Nio Vs. XPeng Vs. Li Auto: How October EV Deliveries Stack Up
Chinese electric startup stalwarts listed in the U.S. reported October delivery scorecards Monday, and the numbers had contrasting tales to tell about the automakers' performance for the month.
How The Trio Of Chinese EV Stocks Fared: NIO Inc. (NYSE: NIO) reported deliveries of 3,667 vehicles in October, down 27.5% year-over-year. On a month-over-month basis, the drop was a steeper 65.5%.
XPeng Inc. (NYSE: XPEV)'s October deliveries came in at a strong 10,138 vehicles, marking the second straight month of 10,000 or more deliveries.
October's numbers marked a 233% year-over-year jump but a modest 2.63% sequential drop.
Li Auto Inc. (NASDAQ: LI)'s October deliveries climbed 107.2% year-over-year and 7.8% month-over-month to 7,649 units.
Model-wise Breakup: Nio's October deliveries comprised 218 ES8s, 2,528 ES6s and 921 EC6s. In September, the company sold 1,978 ES8s, 5,260 ES6s and 3,390 EC6s.
XPeng delivered 6,044 P7 sedans, representing a 187% year-over-year increase, 3,657 G3 and G3i SUVs, and 437 P5 smart family sedans, a model that was launched in September.
The company noted that G3 deliveries marked a record total. It also noted the order backlog for P5, its newest vehicle model, remained solid.
Li Auto has a lone model in its vehicle lineup, going by the name Li ONE.
Cumulative Year-To-Date Deliveries: For the 10 months ended in October, Nio delivered a cumulative 70,062 vehicles compared to XPeng's 66,542 and Li Auto's 62,919.
Manufacturing Line Upgrade Spoils Nio's Party: Nio noted that October deliveries were significantly impacted by reduction in production volume, stemming from the restructuring and upgradation of manufacturing lines as well as preparations for new product introduction. The disruption occurred between Sept. 28 to Oct. 15, it added.
The company said supply chain volatilities also affected production.
On a positive note, the company said new orders were at a record high in October, reflecting increasing user demand.
Nio is expected to begin deliveries of its much-awaited ET7 sedan in early 2022. The company has also begun selling cars in Norway, its first overseas destination.
XPeng Prevails Despite Challenges: XPeng said momentum remained strong in October despite the semiconductor shortages. The company also pointed to strong market appeal for its newly launched P5 sedan.
To circumvent the supply chain constraints, XPeng is reportedly planning to ship its new P5 model without millimeter wave radar units that support its ADAS due to chip shortages.
XPeng also said it continues to expand its supercharging facilities to address increasing customer demand. XPeng's branded supercharging network spans urban commuting thoroughfares and highways through 439 stations across 121 Chinese cities as of Sept. 30.
Li Auto's Abounding Orders: Li Auto said its order intake exceeded 14,500 units in October. The company also said it is working with its suppliers to fully restore the millimeter wave radar supply, aiming to shorten the waiting time of delivery to users.
As of Oct. 31, 2021, the company has 162 retail stores in 86 cities, as well as 223 servicing centers and Li Auto-authorized body and paint shops operating in 165 cities.
Nio shares were up 3.62% to $40.84 at the close Monday, XPeng was 2.64% higher at $47.87 and Li Auto lost 0.89% to $32.34.
Related Link: Why This Nio Analyst Expects Net Loss to Widen In 2021-22
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
