Tesla’s (NASDAQ:TSLA) Chinese rivals reported impressive August delivery numbers on Friday with Li Auto (NASDAQ:LI) achieving an all-time high in sales. XPeng (NYSE:XPEV) reported its strongest month in over a year, while Nio (NYSE:NIO) came close to achieving a new delivery record.
Li Auto (LI)
Li Auto recorded a 2.3% increase in deliveries, with 34,914 vehicles delivered in August compared to the previous record of 34,134 vehicles in July and an astonishing 664% surge compared to the same month last year.
All three of its hybrid SUV models achieved sales exceeding 10,000 units each. Looking ahead to the third quarter, Li Auto has set delivery guidance in the range of 100,000 to 103,000 vehicles, indicating that it is currently on course to meet or even exceed the upper end of its delivery projections.
Nio (NIO)
Nio reported deliveries of 19,329 vehicles for August, which represented a decrease of 5.5% compared to the previous month's record of 20,462. However, this figure marked an impressive 81% increase when compared to the same month last year. Nio has provided delivery guidance for the third quarter in the range of 55,000 to 57,000 electric vehicles, indicating that the company is currently surpassing the upper end of its delivery projections.
Nio's Q3 delivery guidance on Tuesday disappointed some analysts. These analysts anticipate that the introduction of new models, such as the ES6, a fully revamped version of Nio's top-selling electric SUV, will drive increased deliveries in the latter half of 2023.
XPeng (XPEV)
XPeng achieved a significant milestone in August, delivering 13,690 vehicles, which marked the highest figure since June 2022 and a notable 43% increase compared to the same period in the previous year. Additionally, sales experienced a strong 24.4% growth compared to the 11,008 EVs delivered in July, marking the seventh consecutive month of sequential gains.
The startup has set delivery guidance for the third quarter, targeting a range of 39,000 to 41,000 electric vehicles. Based on its performance, it is currently tracking towards the upper end of this delivery guidance range.
According to the China Passenger Car Association, as of August 27, retail sales of passenger new energy vehicles (NEVs) in China amounted to 538,000 units, showing a 2% increase compared to the same period the previous month.
According to CnEVPost.com, year-to-date figures for retail NEV sales, including hybrid vehicles, have reached 4.265 million units, reflecting a significant 35% year-over-year growth.
Shares of LI, XPEV, and NIO are up 2.33%, 3.26%, and 2.34%, respectively, in premarket trading Friday.