Tesla Competitors BYD and Li Auto Report Record Deliveries XPeng and Nio Also Do Well.

Tesla Competitors BYD and Li Auto Report Record Deliveries XPeng and Nio Also Do Well.

Tesla Competitors BYD and Li Auto Report Record Deliveries XPeng and Nio Also Do Well. Competitors of Tesla in China reported robust August deliveries on Friday. XPeng (XPEV) had its finest month in more than a year, while Li Auto (LI) and EV giant BYD (BYDDF) reported record sales. Nio (NIO) shipments came near to breaking a record.

Nio and XPeng shares rose sharply on Friday morning, while Li Auto and BYD rose modestly.

All of these EV manufacturers, which are attempting to compete with Tesla (TSLA), have introduced new models in recent months. On Friday morning, the enhanced Tesla Model 3 went on sale.

Read more: Europe’s inflation rate remained at 5.3% in August as energy prices rose.

The Chinese economy continues to deteriorate. August sales of electric vehicles are anticipated to increase in China overall.

Here are the sales figures for August.

Tesla Competitors In China: Li Car

Li Auto delivered 34,914 vehicles in July, an increase of 2.3% from the previous record of 34,134 and 664% compared to the same month a year earlier. Each of its three hybrid SUVs sold more than 10,000 units.

Li Auto anticipates Q3 deliveries between 100,000 and 133,000 vehicles. This indicates it is now moving toward the upper end of its delivery guidance.

The hybrid-electric SUV manufacturer targets the luxury market. CnEVPost.com reported on August 30 that Li has begun offering $1,370 insurance subsidies to maintain sales momentum.

This is noteworthy because Li had avoided the price war until now, and the company has stated that it is experiencing production constraints. With the opening of a new facility in Beijing in October, capacity should increase.

In August, Li began shipping the L9 “Pro” variant, which includes autonomous driving as standard equipment.

Today, Li Auto’s stock price increased 3.2% to 42.96, trading above its 21-day moving average. Li Auto stock is on the IBD 50 list of top-performing growth equities.

Nio

Nio deliveries were 19,329, down 5.5% from July’s record 20,462 but up 81% from a year ago. A brief plant closure for upgrades between the end of July and the beginning of August may have impacted production. Nio reported orders exceeding 20,000.

It has projected 55,000 to 77,000 EV deliveries for the third quarter. This indicates that Nio is tracking above the high end of its delivery guidance of 55,000 to 57,000. Tuesday’s Q3 delivery forecast from Nio disappointed some analysts.

In June, Nio joined Tesla (TSLA) in a price competition for electric vehicles.

Analysts anticipate that new models, such as the ES6, a completely redesigned version of Nio’s best-selling electric SUV, will increase shipments in the second half of 2023.

Nio’s stock rose 9.5% to $11.25. Nio stock has fallen below its 50-day moving average but is maintaining its 200-day moving average.

XPeng

XPeng deliveries reached 13,690, the most significant level since June 2022 and an increase of 43% compared to the previous year. Sales increased 24.4% compared to July’s 11,008 EVs, marking the seventh consecutive month of sequential gains.

The company expects to deliver 39,000 to 41,000 electric vehicles in the third quarter. This indicates it is now on track to meet the xx end of its delivery guidance.

Deliveries of its new G6 crossover, a competitor to the Model Y, increased to 7,068. In July, G6 deliveries began.

XPeng’s stock rose 11% to 19.75, surpassing recent highs.

BYD

BYD sold a record number of 274,386 vehicles in August, up nearly 5% from July’s total of 262,161 and 57% from the previous year. The China EV and battery colossus sold 145,627 BEVs and 128,457 PHEVs out of 173,977 passenger vehicles.

In recent months, the equilibrium has shifted toward BEVs, aided by the incredibly affordable Seagull.

Most of BYD’s sales occur in China, but exports are rising, increasing to 25,023 in August from 18,169 in July and 10,036 in June.

This year, BYD has sold 1,792,184 NEVs, an increase of 83% from January to August of last year.

2023, the Tesla rival aims to sell at least 3 million vehicles. This requires a monthly average of nearly 302,000 deliveries for the remainder of the year.

BYD stock rose 2.35 percent to 32.22 on Friday, approaching its 50-day moving average. Earnings for the year’s first half have boosted this week’s stock market.

China Electric Vehicle Sales

From August 1 through August 27, retail sales of passenger new energy vehicles (NEVs) in China increased by 2%, reaching 538,000 units. The China Passenger Car Association provided this information.

This year, retail sales of NEVs, including hybrids, have reached 4,265,000 units. According to CnEVPost.com, this is a 35% increase year over year.

For Nio and XPeng, introducing new models has boosted expectations for the second half of 2023.

In August, however, China’s factory activity declined for the fifth consecutive month.

Tesla reignited the China EV price war with new cuts last month.

The world’s most excellent EV market is experiencing a slowing of growth.

In China, EV sales doubled between 2021 and 2022. This year, they are expected to increase by roughly 30%.

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