Nio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.

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A Nio eC6 automobile is found throughout the 19th Shanghai International Vehicle Industry Exhibition in Shanghai on April 19, 2021.


Hector Retamal/AFP/Getty Images


NIO

noted nutritious shipping figures for July early Monday morning. But in a very first, NIO’s friends delivered more cars and trucks in the thirty day period than the Chinese electric car maker did.

NIO (ticker: NIO) delivered 7,931 motor vehicles in July, down a very little from the 8,083 vehicles delivered in June. Deliveries in the 8,000-variety commonly search excellent, but month-to-thirty day period declines are ordinarily problematic for the inventory.

NIO deliveries dropped from January to February, from March to April, and from April to May well. The stock dropped each and every time the sequential shipping and delivery drops had been disclosed, falling about 13%, 1%, and 2%, respectively.

That could possibly not be the situation this time. NIO shares have obtained .9% in premarket buying and selling Monday, while

S&P 500

and

Dow Jones Industrial Normal futures

are up about .4% each individual. But shares of NIO peers

Li Automobile

(LI) and

XPeng

(XPEV) are the two up concerning 4% and 5% on their very own shipping and delivery quantities.

July was the initially month NIO’s deliveries fell at the rear of Li and XPeng’s totals given that shipping and delivery numbers have turn out to be offered, stretching back again to May well 2020. XPeng shipped 8,040 vehicles in July, a new month to month file and up from 6,565 cars delivered in June. Li delivered 8,589 vehicles, a month to month document for Li much too, up from 7,713 automobiles sent in June.

Citigroup analyst Jeff Chung blamed

Tesla

(TSLA) for the lackluster month-in excess of-month figures from NIO. The “trend for ES6 and EC6 is likely thanks to the recent selling price lower of Tesla’s Product Y,” wrote Chung in a Monday report. “But the enterprise should be able to accomplish our [2021- deliveries estimate of [93,000]units as extended as it maintains monthly deliveries of [8,000 to 9,000] units.” Chung fees shares Obtain and has a $72 rate concentrate on for the stock.

(The ES6 and EC6 are SUV/crossover motor vehicles equivalent to the Model Y.)

In July, the 3 Chinese electric powered car producers sent roughly 24,500 vehicles blended. That is up just about 10% when compared with June and up about 190% in excess of July 2020. The providers are, essentially, advertising all the EVs they can make.

NIO is still the greatest, most precious of the a few, but its inventory has lagged behind a short while ago. NIO stock is up 12% in excess of the past three months. XPeng stock has extra 36%. Li shares have added 69%.

Coming into Monday trading, NIO shares are down about 8% so much in 2021. XPeng stock has fallen 5% yr to date. Li shares have added virtually 16%.

Compose to allen.root@dowjones.com

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