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Stocks of Nio and Other Ev Makers Rise After Upbeat Delivery Data

July 1, 2024
minute read

Shares of Nio Inc. saw a rebound on Monday as the China-based electric vehicle (EV) manufacturer, along with its industry peers, released positive EV delivery data for June and the second quarter of the year. This data not only boosted Nio’s shares but also had a favorable impact on shares of the EV giant Tesla Inc., which is on track to achieve its longest winning streak in a year, with sales data expected to be released later this week.

Nio reported that it delivered 21,209 EVs in June, marking a substantial increase of 98.1% compared to the same month last year. These deliveries included 11,581 sport-utility vehicles (SUVs) and 9,628 sedans. For the second quarter, Nio’s total deliveries amounted to 57,373 EVs, representing a remarkable 143.9% year-over-year growth.

Following this announcement, Nio's stock, identified by the ticker symbol NIO, rose by 2.9% in morning trading. This increase came after a 10.3% decline over the previous two sessions, demonstrating a significant recovery. Similarly, shares of other Chinese EV manufacturers also experienced gains. Li Auto Inc. saw its stock rise by 4%, while XPeng Inc.’s stock increased by 2.5%. These rebounds followed a period where Li Auto’s shares had fallen by 5.5% and XPeng’s stock had tumbled by 11% over the past two days.

Li Auto reported delivering 47,774 EVs in June, a 46.7% increase from the previous year, while their second-quarter deliveries reached 108,581 EVs, up 25.5% year-over-year. XPeng’s June deliveries grew by 24% from a year ago, totaling 10,668 EVs, and their second-quarter deliveries rose by 30.2%, reaching 30,207 EVs.

In other related news, U.S.-listed shares of BYD Co. Ltd. edged up by 0.6%. The company announced that it sold 341,658 new-energy vehicles in June, which is a 35% increase from the same period last year. This total included 145,179 battery-electric vehicles, up 13.2% year-over-year, and 195,032 plug-in hybrid electric vehicles, a significant 57.9% increase from the previous year.

Tesla Inc., based in Texas, also saw a positive impact from the upbeat delivery data. Tesla’s stock surged by 4.6% in morning trading, putting it on track for a fifth consecutive gain, which would be its longest winning streak since a six-session streak that ended on July 18, 2023. Despite some concerns on Wall Street about the possibility of Tesla reporting lower second-quarter deliveries compared to the previous year, the stock’s performance remained strong.

The overall positive delivery data from these EV manufacturers highlights the growing demand for electric vehicles and the resilience of the EV market, even amid various economic challenges. Nio’s impressive delivery figures, particularly the nearly doubling of its June deliveries and the substantial year-over-year growth for the second quarter, underscore the company’s strong market position and ability to scale its operations.

Li Auto’s and XPeng’s delivery numbers also reflect solid growth trajectories, indicating robust consumer interest in their offerings. BYD’s significant increase in both battery-electric and plug-in hybrid vehicle sales further demonstrates the broadening appeal of new-energy vehicles in the market.

Tesla’s performance, buoyed by its significant presence in the Chinese market where it generated 21.6% of its total first-quarter sales, showcases the company’s global reach and the importance of its operations in China. Despite potential concerns about delivery numbers, Tesla’s stock resilience suggests strong investor confidence in the company’s long-term prospects.

Overall, the latest delivery data from Nio, Li Auto, XPeng, BYD, and Tesla paints a promising picture for the electric vehicle industry. These companies are not only expanding their market share but also driving the transition toward more sustainable transportation options. The positive stock movements in response to the delivery figures indicate investor optimism and a belief in the continued growth and success of these EV manufacturers.

As the industry moves forward, these companies are likely to continue playing pivotal roles in shaping the future of transportation. Their ability to innovate and meet increasing consumer demand for electric vehicles will be crucial in maintaining their competitive edge and achieving further success in the rapidly evolving automotive market.

Adan Harris
Managing Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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