What's Going On With Chinese EV Stocks NIO, Li Auto, XPeng On Monday?
Chinese electric vehicle stocks NIO Inc (NYSE:NIO), Li Auto Inc (NASDAQ:LI), and XPeng Inc (NYSE:XPEV) traded higher on Monday after they disclosed their monthly and quarterly delivery information.
NIO delivered 21,209 vehicles in June 2024, a growth of 98.1% year over year. The deliveries consisted of 11,581 premium smart electric SUVs and 9,628 premium smart electric sedans.
NIO delivered 57,373 vehicles in the second quarter of 2024, implying an increase of 143.9% Y/Y. Cumulative deliveries of NIO vehicles reached 537,020 as of June 30, 2024.
Li Auto delivered 47,774 vehicles in June 2024, up 46.7% year over year. This brought its second-quarter deliveries to 108,581, up 25.5% year over year.
As of June 30, 2024, Li Auto’s cumulative deliveries reached 822,345 vehicles.
In June, XPeng delivered 10,668 Smart EVs, implying a 24% year-over-year growth. In June, XPeng X9’s deliveries reached 1,687 units, with its cumulative total up to 13,143 units just half a year after its launch.
Overall, XPeng delivered 52,028 Smart EVs in the first half of 2024, up 26% year over year.
The EV players, including Tesla Inc. (NASDAQ:TSLA), are amid an intense price war, doling out discounts to survive the global industrywide weakening demand.
Price Actions: NIO shares traded higher by 4.33% at $4.34 premarket at the last check Monday. LI is up 3.02% at $18.42, and XPEV is up 1.36% at $7.43.
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