Nio, Xpeng, Li Auto jump in July electric car deliveries, stocks up

Xpeng said it delivered 11,524 in July, higher than the same period last year, but slipping from June’s figure. In July, Xpeng made the most of deliveries to its nearest rivals Nio and Li Auto. Xpeng said it will start accepting reservations for its new G9 SUV in August 2022.

Chen Dongqiu | Visual China Group | Getty Images

Shares of Chinese electric vehicle startups Nio, Xpeng and Li Auto jumped in US pre-market trade on Monday after the companies reported increased car deliveries in July.

Nio said it delivered 10,052 vehicles in July, up 26.7% year-on-year but lower than June’s figure of around 13,000 deliveries.

Meanwhile, Li Auto said it delivered 10,422 of its Li One sports utility vehicle in July, up 21.3% year-on-year, but also slipped from June’s figure.

Xpeng outperformed a trio of rivals. China-based firm Guangzhou said July deliveries totaled 11,524, up 40% year-on-year but also falling from the June figure.

Shares of Nio and Xpeng were trading at less than 3%, while Li Auto was up about 3.5% in pre-market trading.

All three carmakers were hit by the resurgence of Covid-19 in China earlier this year, which led to lockdowns in major cities and manufacturing hubs of the world’s second-largest economy. Automakers are also dealing with continuing supply chain issues, component shortages and rising material costs.

Nio said in July that production of its ET7 and EC6 vehicles was “disrupted” by the supply of casting parts.

The company said it is “working closely with supply chain partners and expects to accelerate vehicle production in the months following the third quarter of 2022.”

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Xpeng and Li Auto did not mention any 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 started the production line at its Changzhou factory on Monday, a milestone for the company.