It’s time for electric vehicle makers to release their quarterly delivery figures.
The rally in Chinese EV equities gathered up steam in June, with substantial gains for the month, and upcoming delivery statistics may help determine whether the rally has legs.
Tesla is catching up: Tesla, Inc. (NASDAQ: TSLA) is in a slump, with shares barely up for the first half of the year. During the quarter, the stock fluctuated between $546.98 and $780.79. Much of the stock’s downturn may be linked back to its performance in China and negative news coming out of the country. Concerns have also been raised about the company’s full self-driving capability.
In the first quarter, Tesla produced 184,338 vehicles and delivered a total of 184,800 units, a new high.
Analysts expect 201,000 deliveries in the second quarter on average. Sales are expected to range between 205,000 and 210,000 vehicles, according to Credit Suisse analyst Dan Levy, with upside limited by supply and China.
According to the analyst, cumulative April-May deliveries could have been in the range of 90,000 to 95,000 units, with June deliveries potentially reaching 115,000 units. Given Tesla’s typical quarter-end wave, a record performance in June is possible, he noted.
210,000 units are expected to be produced in the second quarter, according to Levy.
Gordon Johnson of GLJ Research, a Tesla bear, predicts 194,000 deliveries. According to Johnson, China deliveries, including exports, may have increased from 82,280 units in the first quarter to 84,172 vehicles in the second quarter, with domestic sales dropping from 69,280 to 58,471 units.
Tesla sold 59,308 vehicles in April-May, according to data from the China Passenger Car Association.
In China, the firm experienced a number of challenges, including user protests over safety concerns and government restrictions on the usage of Tesla vehicles in sensitive locations due to concerns about spying by cameras mounted in the vehicle.
To top it off, the business announced a recall of over 285,000 cars in China, nearly all of the vehicles it sold there this year, due to autopilot safety flaws uncovered by a Chinese regulator.
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Nio Sets His Sights on a Month of Records: In April, Nio, Inc. (NYSE: NIO) delivered 7,102 automobiles. The momentum slowed in May, with deliveries falling 5.5 percent month over month to 6,711 vehicles, despite a strong year-on-year increase of 95.3 percent.
The slowness was attributed to the instability of semiconductor supply and certain logistical modifications, according to the business.
In late April, the company forecasted 21,000 to 22,000 deliveries for the second quarter, which it later confirmed in early June. To hit the top end of its guidance range, it may have to deliver an all-time high of 8,187 units.
XPeng Wants to Keep the Ball Rolling: April deliveries for XPeng, Inc. (NYSE: XPEV) grew by nearly threefold to 5,147 units. In May, the company delivered 5,686 units, up 483 percent year over year and 10.5 percent month over month.
In the second quarter, the business plans to deliver 15,500 to 16,000 automobiles, with a monthly total of 5,167 expected at the high end.
Li Auto Inc. (NASDAQ: LI) is targeting a quarterly total of 14,500-15,500 automobiles after delivering a total of 9,862 vehicles in April-May.
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XPeng provided the image.
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