Xpeng CEO He Xiaopeng stood next to the company’s P7 electric car when speaking to the media at the 2020 Beijing Auto Show.
Evelyn Zheng | CNBC
Beijing-Two Chinese electric vehicle start-ups listed in the United States exceeded market expectations in products delivered in March, and both companies set quarterly records.
Xpeng said on Thursday that 5,1
NIO announced that it had delivered 7,257 cars in March, and a total of 2,060 cars have been delivered in the first three months of this year, which is the most since the quarter.
This does not exceed Nio’s initial guidance of 20,000 to 20,500 vehicles in the first quarter. Five days after announcing that the factory was closed due to semiconductor shortages, Weilai Motors lowered its forecast last week to 19,500 vehicles.
During the New York trading session on Thursday, the share prices of both companies rose by more than 1%. After soaring in 2020, so far this year’s stocks are still in the negative territory.
Xpeng’s products delivered in March are roughly divided into the company’s P7 sedan and G3 SUV. Among Nio’s three models (all SUVs), the company said that its five-seater ES6 is in greatest demand, with more than 3,000 delivered last month.
Wedbush analysts Dan Ives and Strecker Backe wrote that the growth in deliveries “is a very positive indicator of the growth trajectory of the Chinese electric vehicle market for the rest of the year.” They also predict that March will be a good month for Tesla in China, and expect that the inventory of electric vehicles will increase by 30% to 40% this year.
BYD’s sales in March are amazing
However, compared with Chinese electric car and battery manufacturer BYD, the quarterly deliveries of start-ups hit a record high.
BYD’s management told Citi analysts in a conference call on Tuesday that the sales of only hybrid and pure electric Hanfu models exceeded 10,000 in March. According to Citigroup, last month, BYD’s total sales of new energy vehicles reached 23,000.
Citi stated that BYD expects to sell 30,000 battery-powered vehicles alone by December.
As of Friday morning Beijing time, Li Auto, another Chinese electric car startup listed in the United States, has not released its first quarter data.
The company predicts that in February it will deliver 10,500 to 11,500 vehicles in the first quarter, or less than 4,000 vehicles per month. The only Li Auto model on the market is an SUV with a fuel tank that can recharge the battery.
Lite Motor’s stock price rose 1% on Thursday and is down about 12% year-to-date.