Al Root

Chinese electric vehicle makers NIO, XPeng, and Li Auto reported October delivery results on Friday.

Demand is still growing. That isn't enough for investors though.

Friday morning, NIO reported that it delivered 20,976 vehicles in October, similar to the 21,181 cars in September and up 30% from the 16,074 cars in October 2023.

NIO's U.S.-listed American depositary receipts were flat in premarket trading at $5.10, while S&P 500 and Dow Jones Industrial Average were both up about 0.3%.

XPeng delivered 23,917 vehicles, a record for the company, and up from the 21,352 cars in September and the 20,002 vehicles delivered in October 2023.

Xpeng's U.S.-listed ADRs were up 0.5% in premarket trading at $11.28.

Li Auto delivered 51,443 cars in October, down from 53,709 cars delivered in September and up 27% from the 40,422 cars delivered in October 2023.

Li's U.S.-listed ADRs were flat in premarket trading at $25.02.

Together, the trio delivered 96,336 vehicles in October. That's a record. They delivered 96,242 vehicles combined in September and 76,498 vehicles combined in October 2023.

Deliveries grew 26% year over year. This year, the trio has delivered about 686,000 EVs, up about 34% year over year.

Higher deliveries haven't been enough for investors. Coming into Friday trading, NIO, XPeng, and Li shares were down 44%, 23%, and 33%, respectively, this year. These days, investors are more worried about price competition, which has pushed down pricing and profit margins.

Li stock fell 13.6% on Thursday after reporting third-quarter results. Earnings were better than expected, but profit margins declined year over year, and management talked about "intense" competition on the company's earnings conference call.

Write to Al Root at allen.root@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 01, 2024 07:20 ET (11:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.