Shares of Chinese EV makers Nio and Li Auto rise as July car deliveries jump

Shares of Chinese EV makers Nio and Li Auto rise as July car deliveries jump
KEY POINTS
  • Nio said it delivered 10,052 vehicles in July, up 26.7%% year-on-year, but down from June’s figure of almost 13,000 deliveries.
  • Li Auto meanwhile said it delivered 10,422 of its Li ONE sports utility vehicle in July, up 21.3% year-over-year, but also slipping from June’s figure.
  • The Guangzhou, China-based firm said July deliveries totaled 11,524, up 40% year-on-year, but also falling from June’s figure.

Shares of Chinese electric vehicle startups NioLi Auto and XPeng jumped in the U.S. Monday after the companies posted a rise in July car deliveries.

Nio said it delivered 10,052 vehicles in July, up 26.7%% year-on-year, but down from June’s figure of almost 13,000 deliveries.

Li Auto meanwhile said it delivered 10,422 of its Li ONE sports utility vehicle in July, up 21.3% year-over-year, but also slipping from June’s figure.

Meanwhile, competitor Xpeng delivered the most out of the trio. The Guangzhou, China-based firm said July deliveries totaled 11,524, up 40% year-on-year, but also falling from June’s figure.

Shares of Nio jumped 3% and Li Auto gained 4%. Xpeng gained 1%.

All three carmakers were hit earlier this year by a resurgence of Covid-19 in China that led to lockdowns in major cities and manufacturing hubs across the world’s second-largest economy. Automakers are also dealing with continued supply chain issues, component shortages and rising materials costs.

Nio said that the production of its ET7 and EC6 vehicles in July was “constrained” by the supply of casting parts.

The company said it “has been working closely with supply chain partners and expects to accelerate vehicle production in the following months of the third quarter of 2022.”

Xpeng and Li Auto did not mention any supply chain disruptions. Xpeng said it plans to begin accepting reservations for its new flagship G9 SUV in August, with an an official launch in September.

Li Auto said that the 200,000th Li ONE rolled off the production line at its Changzhou factory on Monday, marking a milestone for the company.

This article was originally published on cnbc.com

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