Nio, Xpeng, Li Auto: Electric vehicle shipments jump in July, stocks rise

Xpeng said it delivered 11,524 people in July, up from the same period last year but down from June. In July, Xpeng had the highest deliveries among Nio and Li Auto’s closest competitors. Xpeng said it will start accepting orders for its new G9 SUV in August 2022.

Chen Dongqiu | Visual Chinese group | Getty Images

Shares of Chinese electric vehicle start-ups Not, Xpeng as well as Lee Auto U.S. pre-market trading jumped on Monday after companies reported higher vehicle deliveries in July.

Nio said it delivered 10,052 vehicles in July, up 26.7%% year-on-year but down from June, when nearly 13,000 vehicles were delivered.

Meanwhile, Li Auto said it delivered 10,422 of its Li ONE SUVs in July, up 21.3% from last year but also down from June.

Xpeng has been the most successful of the three competitors. The Guangzhou, China-based company said July shipments were 11,524, up 40% year-over-year but also down from June.

Shares of Nio and Xpeng traded just under 3% higher, while shares of Li Auto fluctuated about 3.5% higher in premarket trading.

Earlier this year, all three automakers were hit by a resurgence of Covid-19 in China, leading to the closure of major cities and manufacturing centers in the world’s second-largest economy. Automakers are also facing ongoing supply chain issues, component shortages and rising cost of materials.

Nio said production of its ET7 and EC6 vehicles in July was “limited” to the supply of castings.

The company said it is “working closely with supply chain partners and expects to accelerate vehicle production in the coming months of the third quarter of 2022.”

Xpeng and Li Auto did not mention any supply chain disruptions. Xpeng said it plans to start taking orders for its new flagship. G9 SUV in Augustwith an official launch in September.

Li Auto said the 200,000th Li ONE rolled off the production line at its Changzhou plant on Monday, a major milestone for the company.