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Another month, another record for Chinese battery electric vehicle sales.
December deliveries from Chinese EV makers,
NIO,
XPeng,
Li Auto,
and BYD look strong and, for the most part, better than expected. All the stocks were down, however, in early trading Tuesday. It seems to be a case of ‘sell the news.’
NIO delivered 18,012 units in December, up from 15,959 in November, and up from 15,815 in December 2022. For the full year, NIO delivered 159,858 units, up about 31% year over year.
That pattern held at XPeng and Li, too. XPeng delivered 20,115 units in December, up from 20,041 in November, and up from 11,292 in December 2022. For the full year, XPeng delivered 141,871, up about 17% year over year.
Li delivered 50,353 units, up from 41,030 in November, and up from 21,233 in December 2022. For all of 2023, Li delivered 376,030 units, up about 180% year over year.
It was the first time Li cracked 50,000 units in a month. XPeng deliveries were also a record. NIO’s didn’t quite get to record territory. Its best month ever was 20,462 units delivered in July 2023. The 88,480 combined units for the three, however, was the third consecutive monthly record.
Other auto makers were strong, too. BYD delivered 340,178 units in December, including 190,754 all-electric vehicles. BYD also sells plug-in hybrids. Both numbers are also records.
Citi analyst Jeff Chung called the BYD and Li results, along with results from the overall EV industry, “better than expected” in a Monday report. Better than expected is typically good for share prices, but all the stocks were down in early trading Tuesday.
BYD shares were off 2.3% in overseas trading. Li, XPeng, and NIO shares were off 4.6%, 1.7%, and 2.1%, respectively in premarket trading Tuesday.
Tesla
shares were down more than 1%.
The market might have something to do with the drop.
S&P 500
and
Nasdaq Composite
futures were off about 0.6% and 0.9%, respectively.
Investors might also be taking some profit after most of the stocks were strong into year-end. Coming into Tuesday trading, NIO stock rose about 24% over the past month. Li, BYD, and Tesla shares all rose roughly 5%. XPeng was the outlier with the stock dropping about 9%.
Whatever the stocks do on Tuesday, the delivery results look solid. The Chinese EV industry is starting off 2024 on solid footing.
Tesla is due to report fourth-quarter deliveries later on Tuesday. Tesla doesn’t report monthly delivery figures.
Write to Al Root at [email protected]
Read the full article here
