Shares of Nio Inc. experienced a rise on Friday despite a decrease in February deliveries compared to last year and last month. The company reported delivering 8,132 electric vehicles (EVs) in February, showing a 19.1% decline from January’s 10,055 vehicle deliveries and a 33.1% decrease from February 2023’s 12,157 deliveries. The February deliveries comprised 4,765 sport-utility vehicles and 3,367 sedans.
Stock Performance and Market Comparison
Following the report, Nio’s stock rose by 0.9% in premarket trading. The stock has been slightly above the four-year closing low of $5.38 noted on February 5. Year to date, the stock has plummeted by 36.6%, in contrast to the Global X Autonomous & Electric Vehicles ETF (DRIV) declining by 2.1%, the iShares MSCI China ETF (MCHI) losing 4.3%, and the S&P 500 index (SPX) gaining 6.8%.
Li Auto Inc. Also Witnesses Decline in Deliveries
On the contrary, Li Auto Inc. saw its stock fall after reporting its February delivery numbers. The company delivered 20,251 EVs in February, reflecting a 21.8% increase from the previous year but a significant drop of 35% from January.
Stock Performance Overview
Li Auto’s stock fell by 2.1% before Friday’s market open. However, this decline followed a remarkable 65.8% surge in February, marking the second-best monthly performance post its IPO in July 2020, following only the record-breaking rally of 78.4% in November 2020.
BYD Co. Reports Decrease in Sales
Another key player, BYD Co., disclosed a decline in “new energy” vehicle sales for February. The company sold 122,311 vehicles during the month, down by 36.8% from the previous year’s 193,655 sales and a significant 60.7% drop from January’s 311,493 sales.
Sales Breakdown
In terms of battery-electric vehicles, BYD experienced a drop of 39.4% in sales compared to last year and a 47.9% decrease from January. Plug-in hybrid EV sales decreased by 33.8% year-over-year and dropped by 30.2% from January.
Amidst these results, BYD’s U.S.-listed stock remained inactive in the premarket.
XPeng Inc. Ends February with Decrease in Deliveries
XPeng Inc., another prominent player in the China-based EV market, reported a decrease in deliveries for February. The company delivered 4,545 EVs during the month, reflecting a decline of 24.4% from the previous year’s 6,010 deliveries and a substantial drop of 44.9% from January’s 8,250 deliveries.
Stock Performance
XPeng’s stock rose by 1.5% in Friday’s premarket trading session following the delivery report.
Throughout the industry, China-based EV companies are navigating various challenges and shifts in consumer demand as they continue to strive for growth and innovation in the evolving electric vehicle market landscape.