Shares of Chinese EV makers Nio and Li Auto soar as car shipments surge in July


Xpeng said it returned 11,524 in July, up from the same time last year, but down from June. Xpeng had the highest deliveries of its closest rivals Nio and Li Auto in July. Xpeng said it will accept reservations for its new G9 SUV in August 2022.

Chen Dongqiu | Visual China Group | Getty Images

Shares of Chinese electric vehicle startups Nio, Li Auto and XPeng jumped in the US on Monday after the companies posted a surge in car deliveries in July.

Nio said it delivered 10,052 vehicles in July, up 26.7%% year on year, but down from the figure of nearly 13,000 deliveries in June.

Li Auto, meanwhile, said it delivered 10,422 of its Li ONE sports car in July, up 21.3% year-on-year but also down from June’s figure.

Meanwhile, competitor Xpeng made the most of the trio. The Guangzhou, China-based company said deliveries totaled 11,524 in July, up 40% year on year, but also down from June.

Shares of Nio rose 3% and Li Auto gained 4%. Xpeng won 1%.

All three automakers were hit by a resurgence of Covid-19 in China earlier this year, leading to lockdowns in major cities and manufacturing hubs in the world’s second largest economy. Automakers are also dealing with persistent supply chain problems, parts shortages and rising material costs.

Nio said production of its ET7 and EC6 vehicles was “limited” in July due to the supply of castings.

The company said it has “worked closely with supply chain partners and expects to accelerate vehicle production in the following months of Q3 2022.”

Xpeng and Li Auto made no mention of supply chain disruptions. Xpeng said it plans to start accepting reservations for its new flagship G9 SUV in August, with an official launch in September.

Li Auto said the 200,000th Li ONE rolled off the production line at the Changzhou plant on Monday, a milestone for the company.

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