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

MW 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. fell 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 slumped 2.1% in premarket trading, putting it on track to open at the lowest price seen on a closing basis since June 29, 2020.

The stock has tumbled 22.8% year to date through Wednesday, while the iShares MSCI China exchange-traded fund $(MCHI)$ has lost 9.0% and the S&P 500 index has gained 8.9%.

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

Li Auto Inc.'s stock $(LI)$ slipped 0.3% ahead of the open, 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 $(XPEV)$ eased 0.3% 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 0.7% ahead of Thursday's open, 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

June 01, 2023 07:13 ET (11:13 GMT)

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