NIO, XPeng (XPEV) & Li Auto (LI) Report 2023 Deliveries

China-based electric vehicle (EV) companies NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI provided delivery updates for the fourth quarter and full-year 2023.

While NIO and XPeng registered double digit percentage growth in deliveries for full-year 2023, Li Auto held the top spot with a whopping 182.2% year-over-year growth. Li Auto delivered 376,030 vehicles last year, representing the first time for any Chinese emerging EV maker to exceed the annual delivery mark of 300,000 vehicles. NIO and XPeng delivered 160,038 and 141,601 units in 2023, indicating an uptick of 30.7% and 17%, respectively.

Let’s look at fourth-quarter 2023 and December delivery count of these automakers.

NIO’s vehicle delivery increased 13.9% year over year to 18,012 vehicles in December. The deliveries included 12,048 SUVs and 5,964 sedans. For the fourth quarter of 2023, NIO delivered 50,045 units, up 25% on a yearly basis. The cumulative deliveries of NIO were 449,594 vehicles as of Dec 31, 2023. At NIO Day 2023, the company unveiled a new super-premium sedan— the ET9— the deliveries of which are scheduled to begin in the first quarter of 2025.

XPeng set a new record for monthly deliveries in December. Deliveries rose 78% year over year last month to a total of 20,115 units. Fourth-quarter deliveries also surpassed the 60,000 mark for the first time. During October-December, deliveries rocketed 171% to 60,158 units. XPeng’s cumulative deliveries reached 400,311 vehicles as of Dec 31, 2023.

XPeng achieved a milestone on Dec 28 by expanding its XNGP Advanced Driver Assistance System to 27 more Chinese cities via Over-the-Air update, reaching a total of 52 cities without relying on HD maps. By early 2024, XNGP aims to expand coverage to 200 cities nationwide. On Jan 1, the company launched the X9 7-seater multi-purpose vehicle, built on SEPA 2.0 technology architecture. The vehicle will be priced between RMB 359,800 and RMB 419,800.

Li Auto delivered 50,353 vehicles last year, up a whopping 137.1% year over year. Fourth-quarter deliveries shot up 184.6% to total 131,805 units. As of Dec 31, 2023, Li Auto reached a significant milestone by surpassing 600,000 cumulative vehicle deliveries. At the end of 2023, Li Auto operated 467 retail stores in 140 cities, along with 360 servicing centers and authorized body and paint shops, extending its presence to 209 cities.

While LI and XPEV currently carry a Zacks Rank #3 (Hold) each, NIO is #2 Ranked (Buy) now. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A top-ranked player in the auto space is BMW AG BMWYY, sporting a Zacks Rank #1. It has a Value Score of B. Germany-based BMWYY is currently valued at $67.3 billion.

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