Chinese Electric-Vehicle Makers Post Strong Deliveries Amid Peak Season

By Tracy Qu

Chinese electric-vehicle makers including Tesla rival BYD put up solid delivery numbers for September, aided by peak-season demand and government policy support.

BYD led the pack, delivering 419,426 units in September, up 46% from the same period last year. Li Auto delivered 53,708 vehicles during the month, a 49% year-over-year increase that brought its third-quarter deliveries to nearly 153,000.

NIO and XPeng also posted strong numbers, with NIO delivering 21,181 vehicles last month, up 35% year-on-year, and XPeng delivering 21,352 for a 16% increase.

NIO also said it set a new quarterly record with 61,855 deliveries in the third quarter.

Zeekr Intelligent Technology saw a 77% jump in deliveries, reaching a total of 21,333 vehicles for September.

China's EV industry has benefited from Beijing's push to boost consumption. Consumers who replace their cars with electric or hybrid vehicles can in some cases receive government subsidies.

EV demand is likely to be strong in September-October, typically a high season for China's passenger-car market, with improving demand and policy support creating a favorable pricing environment, HSBC Qianhai Securities analysts said in a recent note.

"We remain constructive on the leading EV companies, especially those with strong new model cycles, such as XPeng, NIO, and BYD," they said.

HSBC Qianhai Securities has a buy call on XPeng, highlighting the firm's autonomous driving capabilities and the potential order momentum of its new models. It also likes NIO, flagging solid delivery of its premium and mass-market brands.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

October 01, 2024 07:03 ET (11:03 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.