The Zacks Analyst Blog Highlights Tesla, Rivian, NIO, Li Auto and XPeng

For Immediate Releases

Chicago, IL – July 5, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Tesla TSLA, Rivian RIVN, NIO Inc. NIO, Li Auto LI and XPeng Inc. XPEV.

Here are highlights from Friday’s Analyst Blog:

EV Roundup: Q2 Deliveries for Tesla, Rivian and More

Major U.S. EV companies like Tesla, Rivian and China-based NIO Inc., Li Auto and XPeng Inc. released their delivery results for the second quarter of 2024. Here’s a rundown of the delivery numbers.

Tesla delivered 443,956 cars (422,405 Model 3/Y and 21,551 other models) worldwide in the second quarter, beating analysts’ expectations of 439,000 as compiled by FactSet. The deliveries were down roughly 5% year over year but increased 15% from the first quarter of 2024. The company produced 410,831 vehicles (386,576 Model 3/Y, and 24,255 Model S/X) in the three months ended June.

NIO delivered 21,209 vehicles last month, comprising 11,581 premium smart electric SUVs and 9,628 premium smart electric sedans. Deliveries jumped 98.1% year over year. Second-quarter 2024 deliveries rocketed 144% year over year to 57,373 units. As of Jun 30, 2024, NIO’s cumulative vehicle deliveries totaled 537,020 units.

Li Auto reported monthly deliveries of 47,774 vehicles in June, representing an uptick of 46.7% year over year. It delivered 108,581 vehicles in the second quarter of 2024, rising 25.5% year over year. LI’s cumulative deliveries reached 822,345 as of Jun 30, 2024. Li Auto exited the quarter with 497 retail stores in 148 cities. Its servicing centers totaled 421 and Li Auto-authorized body and paint shops were in 220 cities. The company has 614 supercharging stations with 2726 charging stalls in China.

XPeng delivered 10,668 EVs last month, up 24% year over year and 5% from the month of May. With deliveries of 1,687 units in June, XPENG X9 remained the top-selling all-electric multi-purpose vehicle in China. Around 13,143 units of XPENG X9 have been sold since its launch. In the second quarter of 2024, XPeng delivered 30,207 smart EVs, up from 23,205 recorded in the year-ago period. In the first six months ending June, XPEV delivered 52,028 units, up 26% from the year-ago period.

Rivian manufactured 9,612 vehicles at its Illinois factory, down from 13,980 units in the first quarter of 2024 and 12,640 units in the second quarter of 2023. Deliveries of 13,790 units in the second quarter of 2024 were up from 13,588 units in the first quarter of 2024 but down from 13,992 units in the second quarter of 2023. Rivian maintains its full-year delivery guidance of 57,000 units. Recently, Rivian secured a massive deal with Volkswagen, per which the German auto giant will invest up to $5 billion in the California-based EV startup.

XPEV carries a Zacks Rank #2 (Buy) currently. NIO, TSLA and RIVN are #3 Ranked (Hold), while LI Auto carries a Zacks Rank #5 (Strong Sell) at the moment.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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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