EV Roundup: RIVN’s New R1T’s Range Reveal, FSR Expansion Plans & More

China-based electric vehicle (EV) makers NIO Inc. NIO, XPeng XPEV and Li Auto LI released their delivery numbers for August 2023. While China’s economy is showing signs of weakness, the August delivery numbers for all three automakers marked a remarkable year-over-year surge.

Fisker Inc. FSR made a splash with a number of updates. The company is expanding its European presence, by entering Belgium, the Netherlands and Switzerland. Deliveries in these markets will be starting in late September. It also unveiled affordable Fisker PEAR pricing. Simultaneously, Fisker is prioritizing Canadian deliveries, setting up retail centers in Vancouver and Toronto and offering mobile service and financing via Scotiabank, with test drives coming in September.

Finally, Rivian Automotive RIVN also made it to the top stories as it unveiled the range for its latest dual-motor R1T electric truck. Despite facing numerous challenges in the two years since its EV debut, the company has showcased resilience and progress with the introduction of its in-house electric motor design, Enduro. In a bid to keep its costs down in a fiercely competitive industry, Rivian adopted a strategy of vertical integration, producing components in-house with its new dual motor.

While NIO currently carries a Zacks Rank #4 (Sell), LI, XPEV, FSR and RIVN have a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Last Week’s Top News

NIO delivered 19,329 vehicles in August, rocketing 81% year over year. The deliveries comprised 12,015 premium smart electric SUVs and 7,314 premium smart electric sedans. However. deliveries declined from the monthly record high of 20,462 units attained in July 2023. In the first eight months of 2023, NIO delivered 94,352 vehicles, reflecting an increase of 31.9% year on year. As of Aug 31, 2023, deliveries of NIO vehicles totaled 383,098.

Last week, the company also announced its second-quarter 2023 results. NIO incurred a loss per share of 51 cents, wider than the Zacks Consensus Estimate of a loss of 36 cents as well as the year-ago loss of 25 cents. Revenues of $1.2 billion lagged the Zacks Consensus Estimate of $1.35 billion and declined 14.8% year over year. During the quarter under review, NIO delivered 23,520 vehicles. For third-quarter 2023, NIO projects deliveries in the range of 55,000-57,000 vehicles, suggesting a 74-80.3% surge year over year. Revenues are envisioned to be between $2,606 million and $2,692 million, indicating a year-over-year improvement of 45.3-50.1%.

XPeng reported 13,690 monthly deliveries of Smart EVs in August, representing a 43% uptick year over year. The deliveries also increased 24% month over month. Notably, XPeng’s G6 SUV deliveries exceeded 7,000 units in August, contributing to a total of over 11,000 G6 units delivered. G6’s rapid production ramp-up was driven by efficient supply chain management and manufacturing capabilities. It reached the 10,000-unit milestone just 45 days after initial delivery.

XPeng is set to debut at Munich’s Internationale Automobil-Ausstellung from Sep 4-10, where it will showcase the XPENG G9 and new P7 models and offer test drives to partners and visitors. XPeng remains committed to expanding its presence and technological advancements in the EV market. On Aug 27, XPEVannounced a strategic partnership with DiDi Global to accelerate the adoption of Smart EVs and technologies. The company aims to launch an all-new EV brand in 2024, which is currently being developed under the project “MONA.”Project MONA will be supported by DiDi from its mobility ecosystem. Through this partnership, the company will build highly popular Smart EV models for the RMB150,000 price range.

Li Auto saw deliveries of 34,914 vehicles in August, which skyrocketed a whopping 663.8% year over year. What was particularly impressive is that each of the three Li L series models surpassed the 10,000-vehicle mark in monthly deliveries. As of Aug 31, Li Auto’s cumulative deliveries for 2023 reached an impressive 208,165 vehicles.

The Li L9 model has maintained its position as a top seller in the full-size SUV segment for 12 straight months, achieving more than 100,000 cumulative deliveries since its production line debut in August 2022. Additionally, Li L7 and Li L8 consistently secured the first and second positions, respectively, in the large SUV sales category. With 346 retail stores in 130 cities, along with 324 servicing centers and authorized body and paint shops operating in 220 cities as of Aug 31, 2023, Li Auto continues to strengthen its presence and service network across China, cementing its position as a leader in the rapidly evolving NEV market.

Rivian unveiled the range of its new dual-motor R1T, and it’s certainly impressive. This remarkable figure sets a high standard for an electric truck, and Rivian proudly dubs it its ” best range” in the lineup. The R1T’s range now extends to 410 miles. With the new dual-motor system, the R1T’s towing capacity increases to 11,000 pounds, while that of R1S to 7,700 pounds. Off-road, Enduro provides precise power distribution from front to rear. For speed enthusiasts, Rivian’s software-enabled Performance Dual-Motor option propels the R1T and R1S from zero to 60 mph in a mere 3.5 seconds.

The Enduro drive unit amalgamates the gearbox, power inverter and motor, resulting in notable cost savings. With this, Rivian’s base model witnessed a whopping $8,000 price reduction, making the R1T pickup and R1S crossover more competitively priced at $74,800 and $79,800, respectively.The Enduro motor is also expected to be the foundation of Rivian’s upcoming R2 vehicle platform, targeting 2026, which will venture into smaller, more budget-friendly vehicles.

Fisker announced its launch in three European countries — Belgium, the Netherlands and Switzerland. The deliveries in these markets are expected to start at the end of September. Customers can reserve Fisker vehicles via country-specific websites. Its Fisker Ocean all-electric SUV is now available in Europe and the United States, with other models, like the affordable Fisker PEAR and high-performance Fisker Rönin, in development.

The company announced that the Fisker PEAR crossover will be priced at $29,900. The vehicle offers seating for five or six and an estimated range of 180-320 miles. The PEAR showcases Fisker Blade, a cutting-edge in-house High-Performance Computer, for a connected digital experience. The production-intent PEAR will be exhibited at the Fisker Lounge Munich during IAA Mobility 2023. Fisker prioritizes sustainability with recycled materials and aims to be carbon neutral by 2027.

Fisker aims to deliver most Canadian Fisker Ocean One SUVs by the end of September after homologation by Sep 7. It plans retail and service centers in Vancouver and Toronto, offering mobile service and financing through Scotiabank. Test drives will be available in September.

Price Performance

The following table shows the price movement of some of the major EV players over the last week and six-month period.

Image Source: Zacks Investment Research

What’s Next in the Space?

Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.

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