The three China-based smart electric vehicle (EV) companies, NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI, recently announced their respective delivery updates for the month of June and second quarter 2023.
NIO delivered 10,707 vehicles in June, down 17.4% year over year. The deliveries included 6,383 premium smart electric SUVs and 4,324 premium smart electric sedans. NIO delivered 23,520 vehicles in the second quarter of 2023, down 6.1% year over year. Cumulative deliveries of NIO vehicles reached 344,117 as of June 30, 2023.
On Jun 15, NIO launched ET5 Touring and started delivering it the next day. Year to date, the company has delivered 54,561 vehicles, up 7.3% year over year. Its monthly deliveries are up 15% from May’s figure of 6,155 vehicles.
XPeng reported 8,620 monthly deliveries of Smart Evs in June, representing a 43.6% decline year over year. It delivered 23,205 vehicles in the second quarter of 2023, down 32.6% year over year. As of June 2023, the company had delivered 300,000 smart EVs. XPeng saw a 15% rise in month-on-month sales from 7,506 cars in May.
Li Auto delivered 32,575 vehicles in June 2023, up 150.1% year over year. This marked the first month of deliveries exceeding 30,000 units. The company delivered 86,533 vehicles in the second quarter of 2023, up 201.6% year over year. As of Jun 31, 2023, its retail stores totaled 331 in 127 cities. Li’s servicing centers totaled 323 and Li Auto-authorized body and paint shops operated in 223 cities. The company’s monthly sales saw a rise of 15.2% from 28,277 vehicles in May.
One-Year Price Performance
The shares of LI, NIO and XPEV have lost 6.9%, 54.6% and 55.6%, respectively, over the past year.
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Zacks Rank and a Key Pick
Li currently sports a Zacks Rank #1 (Strong Buy), while NIO & XPEV each carry a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.
General Motors GM is another top-ranked player, carrying the same rank as Li.
General Motors is one of the world’s largest automakers. GM shares are up 14.7% year-to-date. The Zacks Consensus Estimate for its current-year earnings has moved up by 0.7% over the past 30 days.
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