MW Nio's, Li Auto's stocks fall as August deliveries decrease from the month prior
By Tomi Kilgore
XPeng, BYD reported August deliveries that were higher than July totals
Shares of both Nio Inc. and Li Auto Inc. looked to open lower Tuesday after the China-based electric-vehicle makers reported August deliveries that rose from a year ago, but fell from the prior month.
Li Auto's stock $(LI)$ shed 2.9% in premarket trades after the Beijing-based company said over the weekend that it delivered 48,122 vehicles in August. That was up 37.8% from a year ago, but down 5.6% from the 51,000 EVs delivered in July.
The company boasted, however, that its share of the RMB200,000 ($28,088) and higher neighborhood-electric-vehicle $(NEV)$ market has grown to 18%, "outpacing Tesla to become the sales champion among NEV brands in China."
The company's stock was heading back to a near-two-year low it hit last week. It had tumbled 16.1% on Aug. 28 to close at the lowest price since November 2022, after the company reported second-quarter revenue that fell well short of expectations.
Nio's stock $(NIO)$ dropped 1% in Tuesday's premarket, after the Shanghai-based company said it recorded 20,176 deliveries in August, up 4.4% from a year ago but less than the 20,498 EV delivered in July.
Nio said its August deliveries included 11,923 electric sport-utility vehicles and 8,253 sedans.
Meanwhile, Xpeng Inc. $(XPEV)$ and BYD Co. (BYDDY) (HK:1211) reported deliveries that increased both on a month-over-month and year-over-year basis.
Xpeng shares were little changed in the premarket, after closing Friday at a five-week high. The Guangzhou, China-based EV maker said August deliveries of 14,036 vehicles were up 3% from a year ago and 26% more than the 11,145 EVs delivered the month before.
The company said that on Aug. 30, the first batch of its Mona M03 hatchback coupes, at prices ranging from RMB119,800 ($16,824) to RMB155,800 ($21,880), were delivered to customers.
And Shenzhen, China-based BYD Co. said Monday that it sold a total of 373,083 new energy vehicles in August, up 29.9% from a year ago and 9% more than the 343,383 vehicles sold in July.
Of the total, BYD sold 148,470 battery-electric vehicles, up 30% from a year ago. Sales of plug-in hybrid vehicles rose 48.3% to 222,384.
BYD's U.S.-listed stock was still untraded in Tuesday's premarket.
Separately, shares of Tesla Inc. $(TSLA)$ tacked on 0.8% in Tuesday's premarket.
The Texas-based EV giant generated $4.64 billion in revenue from China in the second quarter, or 18.2% of total volume. That compares with 21.6% of total revenue from China in the first quarter, and 23% of total revenue from China in the second quarter of 2023.
-Tomi Kilgore
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(END) Dow Jones Newswires
September 03, 2024 07:44 ET (11:44 GMT)
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