Nio's stock keeps surging after EV maker reports new quarterly deliveries record

By Tomi Kilgore

Shares of Xpeng, Li Auto also rally after deliveries data, BYD's new-energy sales top 400,000 vehicles

The U.S.-listed shares of Nio Inc. continued their recent sharp climb in early Tuesday trading, after the China-based electric-vehicle maker reported a new quarterly deliveries record.

The stocks of other rival EV makers in China also rallied, after they reported record deliveries for September.

"With the penetration rate of new energy vehicles surpassing 50%, the dominance of leading brands has become more pronounced," said Li Auto Inc. Chief Executive Xiang Li.

Nio's stock (NIO) (SG:NIO) charged up 4.9% toward a near nine-month high in premarket trading. That follows a 65.4% run-up in September, which marked the best monthly performance since the record 94% rally in June 2020.

Read: Nio's stock soars again after investment deal that could grow to $4.8 billion.

Shanghai-based Nio reported Tuesday that it delivered 21,181 vehicles in September, which was up 35.4% from a year ago. The total included 20,349 EVs from the vehicle brand NIO and 832 vehicles from the new "family-oriented" brand ONVO.

That brought the third-quarter deliveries total to record 61,855 EVs, or 11.6% more than in the same period a year ago.

ONVO's first model, the L60 midsize electric sport-utility vehicle, was launched on Sept. 19, with deliveries starting later in the month.

Elsewhere, Xpeng Inc.'s stock (XPEV) jumped 3.7% in Tuesday's premarket, after soaring 51.3% in September to have its best month since July 2023.

The Guangzhou, China-based EV maker said it delivered a record 21,352 vehicles in September, an increase of 39% from a year ago. Third-quarter deliveries increased 16% to 46,533 EVs.

The company said in the first month of deliveries of its new hatchback coupe Mona MO3, the company said deliveries topped 10,000 vehicles.

And Li Auto Inc. shares (LI) hiked up 3.6% toward a five-month high before the open, after the Beijing-based EV maker said it delivered a record 53,709 vehicles in September, up 49% from a year ago.

Third-quarter deliveries totaled 152,831 EVs, or 45% more than last year.

Since the beginning of the third quarter, CEO Xiang Li said the top three brands in China captured more than 50% of the market for new-energy vehicles costing RMB200,000 ($28,471) and more.

"Notably, Li Auto accounted for over 17% of market share in this segment, ranking first among Chinese automotive brands," Li said.

Shares of Texas-based Tesla Inc. (TSLA), which generated 18.2% of its total second-quarter revenue in China, tacked on 0.6% in Tuesday's premarket. That followed a 22.2% surge in September, its biggest monthly gain since it gained 28.4% in June 2023.

Meanwhile, Shenzhen-based BYD Co. Ltd. (BYDDY) (CN:002594) reported September deliveries of 419,426 new-energy vehicles, up 46% from a year ago. The total included a 9.1% rise in battery-electric vehicles (BEVs) to 164,956 and an 86% surge to 252,647 plug-in hybrid electric vehicles (PHEVs).

And Hong Kong-based Geely Automobile Holdings Ltd. (GELYY) (HK:175) said BEV deliveries in September jumped 107% from a year ago to 64,387 vehicles and PHEV deliveries increased 29% to 26,747 vehicles.

The U.S.-listed shares of both BYD and Geely, which trade over the counter, were still inactive in Tuesday's premarket. In September, BYD's stock had rallied 18.2%, its best month since January 2023, and Geely shares hiked up 38.7% to have their best month since February 2012.

-Tomi Kilgore

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10-01-24 0723ET

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