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Chinese Electric Vehicle Markers, Xpeng, Li Auto, and Nio, Shares Rose in March Amid Upbeat Deliveries!
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- EV start-ups Despite the variety of difficulties in recent weeks, Nio, Xpeng, and Li Auto delivered more automobiles in March than they did in February.
- While raw material costs continue to grow, Chinese EV makers are dealing with an increase in Covid cases, which threatens to interrupt production & delivery.
- In pre-market trading in the United States, Nio, Xpeng, and Li Auto all rose.
Electric car start-ups in China Despite a variety of obstacles in recent weeks, Nio, Xpeng, and Li Auto delivered more automobiles in March than they did in February.
While raw material costs continue to grow, Chinese electric carmakers are dealing with an increase in Covid cases in China, which threatens to interrupt production and delivery. As a result, several Chinese automakers, including Tesla, Xpeng, and Li Auto, have had to raise the costs of their vehicles.
In pre-market trading in the United States, the stock prices of all three businesses, Nio, Xpeng, and Li Auto, were considerably higher.
XPeng
In March, Xpeng delivered the most EVs of the three. In March, the Shenzhen automaker shipped 15,414 automobiles, increasing 148 percent from February. Xpeng produced 34,561 cars in the first quarter, up 159 percent year over year.
Xpeng’s flagship P7 car sold over 9,000 units in a month, setting a new monthly record.
After completing technology upgrades for its Zhaoqing plant in February, the corporation attributes its robust Q1 delivery results to increased brand awareness and higher demand for its smart electric vehicle products, as well as accelerated delivery of its big order backlog from 2021 and new orders received in 2022.
Li Auto
A new EV company in China has launched. In February, Li Auto reported a rise in deliveries but stated manufacturing has been hampered by a recurrence of Covid cases in China.
Listed in the United States and Hong Kong In March, Li Auto delivered 11,034 Li ONE SUVs, up 31 percent from February. Li Auto reported that it delivered 31,716 vehicles in the first quarter, up 152.1 percent year over year. However, manufacturing has been hampered by a shortage of some auto parts arising from the recent resurgence of COVID-19 cases in the Yangtze Delta region, which included the area where Li Auto’s facility is located.
Li Auto announced last month that the price of its Li ONE automobile would rise from 338,000 Chinese yuan ($53,147) to 349,800 yuan starting April 1.
As competition in China’s electric vehicle industry heats up, Li Auto is preparing to deliver its next automobile, the L9 SUV, on April 16.
NIO
In March, Nio produced 9,985 automobiles, an increase of 62.8 percent over February. In the first quarters of 2022, the company shipped 25,768 vehicles, up 28.5 percent year over year. For the electric vehicle manufacturer, it was a monthly delivery record.
Nio is one of the only three companies that have yet to increase its vehicle prices.
Nio will unveil its new Sport Utility Vehicle, the ES7, next month.
