Chinese electric vehicle (EV) makers Nio (NYSE:NIO), Li Auto (NASDAQ:LI), and XPeng (NYSE:XPEV) reported year-over-year growth in September deliveries, even as macro uncertainty continues to impact customers. In particular, Li Auto’s deliveries grew at a faster pace than Nio and XPeng. Li Auto continues to impress investors with its stellar execution.
September Deliveries of Chinese EV Makers
Li Auto’s September deliveries grew 213% year-over-year and 3.3% month-over-month to 36,060 vehicles. The company’s Q3 2023 deliveries surged over 296% to 105,108 units. Remarkably, Q3 deliveries exceeded the company’s guidance range of 100,000 to 103,000 vehicles.
Li Auto said that its market share is growing in China’s RMB200,000 and higher new energy vehicle (NEV) price segment. The company has also topped the charts for SUVs priced above RMB300,000 in China for six consecutive months.
Coming to Nio, the premium EV maker’s September deliveries increased by about 44% year-over-year to 15,641 vehicles but declined 19% compared to August. This brings Nio’s Q3 2023 deliveries to 55,432 vehicles, up 75.4% year-over-year and slightly above the lower end of the company’s guidance of 55,000 to 57,000 vehicles.
Meanwhile, XPeng’s September deliveries increased by nearly 81% year-over-year and 11.8% from August to 15,310 vehicles. The company’s performance gained from the continued demand and expanded production capacity for its G6 SUV. XPeng’s Q3 deliveries increased 35.3% year-over-year to 40,008 units and were within the company’s guidance range of 39,000 to 41,000 units.
Competition in China, the largest EV market in the world, has intensified due to the aggressive price war triggered by Tesla (NASDAQ:TSLA). The Elon Musk-led EV maker is expected to report its Q3 2023 deliveries on Monday. The company’s Q3 deliveries are anticipated to be hit by planned factory shutdowns and subdued demand.
Let us take a look at Wall Street’s ratings for Nio, Li Auto, and XPeng using TipRanks’ Stock Comparison Tool.
Wall Street is highly bullish on Li Auto with eight unanimous Buys, while it is cautiously optimistic about Nio and XPeng. Despite a year-to-date rally of about 75%, analysts see further upside potential of 48.4% in Li Auto stock. In comparison, Nio stock has declined 7.3%, while XPeng shares have jumped 85% year-to-date.
