EV Roundup: Q3 Deliveries of TSLA, RIVN, NIO, LI & XPEV in Focus

Last week, major pure-play electric vehicle (EV) makers, including Tesla TSLA, Rivian RIVN, NIO Inc. NIO, Li Auto LI and XPeng XPEV, released their delivery count for the third quarter of 2023. While EV king Tesla missed delivery expectations, California-based startup Rivian surpassed estimates.

Tesla delivered 435,059 vehicles in the September end quarter, while the Wall Street consensus estimates for third-quarter deliveries was approximately 455,000 units, per Teslarati. Rivian’s deliveries not just topped forecasts but also rose 23% from the second quarter of 2023.

China-based EV players NIO, XPEV and LI recorded solid year-over-year growth in third-quarter deliveries. Li Auto held the top spot, with its deliveries totaling 105,108 units, which rocketed 296.3% year over year. LI currently sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Inside the Headlines

1. After reporting record deliveries for the first two quarters of 2023, Tesla witnessed a sequential fall in its deliveries for the September quarter. The EV king delivered 435,059 (15,985 Model S/X and 419,074 Model 3/Y) vehicles worldwide in the third quarter. While that’s a 26.5% increase from the year-ago levels, it marks a 6.6% sequential decline from 446,140 vehicles delivered in the second quarter of 2022.

Tesla produced 430,488 (416,800 Model 3/Y, and 13,688 Model S/X) vehicles during the quarter, up 17.6% on a yearly basis but down from 479,700 units produced in the second quarter of 2023. The sequential decline in production and delivery volumes was due to planned factory shutdowns for an upgrade, as already notified by the company on its second-quarter 2023 earnings call.

2. Rivian registered record battery electric vehicle (BEV) production and delivery numbers in the third quarter. The automaker produced 16,304 units, representing an uptick of 121% from the year-ago quarter. The company manufactured all its vehicles in Normal, IL, factory. It delivered 15,564 units, up 136% from the corresponding quarter of 2022. Deliveries rose 23% sequentially and surpassed Wall Street estimates.

The company is on track to manufacture 52,000 vehicles this year, consistent with its previous guidance. Rivian currently produces the R1T truck, the R1S SUV and a series of electric delivery vans for Amazon. Rivian plans to expand its lineup with additional powertrain and battery versions of its existing consumer vehicles.

In a recent securities filing, Rivian proposed to offer $1.5 billion in green convertible senior notes due by Oct 15, 2030, to eligible institutional investors. Interested buyers would also have the option to buy up to $255 million in principal notes, with settlement available within 12 days from the issuance date.

3. NIO delivered 15,641 vehicles in September, up 43.8% year over year and 15% month over month. The deliveries included 11,504 premium smart electric SUVs and 4,137 premium smart electric sedans.

The company delivered 55,432 vehicles in the third quarter of 2023, up 75.4% year over year. As of Sep 30, 2023, NIO’s cumulative deliveries reached 399,549 units. Year to date, the company has delivered 1,09,993 vehicles, up 33.4% year over year. On Sep 15, NIO launched and commenced deliveries of the all-new EC6.

4. XPeng reported 15,310 monthly deliveries of smart EVs in September, representing an 81% year-over-year increase and 12% month-over-month rise. It delivered 40,008 vehicles in the third quarter of 2023, up 35.3% year over year. As of September 2023, the company delivered 340,008 smart EVs.

XPENG G6 deliveries totaled 8,132 units in September, bringing its cumulative deliveries to 19,381 units. The expanded production capacity of G6 has resulted in accelerated deliveries. XPENG started delivering its first batch of G9 vehicles in Norway, Sweden, the Netherlands and Denmark.

5. Li Auto delivered 36,060 vehicles in September 2023, up 212.7% year over year and 3.3% month over month. The company delivered 105,108 vehicles in the third quarter of 2023, up 296.3% year over year. As of Sep 30, 2023, Li Auto’s cumulative deliveries reached 244,225.

For each of the three Li L series models, monthly deliveries surpassed 10,000 vehicles for the second consecutive month in September. Li reported a new high in order intake of more than 40,000 orders in September. As of Sep 30, 2023, its retail stores totaled 361 in 131 cities. Li’s servicing centers totaled 318 and Li Auto-authorized body and paint shops operated in 213 cities.

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. Investors are keenly awaiting Tesla’s third-quarter results, which are scheduled for release on Oct 18.

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