XPeng, NIO and Li Auto report lower January deliveries compared to the previous month
By Sam Boughedda
Investir.com — Shares of Chinese electric vehicle companies Nio Inc (NYSE:), Li Auto Inc (NASDAQ:) and Xpeng Inc. (NYSE:) all opened higher before slipping on Tuesday after reporting their January delivery numbers.
NIO revealed that it delivered 9,652 vehicles in January, up 33.6% year-on-year, but the number fell from 10,489 delivered in December.
Meanwhile, rival XPeng delivered more than 10,000 vehicles for the fifth consecutive month, recording 12,922 deliveries in January, significantly lower than the 16,000 electric vehicles delivered in December.
In January, Li Auto delivered 12,268 Li ONEs, representing a 128.1% year-on-year increase, but down from 14,087 in December.
XPeng shares hit a high of $36.81, while NIO rose to $24.89 and Li Auto touched $27.11 per share. However, after every stock made significant moves higher on Monday, perhaps in anticipation of positive delivery numbers, momentum faltered and gains and more were lost.
NIO suffered the biggest drop, down 3.75%, which may be due to the company falling behind rivals in deliveries.
Overall, the lower month-on-month figures can be explained by the fact that China cut its subsidies for electric vehicles by 30% in early January, while companies also had to deal with shortages of semiconductor chips.