In a positive turn of events for Tesla investors, NIO, XPeng, and Li Auto, three major Chinese electric-vehicle makers, have reported impressive delivery numbers for October.
NIO delivered a total of 16,074 vehicles in October, marking a significant increase from the 10,059 units delivered in October 2022. In September, NIO delivered 15,461 units.
XPeng achieved a monthly record with 20,002 vehicle deliveries in October, up from the 5,101 units delivered in the same month last year. In September, XPeng delivered 15,310 units.
Li Auto also reached a major milestone by delivering 40,422 vehicles in October, surpassing the 40,000 mark for the first time. This represents a substantial growth from the 10,052 units delivered in October 2022. In September, Li Auto delivered 36,060 units.
Collectively, the three companies delivered a record-breaking total of 76,498 vehicles in October, significantly surpassing the 25,212 vehicles delivered in the same month last year. September's delivery number stood at 66,831.
The positive delivery results are particularly important as investors have expressed concerns about the demand for electric vehicles. Recent announcements from ON Semiconductor, a major auto chip supplier, about lower-than-expected sales for the fourth quarter, as well as warnings from Volkswagen, Mercedes-Benz, Ford Motor, and General Motors regarding weaker EV demand, have further amplified these concerns.
Consequently, EV producers' shares have been under pressure. Tesla's stock has declined by 3% for the week leading up to Wednesday's trading session and has experienced a significant drop of 17% since the disappointing third-quarter earnings report on October 18.
However, there are some positive signs amidst the challenging market conditions. NIO's U.S.-listed shares saw a modest increase of 0.7% early Wednesday, while XPeng and Li shares rose by 4.1% and 1.5% respectively. Meanwhile, S&P 500 and Nasdaq Composite futures were both down by 0.4%. Tesla's stock showed some resilience with a 0.7% gain in premarket trading.
Over the past 12 months, NIO's stock has experienced a significant decline of 25%. In contrast, XPeng and Li shares have performed relatively well, with gains of approximately 125% and 132% respectively. Tesla's stock, on the other hand, has declined by 11% during the same period.
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