Chinese EV Stocks Sink After Their Delivery Data
U.S.-listed shares of NIO were down 4.1%, XPeng fell 4.9%, and Li Auto dropped 9.8% even as the three Chinese electric-vehicle makers delivered almost 70,000 vehicles in February, up 112% year over year.
NIO’s deliveries jumped 62% last month from a year earlier, XPeng’s deliveries soared 570% to 30,453, boosted by sales of its relatively new P7+ and MONA MO3 models, and Li Auto’s deliveries rose 30%. The sales jumps show that demand for electric cars in China, the world’s second-largest economy, remains strong and is a positive for any EV maker, including Tesla. The U.S. electric-vehicle company, however, has been struggling amid fierce competition.
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