China’s Nio (NIO) doubled EV sales in the third quarter, beating its own guidance despite a hit to production from the chip shortage. Startup peers Xpeng (XPEV) and Li Auto (LI) nearly tripled Q3 sales and also beat. China EV and battery giant BYD (BYDDF) also nearly tripled EV sales.
In September, Nio and Li Auto had cut delivery forecasts, citing volatile chip supplies. On Friday, Li Auto indicated challenges linger in the current quarter. It’s “taking multiple measures to ensure the supply of the auto parts, aiming to shorten the waiting time of delivery for our users,” Li said.
The Chinese startups are emerging rivals to Tesla (TSLA) in China.
Nio EV Sales
Nio regained its title as the highest-producing China EV startup, at least for September. It delivered 10,628 EVs last month, up 126% vs. a year earlier. September’s total also was a big boost from 7,931 in July and just 5,880 in August, amid chip woes.
For all of Q3, Nio sold 24,439 electric vehicles, doubling year over year and beating its lowered Sept. 1 target of 22,500-23,500 deliveries.
Xpeng EV Sales
Xpeng sold 10,412 EVs in September, up 199% vs. a year earlier and also up from August. That included 7,512 P7 sedans, 2,656 G3 and G3i small SUVs and 244 P5 small sedans. The P5, which officially launched on Sept. 15, is the first production vehicle that comes with Lidar sensors.
Q3 deliveries reached 25,666, up 199% and crushing Xpeng’s target of 21,500-22,500 deliveries.
Li Auto EV Sales
Li Auto sold 7,094 Li One SUVs in September, up 103% vs. a year earlier. But it was down sequentially from August due to the prolonged chip shortage. Q3 deliveries totaled 25,116, up 190% and beating Li’s lowered Sept. 20 guidance for 24,500. Li Auto makes the Li One SUV hybrid It has a small gas engine as a range extender.
BYD EV Sales
BYD reported on Sunday that it sold 36,238 EVs, up 140% vs. a year earlier. New energy vehicles, which include hybrids, shot up 258% vs. a year earlier to 71,099. BYD’s monthly NEV sales have increased by roughly 10,000 for four straight months.
For the third quarter, NEV sales hit 183,000, up 294% vs. a year earlier. EV-only sales totaled 91,616, up 186%.
Nio Stock, Chinese EV Stocks
Shares of Nio fell 0.8% to 35.35 on the stock market today. Xpeng dipped 0.2% and Li Auto stock was flat. The Chinese EV stocks trimmed strong premarket gains amid reports of China sending warplanes towards Taiwan. They remain well below the 50-day and 21-day lines, with no buy point in sight, according to MarketSmith chart analysis. China’s Evergrande property group crisis added to woes after the country’s crackdown on tech-driven companies, sparking a sharp sell-off for Chinese stocks.
Tesla stock eased 0.1% Friday, holding above a buy point. Tesla reported third-quarter deliveries hit 241,300 on Saturday, above views for 232,000.
Nio and its Chinese EV startup peers aim to challenge Tesla on home turf and, increasingly, in Europe. At the same time, Nio and its peers face increasing competition from China’s homegrown giants, such as BYD (BYDDF).
On Thursday, Nio started selling its ES8 electric SUV in Norway, challenging Tesla outside of China for the first time. Xpeng and BYD also are selling small numbers of EVs in Norway.
BYD stock lost 0.9% on Friday. Shares are working on a consolidation right at record highs.
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