NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI, the three China-based smart electric vehicle (EV) firms, recently reported their respective delivery update for the month of March and the first quarter of 2024.
In March 2024, Nio delivered 11,866 vehicles, comprising 6,737 premium smart electric SUVs and 5,129 premium smart electric sedans. The deliveries rose 14.3% year over year and 45.9% from the month of February. However, the EV company delivered 30,053 units in the first quarter of 2024, down 3.2% year over year. As of Mar 31, 2024, NIO’s cumulative vehicle delivery is pinned at 479,647 units.
Nio started deliveries of its 2024 ES8, ES6, EC7, EC6 and ET5T in March 2024. It aims to begin the deliveries of the 2024 ES7, ET7 and ET5 in the second quarter of 2024.
XPeng delivered 9,026 EVs in March 2024, rising 29% year over year and 99% from the month of February. With the deliveries of 3,946 units in March, the XPENG X9 remained the top-selling all-electric multi-purpose vehicle in China. In the first quarter of 2024, XPeng delivered 21,821 smart EVs, up 20% year over year. In March, the smart EV company introduced the launch edition of the G9 SUV and the P7 sedan in the German market.
Li Auto reported monthly deliveries of 28,984 vehicles for March 2024, representing an uptick of 39.2% year over year and 43.1% from the month of February. The new energy vehicle company delivered 80,400 vehicles in the first quarter of 2024, rising 52.9% year over year. LI’s cumulative deliveries reached 713,764 as of Mar 31, 2024, making it China’s first emerging new energy automaker to cross a milestone of 700,000 cumulative deliveries.
As of Mar 31, 2024, it had 474 retail stores in 142 cities. LI’s servicing centers totaled 356 and Li Auto-authorized body and paint shops were in 209 cities. The company has 357 supercharging stations with 1,544 charging stalls in China.
Price Performance
Shares of NIO and XPEV have plunged 52.7% and 29.5%, respectively, over the past year. Shares of LI have jumped 25.9% in the same time frame.
Image Source: Zacks Investment Research
Zacks Rank
NIO carries a Zacks Rank #4 (Sell) at present. XPEV carries a Zacks Rank #3 (Hold), while LI sports a Zacks Rank #1 (Strong Buy) at present.
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