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The Li Xiang One PHEV.
Courtesy of Li Auto Inc.
Chinese electric vehicle manufacturers
NIO
,
XPeng
and
Li-Auto
all reported in March the deliveries Friday.
Numbers looked solid. All three showed improvement starting in February. That’s good news, but it probably won’t be enough to lift stocks out of their recent funk. The results, however, look very good for
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(ticker: TSLA) investors.
Li Auto (LI) issues came out first. This delivered 11,034 units in March, compared to around 8,400 delivered in February and around 4,900 vehicles delivered in March 2021.
NIO (NIO) delivered 9,895 vehicles in March, compared to around 6,100 vehicles delivered in February and around 7,300 vehicles delivered in March 2021.
XPeng (XPEV) delivered 15,414 vehicles in March, compared to around 6,200 delivered in February and around 5,100 delivered in March 2021.
Shares of Li rose 5.9% in midday trading. But shares fell 4.9% on Thursday. At around $27.33 per share, the stock has edged up about 20 cents over the past two days.
NIO stock jumped 5.8% at midday Friday. Its shares fell 5% on Thursday. XPeng shares rose 4.4% on Friday, after falling 3% on Thursday. the
and
are both flat.
Friday’s rebound offers some relief to investors. On Friday, shares of Li, NIO and XPeng are down about 33% year-to-date, on average. The fall in deliveries did not help. The trio delivered around 92,000 electric vehicles in the first quarter, compared to around 102,000 delivered in the fourth quarter of 2021.
Rising interest rates, inflation and renewed fears radiation US-listed Chinese stocks also dampened some investors’ enthusiasm for the three stocks.
Stocks may see a rally on Friday, but investors may not be able to look forward to much more than that. March numbers for any of the three should come as no big surprise. The trio recently reported fourth trimester results and provided an outlook for first quarter deliveries.
When releasing its fourth quarter figures, Li said it expects to deliver around 31,000 cars in the quarter. This implied March deliveries of approximately 10,300 units. The company made about 700 more. Indications for NIO involved approximately 9,700 units; tt has done a few hundred better than that. XPeng managed to beat its March implied forecast by around 800 units.
XPeng, Li and NIO results look good for Tesla. The numbers were, for the most part, a little better than expected. This is a small positive for the demand for electric vehicles in China.
Tesla will announce first quarter deliveries at any time. Wall Street is looking for deliveries of approximately 313,000 vehicles, compared to approximately 309,000 vehicles delivered in the fourth quarter of 2021. The increase in deliveries would be a better result than the three Chinese electric vehicle manufacturers, but Tesla, of course, also sells in many European countries as well as us
Tesla stock rose about 0.6% on Friday. As of Friday’s open session, Tesla stock is up about 2% year-to-date.
Write to Al Root at [email protected]
