December deliveries from Chinese electric vehicle (EV) makers NIO, XPeng, Li Auto, and BYD have exceeded expectations. Although their stocks were down in early trading on Tuesday, this can be attributed to the market phenomenon of ‘sell the news.’
NIO Delivers Impressive Performance
NIO delivered 18,012 units in December, surpassing the figures of both November (15,959 units) and December 2022 (15,815 units). Throughout the entire year, NIO achieved a remarkable milestone by delivering 159,858 units, showcasing a 31% increase compared to the previous year.
XPeng and Li Auto Follow Suit
Similar patterns can be observed at XPeng and Li Auto. XPeng delivered 20,115 units in December, a slight improvement from November’s figures (20,041 units) and a substantial increase from December 2022 (11,292 units). Throughout the year, XPeng successfully delivered 141,871 units, reflecting a 17% growth compared to the previous year.
Li Auto also experienced considerable success, delivering 50,353 units in December compared to November’s figures (41,030 units) and December 2022’s figures (21,233 units). For the entirety of 2023, Li Auto achieved an impressively high delivery count of 376,030 units, representing a substantial 180% year-on-year increase.
Record-Breaking Success for Li Auto and XPeng
December proved to be particularly significant for Li Auto and XPeng. Li Auto achieved an unprecedented milestone by delivering over 50,000 units in a single month. XPeng also recorded its highest-ever monthly deliveries. Although NIO did not reach a new record, the combined total of 88,480 units delivered by these three EV makers represents the third consecutive monthly record.
BYD Shines in the Auto Market
Notably, other auto manufacturers also demonstrated strong performance. BYD, known for its all-electric vehicles and plug-in hybrids, delivered an impressive 340,178 units in December. The figure includes a remarkable 190,754 all-electric vehicles, establishing new milestones for BYD in both categories.
In conclusion, Chinese EV makers showcased outstanding performance in December, exceeding expectations and setting new records. This positive momentum indicates a promising future for the electric vehicle industry in China.
Solid Start for Chinese EV Industry in 2024
Citi analyst Jeff Chung has described the recent results of BYD, Li, and the overall electric vehicle (EV) industry as “better than expected” in a recent report. This positive outcome would typically lead to an increase in share prices. However, early trading on Tuesday saw a decline in all stocks.
In overseas trading, BYD shares fell by 2.3%. Li, XPeng, and NIO shares experienced drops of 4.6%, 1.7%, and 2.1%, respectively, in premarket trading on Tuesday. Tesla shares also showed a decline of more than 1%.
One possible explanation for this decrease could be the overall market conditions. S&P 500 and Nasdaq Composite futures were down by approximately 0.6% and 0.9% respectively.
Another contributing factor might be investors capitalizing on previous gains made by the stocks before the end of last year. Prior to Tuesday’s trading, NIO stock had risen by around 24% over the past month. Li, BYD, and Tesla shares had all increased by approximately 5%. XPeng, on the other hand, experienced a drop of about 9%.
Regardless of the stock market performance on Tuesday, the delivery results point to a solid start for the Chinese EV industry in 2024.
Tesla is expected to release its fourth-quarter delivery figures later today. Unlike other companies, Tesla does not provide monthly delivery updates.