Nio (NIO), X-Peng Motor (XPEV) and Li Auto (LI) Home turf sales rose to three digits in April, despite a shortage of chips keeping the Nio plant idle for a few days. Sales slowed for all three Chinese EV startups against March’s growth rate. Tesla (TSLA) increased competitiveness
Nio shares turned slightly on Monday, while Xpeng and Li Auto also tumbled.
Year-on-year, Nio’s April sales rose 125 percent to 5,147 electric vehicles, including 1,523 seven-seat ES8 SUVs, 3,163 five-seat ES6 SUVs and 2,416 EC6 electric crossovers.
Sales growth slowed from the 373% rate Nio saw in March.
But Nio’s April EV sales challenged a chip shortage that forced China̵7;s emerging Tesla to temporarily suspend production at its factories for five days starting March 29.
Last year, Xpeng Motors saw a 285 percent increase in April sales of 5,147 electric vehicles, a total of 2,995 P7 sedans and 2,152 G3 compact SUVs.
However, growth slowed from the 384% rate in March.
Last year, Li Auto’s April sales rose 111 percent to 5,539 hybrid electric SUVs, slowing sales growth from 239 percent in March.
Li Auto achieved its 500,000 delivery target faster than other companies, the Chinese EV start-up said in a statement.
Monthly Nio sales were down 2.1%. Nio last week indicated that second-quarter deliveries were flat compared to Q1 amid chip shortages. Xpeng sales were up 1% compared to March. Li Auto increased 13% compared to the previous month.
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Nio Stock, Xpeng Stock
Nio shares fell 0.75% to 39.54 on the stock market today after touching 41.45 intraday.Nio shares found resistance at the 50-day line after bounced off the 200-day line in mid-April.Xpeng shares were down 3% and were not. Has been trading above the 50-day line since February, Li Auto lost 1.5%.
All three EV stocks remain in a strong bear market for a number of factors, including increased competition in China.Tesla, which dominates the Chinese market for luxury EVs, began selling a domestically made Model Y SUV this year.
Tesla shares were down 3.5 percent amid reports that key plants in Berlin would not start production until 2022.The shares closed above the 50-day drop.TSLA shares jumped above the 50-day line on Friday after falling more than eight. % During the three days after the EV manufacturer’s earnings
China’s EV competition heats up
After a boom in sales in 2020, Nio and Xpeng face tougher competition ahead of Tesla officially unveiled its Shanghai-made Model Y crossover on January 1, rivals Nio’s EC6 and G7. Of Xpeng and is increasing sales, selling Model 3 sedans already made in China.
Traditional car giants are adding EV plans in China. Volkswagen (VWAGY) began delivery of the China-made ID.4 crossover at the end of March. Ford (F) is pre-ordering for the Mach-E crossover, which is starting local production.
Last month, Tesla hiked prices for its Chinese-made Model Y SUV. The price increase signaled Tesla “comfortable” selling its newest EV for the Chinese market.
As Tesla grows, Nio and its China EV subsidiary plan to launch new, more attractive EVs. Last month, Xpeng showed off a small electric sedan hailed as a mass-produced EV with the world’s first lidar sensor.
According to Wedbush analysts, “China remains an environmentally friendly market opportunity as we believe EV sales could double in the region in the coming years.”
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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