China EV sales surged 71% in November to a record high, with Tesla reportedly delivering a record 100,291 China-made electric vehicles while trailing BYD.
Last week, Chinese EV giant BYD reported booming November sales. Meanwhile, China EV startups Li Auto and Nio posted record monthly deliveries. XPeng continued to lag but predicted a stronger December.
China's wholesale sales of new energy passenger vehicles in November came in around 732,000, a record high, CnEVPost reported Monday, citing China Passenger Car Association (CPCA) estimates. That's up about 8% from October and up about 71% from a year ago, the CPCA report said. "New energy vehicles," or NEVs, include all-electric, hybrid-electric and fuel-cell vehicles.
Chinese EV stocks eased Monday, after last week's huge rally on reopening hopes. China has started to lift Covid-19 lockdowns after mass protests. The curbs weighed on automakers and auto suppliers in the world's largest EV market.
China is the one of world's largest and fastest-growing EV markets.
Tesla Stock
Tesla does not release China-only sales. But CnEVPost on Monday reported that Tesla sold a record 100,291 made-in-China vehicles in November, citing CPCA data. That would mark a record monthly high for the U.S. EV maker, though below the 113,915 all-electric vehicles that rival BYD sold last month.
Tesla China's November tally represents an 89.7% increase vs. a year ago and a 39.9% increase vs. October, the Chinese EV website said.
A late October price cut and various other incentives, along with Tesla's big production increase and the soon-to-expire China EV subsidies, were likely contributing factors.
On Thursday night, Tesla delivered its first Semi EVs. But Bloomberg reported Monday that Tesla plans to lower production by about 20% at its Shanghai plant as soon as this week.
Tesla stock fell 4.9%, near 185, on the stock market today. Shares remain below the 50- and 200-day lines despite a two-week rally.
BYD Sales
China's BYD, backed by Warren Buffett, sold 230,427 all-electric and plug-in hybrid vehicles in November, up 153% vs. a year earlier and 5.8% vs. October. Some 113,915 vehicles of BYD's November total were all-electric vehicles, up 147% vs. November 2021. Plug-in hybrids shot up 164% to 116,027.
In the first 11 months of 2022, BYD's sales of all-electric and plug-in hybrid vehicles vaulted 132% to top 1.62 million units.
Exports remain a small share of BYD's total sales but are rising rapidly, hitting 12,318 in November. The company has a big international expansion underway. This week, it announced a Mexico entry in 2023.
Yet another new BYD plant, this one in Jinan, eastern China's Shandong province, has started mass production this week.
On Dec. 9, BYD is preparing to launch the Frigate, a hybrid SUV. That will add to a slew of new EV launches. The BYD Seal, a Tesla Model 3 rival, launched in late August.
Shares, which trade over the counter in the U.S., fell 2.6% Monday. Last week, BYD stock leapt 18.2% to close above its 10-week line for the first time since mid July.
Li Auto Sales
Li Auto sold 15,034 EVs in November, up 11.5% vs. a year ago and up 49.5% vs. October. The November tally set a record for monthly EV sales.
The startup did not break down sales by model. But the new L9 was the "sales champion of full-size SUVs in China," its sales release Thursday said. Li began L9 SUV deliveries on Aug. 30 and L8 deliveries on Nov. 10. It has phased out its original One model.
On Dec. 9, Li Auto will report Q3 earnings before the market open. It's also expected to give a Q4 delivery estimate at that time.
Li Auto stock fell 2.1% Monday. Shares vaulted 35.5% to 22 last week, regaining the 10-week line.
Nio Sales
Nio sold 14,178 EVs in November, up 30% vs. a year ago and up 41% vs. October. Year to date, Nio has sold 106,671 EVs, up 31.8% vs. the year-ago period.
The November deliveries set a monthly sales record. They consisted of 8,003 premium electric SUVs and 6,175 premium electric sedans. The tally included 4,897 ES7 SUVs; 3,207 ET7 sedans; and 2,968 ET5s, all new models this year.
Nio's November EV deliveries came in ahead of Deutsche Bank's Yu prediction for 13,500. And the startup said Thursday that EV production and deliveries will accelerate in December.
Nio guided record Q4 deliveries on Nov. 10, while posting a worse-than-feared Q3 loss.
Nio stock shed 0.6% on the stock market today. Shares shot up 29.1% last week, reclaiming the 10-week line. Shares of Nio and its China EV peers remain below the 200-day line after sliding in the past year.
XPeng Sales
XPeng sold 5,811 EVs in November, down nearly 63% vs. a year earlier, but up 14% from October. The company cited "challenges brought by COVID-related restrictions and disruptions." Year to date, XPeng has sold 109,465 EVs, a 33% increase vs. the year-ago period.
November deliveries included 1,546 units of the flagship new G9 SUVs, its sales release said.
Xpeng expects December deliveries to "significantly increase" as the G9 production ramps up after challenges in November.
Early Wednesday, XPeng reported a wider-than-expected Q3 loss of 39 cents per ADR share. Revenue rose 19.3% to RMB 6.82 billion, or $959.2 million.
It forecast Q4 deliveries of 20,000-21,000 EVs, down roughly 50%-52% vs. a year earlier and down significantly from Q3's 29,570. With October-November deliveries of 10,912 EVs, that implies XPeng deliveries will rebound to 9,000-10,000 in December.
Deutsche Bank's Yu had forecast XPeng would deliver 19,500 EVs in Q4. New models, such as the G9 SUV, are ramping up slowly, while some older models are being phased out, he said.
XPeng stock gave up 1.2% Monday. Shares skyrocketed nearly 62% last week, vaulting above the 10-week line.
Last Wednesday, the southern Chinese city of Guangzhou, where XPeng is based, relaxed Covid-19 restrictions in various districts.
China EV Sales
November continues a win streak for China EV sales this year.
Notably for the startups, deliveries of electric vehicles rebounded in November vs. October, as headwinds eased and new models ramped up.
Unlike BYD, Nio and its startup peers had all seen sales fall in October vs. September amid Covid-19 lockdowns and supply disruptions.
In the first 10 months of 2022, China NEV sales soared 110%, while the broader passenger car market grew just 14%, according to data from China Association of Automobile Manufacturers.
