Nio, Inc. (NYSE:NIO), XPeng, Inc. (NYSE:XPEV) and Li Auto, Inc. (NASDAQ:LI) released September deliveries on Saturday, with the numbers suggesting mostly flattish performances in line with that of recent months.
The Headline Numbers: Shanghai-based Nio said it delivered 10,878 vehicles in September, comprising 7,729 SUVs, and 3,149 sedans. The company sold 2,928 ET7 premium sedans and 221 ET5s, which began commercially rolling out only in late September.
XPeng announced electric vehicle deliveries of 8,468 units, with the breakup showing 4,643 P7 sedans, 2,417 P5 sedans, 1,233 G3i SUVs, and 184 G9 flagship SUVs. The G9 was launched on Sept. 21. The Guangzhou-based company said it expects to begin mass deliveries of G9s in late October.
Li Auto, meanwhile, reported deliveries of 11,531 vehicles, with 10,123 of them being its L9 six-seat flagship SUV. September marked the first full month of deliveries of this model.
Quarterly deliveries of the trio were as follows:
- Nio: 31,607 units Vs. Guidance range of 31,000-33,000
- XPeng: 29,570 units Vs. Guidance range of 29,000-31,000
- Li Auto: 26,524 units Vs. Guidance range of 27,900-29,000
- See also: Is Chinese EV Maker Nio Planning To Manufacture In US?
How Does Growth Compare: Nio grew deliveries by 2.4% year-over-year and Li Auto’s deliveries climbed 62.5%, while XPeng reported an 18.7% drop from a year ago.
Li Auto outperformed on a quarter-over-quarter basis, primarily due to an easier comparison. Sequentially, Li Auto’s deliveries jumped 152% and Nio saw an increase of about 2%. On the other hand, XPeng’s deliveries fell 11.6%.
What’s Next For The Trio: Nio is rapidly pursuing international expansion. The company has scheduled its “Nio Berlin 2022” launch event, under the theme “A New Horizon” on Oct. 7. The company could see a pickup in volume if its newly-launched, relatively cheaper ET5 sedan takes off amid the current inclement economic environment.
XPeng shares have taken a beating amid the current market downturn, and to stem the riot, it needs to execute on its strategy. The company is likely to rely on its new G9 SUV and international expansion to help emerge out of the lean phase.
Meanwhile, Li Auto’s L9 deliveries have taken off strongly, with the company stating that this is the first time a domestic-branded, premium model priced above 400,000 yuan ($56,211) has sold over 10,000 units.
The company has two more new products in its stable – the L7 five-seater SUV, which debuted on Sept. 30 and is set to arrive at Li Auto retail stores across China on Saturday. Deliveries of the large, premium L8 SUVs will commence in November.
The Price Action: Nio closed Friday’s session at $15.77, up 1.22%, while XPeng ended down 1.32% at $11.95 and Li Auto fell 1.54% to $23.01, according to Benzinga Pro data.
