Chinese battery electric vehicle makers Li Auto, XPeng, and NIO achieved a new milestone in November with record-breaking deliveries. This is welcome news not only for these three companies but also for Tesla and BYD, as it indicates that Chinese car buyers continue to show strong demand for electric vehicles.
Li Auto delivered an impressive 41,030 units in November, surpassing their previous record of 15,034 units in the same month last year. XPeng also saw a significant increase in deliveries, setting a new record with 20,041 units compared to 5,811 units in November 2022. NIO delivered 15,959 units, while not a monthly record, it still reflected a substantial increase of 14,178 units compared to the previous year.
It is noteworthy that all three EV manufacturers experienced month-over-month growth in deliveries. In total, they collectively delivered an astounding 77,030 units in November, setting a new record for combined sales and marking a remarkable 120% year-over-year increase. Since the beginning of the year, the three EV makers have delivered a total of 589,279 units, which signifies an impressive 80% year-over-year growth.
However, it must be noted that strong delivery performance does not always translate to significant stock market movements. In premarket trading, XPeng's stock saw a slight decline of about 1.1%, while NIO shares were down approximately 0.6%. On the other hand, Li Auto's stock managed to rise by around 1.4%.
Looking at the broader market indicators, both S&P 500 and Nasdaq Composite futures were relatively steady.
The lack of substantial stock price movements can be attributed to the already high valuation of these stocks. Prior to Friday's trading session, XPeng's stock had surged by approximately 67% over the past 12 months, while Li Auto's shares had witnessed an impressive 73% increase during the same period. Meanwhile, NIO's stock performance has been weaker, witnessing a decline of 40% in the past year.
In premarket trading, Tesla's stock experienced a minor decrease of 1.3%. However, it is important to note that this decline is unrelated to the delivery performance of its competitors. Tesla recently started delivering its highly anticipated Cybertruck, and investors had already pushed up the stock price in anticipation of the event.
While Tesla does not report monthly deliveries, investors can expect official data on Chinese sales from industry associations within a few days. Up until October, Tesla had already delivered approximately 462,000 units in China, reflecting a noteworthy 38% year-over-year increase.
BYD's shares also saw a decline of 1.9% in overseas trading. The company is set to release its monthly delivery figures soon. As of October, BYD had delivered nearly 1.2 million battery-electric vehicles, with the majority sold within China.
On a global scale, Tesla achieved a significant milestone by delivering 1.3 million battery electric vehicles in the first three quarters of 2023.
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