Shares of Chinese electric vehicle startups nio, inc. CHILD, XPeng, Inc. XPEV and Li Auto, Inc. L.I. are recovering in pre-market trading on Tuesday, indicating a possible rebound from Monday's pullback.
The optimism came thanks to the stellar deliveries these companies reported in September and the third quarter. Here's how each of them fared:
| September deliveries (units) |
YoY | Quarterly | Third quarter deliveries (units) |
Guidance for the third quarter (units) |
|
| child | 21,181 | +35.4% | +4.98% | 61,855 | 61,000-63,000 |
| XPeng | 21,352 | +39% | +52.12% | 46,533 | 41,000-45,000 |
| Auto Li | 53,709 | +48.9% | +11.61% | 152,831 | 145,000-155,000 |
| BYD Co. Limited. WILLPOWER I WILL | 164,956* | +9.10% | +11.10% | 443,426 | N/A |
See also: Best EV Stocks
Most of these companies now focus on the lower end of the market. XPeng said the first month deliveries of its XPeng Mona M03an affordable electric sedan launched at the end of August, surpassed 10,000 units. Nio, which until now has focused on the premium segment of the market, has ventured into the mass market with its onvo brand. Deliveries of the first vehicle launched by the sub-brand, with code name L60It started at the end of September.
Given China's efforts to stimulate the domestic economy, electric vehicle makers could see a recovery in demand, which bodes well for their fundamentals.
By the way, Tesla, Inc. TSLA is scheduled to release its quarterly global deliveries report on Wednesday. Analysts, on average, expect the company to report sales of 465,000 units for the third quarter, with China primarily responsible for much of the increase.
According Benzinga Pro Data in pre-market trade:
- Nio rose 4.49% to $6.98.
- XPeng rose 3.69% to $12.63.
- Li Auto rose 3.70% to $26.60.
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