Chinese electric vehicle (EV) makers posted record deliveries for the month, quarter, and year ending June 30, 2023. The opening up of the Chinese economy in 2023 and the entry of new models, coupled with the pricing war, led to a rush in demand for EVs in June.
Nio (NYSE:NIO) delivered 10,707 autos in June, 23,520 units in the second quarter, and a total of 54,561 EVs for the first six months of the year. XPeng (NYSE:XPEV), on the other hand, delivered 8,620 smart EVs in June, 23,205 EVs in Q2, and 41,435 autos for the year-to-date period. Meanwhile, Li Auto (NASDAQ:LI) was the clear winner, clocking 32,575 EV deliveries in June alone. Li’s Q2 deliveries stood at 86,533, and in the first half of 2023, deliveries came in at 139,117.
NIO Deliveries Rebound Above 10,000
In June, Nio benefitted from the delivery of new models, including the ES6, ET5 Touring, and the new ES8. Out of the total, 6,383 were premium smart electric SUVs (sports utility vehicles), and 4,324 were premium smart electric sedans.
Total deliveries for June alone rebounded by over 10,000 units, jumping 74% over May’s deliveries. However, for Q2, Nio’s deliveries showed a decline of 6.1% and 24%, compared to the same period last year and over Q1FY23, respectively. The premium smart EV maker hopes to earn revenues between RMB 8.742 billion and RMB 9.37 billion for Q2FY23.
XPeng Sees Significant Growth in June
For June, Chinese smart EV maker, XPeng recorded a nearly 15% jump in EV deliveries over May. The company attributed the increase to a 17% month-over-month growth in deliveries of its P7 series. This is the fifth consecutive month of growth for XPEV. However, compared to June 2022, deliveries have fallen by a whopping 44%.
Notably, compared to Q1FY23, XPeng’s second-quarter deliveries of 23,205 grew 27%, exceeding its own guidance range but trailing behind Nio. But compared to the same period last year, deliveries dropped roughly 33%.
The company has also launched a new XPENG G6 Ultra Smart Coupe SUV on June 29, for which deliveries will begin in the third quarter. XPeng has priced the new G6 at a lower price than rivals to gain a larger market share. The company hopes to sell at least 10,000 units of the same product each month.
Li Auto the First to Cross 30,000 Mark
Li Auto became the first Chinese EV maker to cross the monthly 30,000 deliveries mark. For June, Li’s deliveries jumped 150%, and for Q2, deliveries showed a roughly 202% growth. The Chinese hybrid EV maker attributed the high figures to improved operational efficiencies and organizational capabilities.
Looking ahead, LI aims to deliver 10,000 units each of Li L8 and Li L9 and 15,000 units of Li L7 in Q3. In the fourth quarter, the company is targeting reaching the 40,000 monthly deliveries mark.
Which Chinese EV Maker is the Best?
We compared the three Chinese EV makers on TipRanks’ Stock Comparison tool. The results show that based on TipRanks Essentials tools, Li Auto is currently the best stock to buy.
LI stock has a Strong Buy consensus rating based on seven Buys and one Hold rating. Also, the average Li Auto price target of $39.41 implies a maximum upside of 12.3% from current levels among the three stocks. Meanwhile, LI stock has already gained 67.3% so far this year.
"auto" - Google News
July 03, 2023 at 01:53PM
https://ift.tt/he2VafE
Nio, XPeng, Li Auto: Chinese EV Makers Vying for Higher Deliveries - TipRanks
"auto" - Google News
https://ift.tt/HNLgUuI
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
No comments:
Post a Comment