Electric vehicle registrations in China showed a year-end race to the finish for Li Auto (LI), XPeng (XPEV), Nio (NIO), the Chinese electric vehicle and battery giant BYD (I WILL) as well as the global electric vehicle giant You’re here (TSLA).
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For the week ended December 24, Li Auto registrations totaled 12,100, up 7.1% from the previous week. Through December 24, Li Auto has sold 36,400 so far this month. The maker of extended-range electric vehicles, mostly plug-in hybrids, said it could compete for 50,000 in December.
XPeng registrations fell to 3,900 last week, down 18.75% from 4,800 the previous week. 12,500 have been sold so far in December. XPeng has just exceeded 20,000 deliveries in October and November.
Weekly Nio registrations were 4,100, up 20.6% from 3,400 the previous week. It’s shipping, with 12,000 so far in December. Nio expects 47,000 to 49,000 deliveries in the fourth quarter, or 14,967 to 16,967 for December.
During Nio Day 2023 on December 23, the electric vehicle maker has revealed a new super premium ET9 sedanbut deliveries will not begin until the first quarter of 2025.
Weekly BYD registrations increased to 563,900, up 23.6% from 51,700 the previous week. Its shipments so far stand at 180,000 copies in December, although that doesn’t include significant overseas sales. In the meantime, BYD’s premium Denza brand recorded 2,300 deliveries last week. The new F-branded Bao 5 recorded 1,300 deliveries while the super-premium YangWang U8 reached 400 registrations, both up.
The electric vehicle giant is targeting sales of three million electric vehicles, including plug-in hybrids. BYD needs 316,626 electric vehicles sold in December to reach this level, increasing discounts in recent weeks. BYD will likely surpass 500,000 all-battery electric vehicle (BEV) sales in the fourth quarter, which should be enough to seize Tesla’s BEV crown.
Tesla’s weekly registrations were 18,500, up slightly from 18,300 the previous week. The electric vehicle giant delivered 60,200 to China this month. China has been a bright spot for Tesla, which is working to meet its global delivery goal of 1.8 million electric vehicles for 2023. Tesla needs to deliver nearly 476,000 electric vehicles in the fourth quarter to meet that goal. Analysts currently expect 473,000, according to FactSet.
Electric Vehicle Stocks
Li Auto stock jumped more than 7% early Tuesday market trading, Shares fell 6% last week amid China’s electric vehicle price war. XPEV stock rose 2% in premarket trading. Shares fell 4.8% last week. Both are poised to retake their 200-day line after undercutting this key level on Friday.
Nio stock climbed 3% ahead of Tuesday’s open, closing in on its 200-day line. Shares rallied 5.5% last week, but after nearly hitting a three-year low on Dec. 1.
BYD stock, traded over-the-counter in the United States, was not yet traded. Shares edged up 0.8% last week, but after hitting a nine-month low.
Tesla stock rose slightly Tuesday morning. Shares edged down 0.4% last week to 252.54, snapping a five-week winning streak. TSLA stock is trading around various entries. Technically, it has a buy point of 259.84 from a very thin handle on a weekly chart.
Electric vehicle deliveries expected
On January 1, Li Auto, XPeng and Nio will release their deliveries for December, the fourth quarter and the full year.
BYD will likely release sales on January 1st or 2nd. Tesla will report its fourth quarter and full year global deliveries in early January.
Please follow Ed Carson on the discussions at @edcarson1971X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.
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