Chinese EV majors including Li Auto (LI), XPeng (XPEV), and NIO (NIO) announced their vehicle delivery numbers in the month of May and Li Auto appeared to be the winner here.
Li Auto’s vehicle deliveries went up by 10% over the month of April to 28,277 vehicles. On a year-over-year basis, Li’s vehicle deliveries jumped by 146%. May would be the company’s third consecutive month of delivering over 20,000 vehicles and its second straight month of delivering more than 10,000 Li L7s. The cumulative deliveries of Li Auto vehicles reached 363,876 as of the end of May.
Xiang Li, Chairman and CEO of Li Auto commented, “In May, Li Auto’s monthly gross sales exceeded RMB10 billion for the first time in our history, laying a solid foundation for us to reach the sales target of RMB100 billion in 2023.”
In comparison, XPeng delivered 7,506 vehicles in May, up by 6% month-over-month. However, on a year-over-year basis, May deliveries fell by 26%. The company stated that its delivery volume of the P7i increased substantially in May over the prior month.
NIO, on the other hand, seemed to be a laggard and delivered 6,155 vehicles in May, down by 8% over the month of April and a decline of 12% year-over-year. “The deliveries consisted of 2,396 premium smart electric SUVs, and 3,759 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 333,410 as of May 31, 2023.”
While Wall Street analysts are sidelined about XPeng with a Hold consensus rating, they are bullish about LI with a Strong Buy and cautiously optimistic about NIO.
