Nio and Xpeng Motors hit sales records despite chip shortages

Shares of Nio and Xpeng Motors rallied on reports of higher sales of their electric vehicles in June than in May and strong second-quarter shipments despite a global semiconductor shortage.

Shares in Chinese electric vehicle makers Nio (NIO) and Xpeng Motors (XPEV) rose 3% and 3.8%, respectively, before trading opened on Thursday (at the time of writing) after the companies reported record shipments for June and the second quarter.

Nio June Sales

Nio delivered 8,083 of its premium electric vehicles with autonomous driving features in June 2021. This is an improvement over the decline in shipments in May and 116.1% higher than in June 2020. For the previous May, April and March, Nio delivered 6711, 7102 and 7257 units, respectively.

The majority of sales, as in previous months, were for the NIO ES6, a five-seater SUV: 3,755 units in June, followed by the NIO EC6 5-seater SUV with 2,830 units, deliveries of 6-seater and 7-seater ES8 models were 1498 units.

The NIO ET7 is the company’s fourth production electric car and its first sedan will go on sale in the first quarter of 2022. It is expected to cost less than Tesla’s new TSLA Model S Plaid.

Nio shipped more EVs in Q2 2021 than in all of 2020

In just the second quarter (three months ended June 2021), NIO delivered 21,896 electric vehicles, up 111.9% over the same period last year.

Chinese competitor Tesla delivered more than 41,900 electric vehicles in the first half of 2021, which exceeds the total for the entire 2020 of 43,728 units. The total number of electric vehicles delivered by NIO as of June 30 reached 117,597 units.

On July 9th, Nio will host the Nio Power Day event, which will showcase its innovations in the field of electric vehicle batteries and charging stations.

Media reported on Wednesday that Nio added 11 battery replacement stations to its charging network in China, bringing the total on its network to 300. Nio plans to build 500 battery replacement stations in China by the end of 2021.

XPeng shipments more than sevenfold in June

In June, XPeng recorded a record number of deliveries of its smart electric vehicles: 6,565, up 617% from last year and 15% more than last month. In June, 4,730 XPeng P7 sedans and 1,835 units were delivered. compact SUVs XPeng G3.

The company also hit a quarterly record of 17,398 shipments in the second quarter of 2021, up 439% year-on-year.

For the first half of 2021, XPeng’s total shipments reached 30,738 units, up 459% from last year.

XPeng plans to launch the G3i SUV, a new version of the G3, in July 2021, with deliveries scheduled for September this year.

XPeng also plans to launch its third production model, the P5 family sedan, in the third quarter, with deliveries in the fourth quarter of this year.

XPeng P5 will be the world’s first mass-produced smart electric vehicle with LiDAR technology.

On Wednesday, NYSE-listed Xpeng said its dual listing in Hong Kong raised the equivalent of $ 1.8 billion at $ 42.52 per share. Xpeng will begin trading on the Hong Kong Stock Exchange on July 7th.

Tesla, which dominates China’s premium electric vehicle market, will report second-quarter shipments this week. According to reports, the industry leader could collectively deliver about 200,000 electric vehicles, subject to demand from China. Tesla delivered 184,800 electric vehicles worldwide in the first quarter.

Nio and Xpeng Motors have posted strong gains over the past month, gaining 25.65% and 28.4%, respectively, as Wall Street analysts raise their price target estimates and their forecasts for the growth of Tesla’s Chinese rivals.

Citibank analyst Jeff Chang on Tuesday reaffirmed its previous buy rating and raised its target price for the NIO from $ 58.30 to $ 72, 35.3% upside potential from Wednesday’s close of $ 53.2.

In the article “Tesla Shares Received Negative Outlook from Swiss Bank UBS,” wrote about an increase in target prices for shares of Tesla’s competitors.

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