Stocks of Chinese EV makers were on an upward trajectory on Wednesday fueled by XPeng’s (XPEV) Q3 results even as the company posted wider-than-expected losses.
Shares of XPeng, Li Auto (LI), and NIO (NIO) shot up by more than 40%, 20%, and 18% on Wednesday.
However, as these three EV makers released their November vehicle delivery numbers on Thursday, their stocks slipped in pre-market trading.
Let us take a look at how these Chinese auto majors fared in the month of November.
XPeng’s November Numbers Disappoint
XPeng delivered 5,811 vehicles in November, a huge drop of 63% year-over-year but up 14% from the month of October. As of November 30, XPeng’s year-to-date deliveries reached 109,465, an increase of 33% year-over-year.
However, Xpeng was hopeful that vehicle deliveries could pick up in December “as G9’s production ramp-up accelerates under normalized operating conditions.”
Following these disappointing numbers, shares were down by more than 7% in pre-market trading.
Analysts are cautiously optimistic about the stock with a Moderate Buy consensus rating based on six Buys, one Hold and two Sells.
NIO’s Vehicle Deliveries Up in November
XPeng’s peer, NIO reported better vehicle delivery numbers in November with vehicle deliveries of 14,178 vehicles, increasing by 30.3% year-over-year. This was a new record monthly high for NIO.
Year-to-date, NIO has delivered 106,671 vehicles, an increase of 31.8% year-over-year.
Even with these encouraging figures, NIO stock was down in pre-market trading on Thursday.
Wall Street analysts are bullish about NIO with a Strong Buy consensus rating based on 12 Buys and four Holds.
Li Auto Achieves Record High of Vehicle Deliveries in November
Li Auto also posted strong vehicle deliveries in the month of November with the delivery of 15,034 vehicles, achieving a record monthly high and up by 11.5% year-over-year. However, shares were down in pre-market trading on Thursday.
Li Auto’s cumulative vehicle deliveries reached 236,101 as of the end of November.
Yanan Shen, Co-Founder, and President of Li Auto commented, “We set another monthly record with 15,034 deliveries in November. In particular, Li L9 has been the sales champion of full-size SUVs in China for two consecutive months since it commenced delivery, establishing it as a top choice for six-seat full-size family SUVs in China.”
Li is expected to announce its Q3 results on December 9.
Shares of LI have declined by more than 30% this year.
