June 7, 2023


Automotive and technology

NIO, Li Auto deliveries fall in April due to COVID-19 resurgence, but stocks swing higher


Shares of NIO Inc. and Li Automobile Inc. swung to gains Monday, erasing earlier losses suffered just after the China-based electrical vehicle makers documented sharp drops in April deliveries, with both citing offer chain problems ensuing from a new wave of COVID-19 outbreaks.

It may perhaps be no coincidence that the NIO
and Li Car
releases on Sunday did not offer year-in the past comparisons of April deliveries — even while their releases commonly do — when XPeng Inc.
did give a comparison as deliveries increased.

Shares of NIO rallied 2.1% in early morning buying and selling, erasing an intraday loss of as significantly as 1.8%, and a premarket reduction of as a lot as 3.%. Li Auto’s inventory was down as much as 1.6% intraday, and as a lot as 2.8% intraday, ahead of bouncing back to be up 2.5% in early morning trading.

XPeng’s stock rose 1.2%, to reverse an earlier intraday loss of 2.2%.

In the meantime, shares of Tesla Inc.
which derived 24.8% of its to start with-quarter income and 25.7% of 2021 earnings from China, ticked fewer than .1% decreased in early morning trading, erasing an before decline of 2.6% at their intraday very low of $848.03. The decline provides to the 19.2% tumble in April, which was the worst monthly performance given that it plunged 21.6% in March 2020.

NIO said on Sunday that it delivered 5,074 autos in April, which was 28.6% below what was declared a yr ago. The business reported its April deliveries included 1,251 ES8s, 1,878 ES6s, 1,252 EC6s and 693 ET7s.

“In late March and April 2022, the Company’s auto production and delivery have been impacted by the source chain volatilities and other constraints brought about by a new wave of the COVID-19 outbreaks in certain locations in China,” the business reported in a assertion. “The automobile output has been recovering progressively.”

The launch will come a few weeks following NIO warned of shipping and delivery delays, citing manufacturing suspensions.

Li Auto reported it delivered 4,167 Li Ones in April, down 24.8% from the 5,539 deliveries announced final yr.

The company blamed the COVID-19 resurgence in the Yangtze Delta location for “severe business-vast disruptions” in source chain, logistics and production due to the fact late March.

Bucking the trend, XPeng mentioned April deliveries rose 75% to 9,002 EVs, with deliveries consisting of 3,714 P7 sports sedans, 3,564 P5 household sedans and 1,724 G3i and G3 compact sport-utility motor vehicles (SUVs).

“The enterprise has been and is continuing to actively navigate by means of the COVID situation, which in turn is influencing the in general source chain, producing and transportation of vehicles in China,” the corporation explained.

On a cumulative basis, NIO said it has delivered 197,912 vehicles as of April 30, which is up 92.5% at the same time very last yr, although Li Auto’s cumulative deliveries of 159,971 have more than tripled, up 209%.

XPeng mentioned it has shipped 43,563 EVs yr to date, up 136% from the very same period a year ago.

Calendar year to day, shares of NIO tumbled 46.2, Li Vehicle dropped28.4% and XPeng plunged 50.5%, while Tesla’s stock has dropped 17.6% and the S&P 500 index
has shed 13.6%.


Source connection