but down 17.4% from a year ago. For the second quarter, Nio delivered 23,520 EVs, down 24.2% from the first quarter and down 6.1% from a year ago.

Since the end of the first quarter, Nio said it has deployed 1,339 Power swap stations, 1,285 Power Charger stations with 6,467 chargers and 1,154 destination charging stations with 7,993 chargers around the world. The company said it plans to accelerate expansion of its battery-swapping network, as it looks to install 1,000 Power Swap stations in 2023.

Shares of Guangdong-based XPeng Inc. (XPEV) soared 10.8%, putting them on track to open at the highest price seen during regular-session hours since Sept. 21, 2022.

The company reported 8,620 vehicles in June, up 14.8% from May, to mark a fifth-straight month of gains, but June deliveries were down 43.6% from a year ago.

Second-quarter deliveries totaled 23,205 EVs, up 27.3% from the first quarter but down 32.6% from a year ago.

The data comes after Xpeng announced last week the launch of its new G6 Ultra Smart Coupe SUV, with deliveries to begin in July.

Li Auto Inc. shares (LI) charged up 6.5% toward a near one-year high, after the Beijing-based company reported June deliveries of a monthly record of 32,575 EVs, up 15.2% from May and up 146.0% from last year.

Second-quarter deliveries of 86,533 were up 64.6% from the first quarter and were more than triple (201.6%) that of last year.

"Benefiting from the comprehensive enhancement of our organizational processes and operating capabilities, our monthly deliveries exceeded 30,000 for the first time, making Li Auto currently the only Chinese premium brand to achieve this milestone," said Chief Executive Officer Xiang Li.

And although Texas-based Tesla Inc. didn't break out deliveries by geography, the EV maker, which generated 21% of first-quarter revenue from China, reported second-quarter deliveries of 466,140 vehicles, up 83% from a year ago and above expectations of 445,000 EVs. Tesla's stock jumped 6.5% premarket toward the highest price seen since Sept. 29, 2022.

Meanwhile, Guangdong-based BYD Co. reported production of 252,657 "new energy" vehicles in June, up 87.5% from a year ago, while the sales volume of new energy vehicles rose 88.8% to 253,046.

-Tomi Kilgore

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07-03-23 0715ET

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