Nio's July deliveries double, but stock set to snap long winning streak
By Tomi Kilgore
Nio delivered more than 10,000 new ES6 SUVs, that debuted in May
Nio Inc. reported Tuesday July deliveries that more than doubled from a year ago, as deliveries of the new ES6 sport-utility vehicle that debuted two months ago topped the 10K mark.
The China-based electric vehicle maker's stock (NIO) fell 2.6% in premarket trading, putting it in danger of snapping a seven-day winning streak. The stock had rocketed 48.3% during that streak, which was the longest in more than two years, to close Monday at the highest price since Oct. 5, 2022.
The company said earlier Tuesday that it delivered 20,462 vehicles in July, up 103.6% from the 10,052 EVs delivered in the same month a year ago, and up 91.1% from the 10,707 EVs delivered in June.
The deliveries included 14,066 SUVs and 6,396 sedans. Nio said the deliveries of the new ES6 SUV, which debuted in late May, "exceeded" 10,000 units.
Among Nio's rivals, shares of Li Auto Inc. (LI) rose 1.1% ahead of Tuesday's open, which puts them on track to open at the highest price seen since November 2020.
The company reported earlier July deliveries of 34,134 vehicles, up 227.5% from the 10,422 EVs delivered a year ago, and up 4.8% from the monthly record of 32,575 deliveries reported in June.
XPeng Inc.'s stock (XPEV) sank 4.9% in the premarket. The stock had tumbled 10.6% on Monday, after closing Friday at an 11-month high.
The company said it delivered 11,008 EVs in July, which was down 4.5% from the 11,524 vehicles delivered a year ago, but up 27.7% from the 8,20 vehicles delivered in June.
Prior to Monday's pullback, XPeng's stock had rocketed 52.3% in three days, since it announced a $700 million investment by Germany-based Volkswagen AG , as part of a cooperation agreement in which the companies jointly develop VW-branded EVs for China's market.
So far this year, shares of Nio have rallied 56.9% through Monday, while Li Auto shares have run up 109.8% and Xpeng's stock has soared 110.5%. In comparison, shares of Tesla Inc. (TSLA), which generated 23% of its second-quarter revenue in China, have climbed 117.1% year to date and the S&P 500 index has gained 19.5%.
-Tomi Kilgore
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(END) Dow Jones Newswires
08-01-23 0831ET
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