Nio Inc. (NYSE: NIO) and XPeng Inc. (NYSE: XPEV), two Chinese electric vehicle start-ups, reported stellar June deliveries, pushing their shares up on Thursday.
How June Growth Compares Between Nio and XPeng: Nio recorded 8,083 vehicle deliveries in June, while XPeng reported 6,565 vehicle deliveries. For both companies, the monthly figures were new highs.
XPeng’s deliveries climbed 617 percent year over year, while Nio’s increased 116.1 percent. The EV makers’ month-over-month growth were 20.4 percent and 15.5 percent, respectively.
In June, Nio sold 1,498 ES8s, 3,755 ES6s, and 2,830 EC6s, while XPeng sold 4,730 of its sporty smart car P7 and 1,835 of its smart compact SUV G3. Total deliveries to far have reached 30,738 units, a 459 percent increase year over year.
P7 deliveries are becoming increasingly popular among China’s tech-savvy consumers, according to XPeng. The business claimed in a statement that “the P7’s Navigation Guided Pilot (NGP) highway solutions are generating wide customer appeal, reinforcing the Company’s commitment to technology innovation.”
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How Q2 Compares to Guidance: Nio vs. XPeng Nio’s quarterly number was a new high of 21,896 units, falling within the company’s guidance range of 21,000-22,000 units. According to the firm, Q2 represented the fifth consecutive year of quarter-over-quarter growth.
XPeng also recorded a record number of deliveries in the second quarter, with 17,398, exceeding the guidance range of 15,500-16,000.
What’s to Come: Nio has entered the Norwegian market and is on pace to sell its ES8s there. According to reports, the corporation is also interested in a model that caters to the mid- and low-end of the market. The much-anticipated ET7 sedan, which Nio debuted in January, is expected to hit the market in the first quarter of 2022.
The G3i SUV, a new mid-phase facelift version of the G3, will be released in July 2021, with deliveries beginning in September, according to XPeng. The P5 sedan, the company’s third production model, is set to debut in the third quarter, with deliveries scheduled in the fourth.
The P5 will be the world’s first mass-produced Smart EV equipped with auto-grade LiDAR technology when it arrives, according to the company.
Price Action: Nio shares rose 2.73 percent to $54.65 in premarket trade, while XPeng rose 3.85 percent to $46.13.
Nio shares are up 9.2 percent year to date, while XPeng is up 3.7 percent.
Associated Link: How much would a $1,000 Nio investment be worth today if it were made in 2019, when the EV stock was emerging from a liquidity crunch? (C) 2021 Benzinga.com. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
