NIO, XPeng (XPEV), Li Auto (LI) Post March, Q1 Delivery Updates

The three major China-based smart electric vehicles (EV) companies, NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI, recently announced their respective delivery updates for March and first-quarter 2023.

NIO delivered 10,378 vehicles in March 2023. The deliveries comprised 3,203 premium smart electric SUVs and 7,175 premium smart electric sedans. The company delivered 31,041 vehicles in the first quarter of 2023, reflecting an increase of 20.5% year on year. As of Mar 31, 2023, deliveries of NIO vehicles totaled 320,597.

NIO began deploying third-generation Power Swap stations in China on Mar 28, 2023. Each station has a service capacity of up to 408 swaps per day. It deployed 1,339 Power Swap stations, 1,285 Power Charger stations with 6,467 chargers, and 1,154 destination charging stations with 7,993 chargers worldwide as of Mar 31, 2023. The company intends to establish 1,000 Power Swap stations by 2023, expediting the spread of the battery-swapping network.

NIO launched NIO Technology 2.0 (NT2.0) in December 2022. It has activated and engaged more than 30,000 users with NOP+ Beta and a cumulative mileage of more than 15 million kilometers.

NOP+ Beta has seen significant improvements in respect of reassurance, comfort and efficiency, owing to its full-stack in-house-developed intelligent driving technologies and closed-loop data management. Going forward, it will gradually add more features through over-the-air updates to continuously improve consumers’ intelligent driving experiences.

NIO currently carries a Zacks Rank #5 (Strong Sell).

XPeng delivered 7,002 EVs in March 2023, a 17% increase over the prior month. First-quarter 2023 deliveries were 18,230. The new sports sedan P7i, which was introduced in March, has received positive market feedback, and its order backlog is growing rapidly.

In March, a total of 3,030 P7 series sedans were delivered. The introduction of the new P7i also boosted store traffic, pushing test drive volume to new highs.

On March 31, 2023, XPeng began rolling out the first phase of XNGP (NGP: Navigation Guided Pilot) to customers of the XPENG G9 Max and P7i Max in Guangzhou, Shenzhen, and Shanghai, and to consumers of the XPENG P5 P version in Shanghai. XNGP is China’s leading full-scenario ADAS platform, with mass-production versions available. The company is accelerating the implementation of XNGP across different models in multiple Chinese cities.

XPEV currently carries a Zacks Rank #3 (Hold).

Li Auto delivered 20,823 vehicles in March 2023, surpassing the 20,000 monthly delivery mark again. The deliveries jumped 88.7% year over year. Li Auto’s first quarter deliveries reached 52,584, up 65.8% year over year. The cumulative deliveries of Li Auto vehicles totaled 309,918 as of March end.

Li Auto has seized almost 20% of the RMB300,000 to RMB500,000 SUV market in China and has positioned itself as the premium family SUV brand of choice, showcasing its product strengths and user recognition. It is set to begin deliveries of Li L7 Air and Li L8 Air this month. The company had 299 retail outlets in 123 cities as of March 31, 2023, as well as 318 servicing centers and Li Auto-authorized body and paint shops in 223 cities.

LI currently carries a Zacks Rank #2 (Buy).

Key Picks

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