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China EV Sales: Nio, Xpeng, Li Auto Unleashed New Models

Nio (NIO) hopes to outsell Xpeng (XPEV) and Li Auto (LI) in September and the third quarter, with the Chinese startups due to report EV sales, likely on Oct. 1.

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For Nio and Li Auto, new electric vehicles could boost September sales. While Xpeng debuted a new EV just days ago, deliveries are yet to begin. The trio is pursuing growth after recent headwinds, on both the demand and supply side.

Sometime in early October, Chinese EV and battery giant BYD (BYDDF) will also report EV sales for September and all of Q3. Its U.S. archrival Tesla (TSLA) also will report global Q3 EV sales around the same time.

Nio Stock

Nio has guided Q3 deliveries of 31,000-33,000 EVs. It sold 10,052 EVs in July and 10,677 in August, which means it’s eyeing 10,271-12,271 in September.

In Q2, Nio sold 25,059 EVs, trailing Xpeng and Li Auto. It was particularly hard hit by Covid shutdowns in China.

Nio’s September sales will include the first full month of sales for the new ES7 SUV, which launched Aug. 28. It also may include just a day of sales for the new ET5 sedan, which hits the road Sept. 30. Nio also sells three older SUVs and a the luxury ET7 sedan, which launched this past spring.

Nio outpaced Xpeng and Li Auto in August, delivering 10,677 EVs, a 82% increase year over year.

Shares of Nio gained 0.7% to 17.31 in Wednesday’s stock market action. Nio stock remains more than 61% below the 52-week high.

Xpeng Stock

Xpeng has guided Q3 deliveries of 29,000-31,000 EVs. It sold 11,524 EVs in July and 9,578 in August, meaning 7,898-9,898 is in view for September.

In Q2, Xpeng sold 34,422 EVs, outpacing both Nio and Li Auto.

Xpeng’s September sales won’t include its new G9 electric SUV. It launched the G9 on Sept. 21 but deliveries are expected to begin later in October. Xpeng says the G9 could become a top seller. Currently, the newer P7 and P5 electric sedans are driving sales while the older G3i and G3 SUVs are struggling.

Shares lost 2.8% to 13.33 Wednesday. Xpeng stock continues more than 76% off below its 52-week high.

Li Auto Stock

On Sept. 26, Li Auto lowered Q3 delivery guidance to 25,000, down from 27,000-29,000 prior. Li sold 10,422 EVs in July and 4,571 in August, so 10,507 is in sight for September.

In Q2, Li Auto sold 28,687 EVs, lagging Xpeng but coming in ahead of Nio.

Li will discontinue the Li One, its original hybrid-electric SUV, in October after demand fell off in August. Li’s September sales is being driven by the new L9 SUV, which began deliveries on Aug. 30. Li’s also moving up launches for the L7 and L8 models as it loses Li One customers.

The company announced Sept. 28 that the 10,000th Li L9 rolled off the production line. Li Auto reportedly expects the L9 to be a top seller among full-size SUVs.

Shares shed 3.2% to 24.90. Li Auto stock sits 40% below the 52-week high.

BYDDF Stock

In September, China EV and battery giant BYD will be looking to continue its win streak. It sold 162,530 so-called NEVs in July and 174,915 in August, its sixth straight month of record sales. For Q2, BYD sold 355,021 NEVs, more than tripling year over year.

New energy vehicles include all-electric vehicles, plug-in hybrids and hydrogen fuel-cell vehicles.

As BYD ramps up new models like the Seal, which launched in late August, it should easily top 1.5 million deliveries in 2022, perhaps nearing 1.9 million. It’s targeting 4 million in 2023.

BYD also is expanding globally. At a European launch event on Wednesday, BYD showed off three new all-electric models for the Continent, with deliveries starting across the region in Q4. It so far sells the Tang SUV in pilot market Norway. In the past several weeks, BYD also began deliveries in Australia, New Zealand and India, adding several other Asian markets in the next few months.

In April, BYD shifted to producing only hybrid and electric vehicles, ditching cars that run only on gas or diesel. In addition, BYD plans to supply Tesla with EV batteries.

Shares of BYD, which trade over the counter, rose 0.8% to 26.88 Wednesday, near four-month lows. BYDDF stock IS 38.4% off highs.

China EV Sales

In China, sales of new energy vehicles doubled in August, continuing a hot run so far in 2022. Still, Nio and its peers have periodically struggled, including Li Auto in August due to the stale Li One model.

On Monday, China officially announced that the exemption on NEV purchase tax, a kind of subsidy, will be extended until the end of 2023. It was set to expire this year, though an extension was long rumored.

The same day, Li Auto lowered its EV delivery outlook for the third quarter, citing supply constraints though it’s also facing demand issues.

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