NIO Sets Delivery Record as EV Sales Continue to Recover

NIO Sets Delivery Record as EV Sales Continue to Recover

June kicked off Saturday with more delivery figures from global car makers for investors to digest.

Early numbers for May from Chinese electric vehicle makers

NIO
,

XPeng
,

and

Li Auto

showed that the Chinese EV market is continuing to recover. That’s good news for all EV makers—including global EV giant

Tesla
.

In May, NIO, Li, and XPeng delivered 65,710 cars, up about 29% from April—and up about 57% year over year. Year to date deliveries for the three companies not total about 249,000 cars, up about 36% year over year.

NIO may have had the best May, delivering 20,544 cars, up 234% year over year—and setting a new monthly record. XPeng delivered 10,146 cars, up about 35% year over year. Li delivered 35,020 cars, up about 24% year over year.

XPeng and Li’s best month ever was December 2023, when they delivered 20,115 cars and 50,353 units, respectively.

Advertisement – Scroll to Continue


Through May, NIO has delivered 66,217 units in 2024, up 51% year over year. XPeng’s deliveries in that same span total some 41,000 cars, up about 26% year over year. Li Auto has delivered 141,207 in 2024, up about 33% compared with the same period in 2023.

Growth is a relief. Through Friday trading, NIO stock was down about 41% year to date, while XPeng and Li shares were off 43% and 46%, respectively. Tesla stock was down about 28%. Slowing demand growth for EVs and more competition has led to lower prices and lower earnings estimates.

Regional EV sales growth in the U.S., Europe, and China grew at single-digit rates in the first quarter, down from double-digit growth in all regions in 2023.

Advertisement – Scroll to Continue


The Chinese car industry is entering its seasonally slower summer period. The final weeks of May were strong for the EV industry; electrified cars—battery electric and plug-in hybrid models—accounted for more than half of all cars sold. Compare that to 2023, when battery electric cars and plug-in hybrids accounted for about 34% of full-year Chinese car sales.

Though Tesla doesn’t report regional or monthly sales figures, it’s slated to report second-quarter numbers early in July. Industry associations, however, track sales at many auto makers, including Tesla. Through April, Tesla has shipped about 283,000 units from its plant in Shanghai, down about 7% year over year.

Write to Al Root at allen.root@dowjones.com

Source Reference

Latest stories