Tag: Nio

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Nio shakes off chip scarcity with greater than 8,000 deliveries in June

Chinese electric car makers target Europe as competition heats up

Nio plans to begin deliveries of its ET7 electric sedan in 2022.

Evelyn Cheng | CNBC

BEIJING — Chinese electric car start-up Nio said Thursday it delivered more than 8,000 cars in one month for the first time.

The company delivered 8,083 vehicles in June, bringing the second-quarter total to 21,896 cars, according to a release. That quarterly figure came in on the high end of Nio’s forecast for deliveries of between 21,000 and 22,000 vehicles in the three months ended June.

Nio’s U.S.-listed shares are up 9% so far this year. The company has typically delivered more electric cars a month than two other U.S.-listed electric car start-ups, Xpeng and Li Auto. Their shares are up about 3.7% and 21%, respectively, so far this year.

The strong second-quarter performance came despite a decline in monthly deliveries in May from April — which the company had attributed to the global semiconductor shortage.

Nio’s June figures also brought deliveries for the first half of the year to more than 41,900, close to surpassing the total for all of last year of 43,728 cars.

However, the start-up’s deliveries still fall far short of industry giant Tesla, which delivered 184,800 vehicles worldwide in the first quarter alone.

Tesla’s shares are down more than 3.5% for the year so far.

Read more about electric vehicles from CNBC Pro

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China’s Xpeng Motors’ EV deliveries speed up and Nio declines in Could

China's Xpeng Motors' EV deliveries accelerate and Nio declines in May

A Xpeng P7 electric car is on display during the 18th Guangzhou International Automobile Exhibition at China Import and Export Fair Complex on November 20, 2020 in Guangzhou, Guangdong Province of China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China — Chinese electric car company Nio saw deliveries slide in May as the global chip shortage hit its business.

Meanwhile, rival Xpeng Motors saw vehicle deliveries accelerate in May as it managed to weather the same semiconductor shortage.

Xpeng was up around 5.5% in pre-market trade in the U.S. while Nio was 2.8% higher at 5:03 a.m. ET.

Global automotive players have also been dealing with a semiconductor shortage which has impacted their business.

Nio delivered 6,711 vehicles in May, a 95.3% year-on-year. However, that was a 5% decrease from April.

“In May, the Company’s vehicle delivery was adversely impacted for several days due to the volatility of semiconductor supply and certain logistical adjustments,” Nio said in a statement.

“Based on the current production and delivery plan, the Company will be able to accelerate the delivery in June to make up for the delays from May,” the statement said, adding that it reiterates its delivery guidance of 21,000 to 22,000 vehicles in the second quarter of the year.

As of May 31, cumulative deliveries of Nio’s three models — the ES8, ES6 and EC6 — reached 109,514 units.

Xpeng deliveries accelerate

The Chinese electric car maker delivered 1,889 of its G3 SUV in May.

Meanwhile, China had a five-day Labor holiday in May.

“May actually is a very challenging month for the industry, because obviously we mentioned there’s been a supply chain constraint on this chip shortage. There’s also the holidays, the May holidays imacted the delivery for the first half … of the month,” Brian Gu, president of Xpeng Motors, told CNBC in an interview that will air Tuesday.

Still, despite the challenges, May registered a very robust increase for the company, he said.

“And also, I think most exciting to see is that renewed growth of our P7 product,” Gu said. “We see actually a much stronger growth of that in our sales mix, so that gives us the confidence of really hitting our quarterly guidance and the numbers for this delivery … for the second half.”

Read more about electric vehicles from CNBC Pro

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Xpeng predicts it’ll ship fewer electrical vehicles than Nio

Chinese electric car start-up Xpeng gets $2 billion in credit

Xpeng CEO He Xiaopeng stands next to the company’s P7 electric sedan speaking to the media at the 2020 Beijing Auto Show.

Evelyn Cheng | CNBC

BEIJING – Chinese electric car maker Xpeng predicts that it will deliver far fewer cars in the first three months of the year than competing start-up Nio.

Xpeng, which is listed on the New York Stock Exchange, announced overnight that it is expected to deliver around 12,500 vehicles in the first quarter. That implies deliveries of 4,250 cars for March, based on January’s 6,015, down to 2,223 in February.

Even with the weeklong New Year holidays in mid-February, these numbers lag behind Nio’s.

Last week, Nio forecast deliveries of 20,000-25,000 vehicles in the first quarter, implying deliveries of at least 7,197 cars in March. The company currently only ships SUVs and sells them in a higher price range than Xpeng’s cars.

While Nio plans to deliver a sedan to customers early next year, Xpeng launched its P7 sedan last year, which accounts for a growing proportion of deliveries compared to its G3 SUV. Xpeng plans to bring out another sedan later this year.

Li Auto, another US-listed Chinese electric car company, issued the lowest forecast of the three startups with 10,500 to 11,500 deliveries for the first quarter.

Despite the attention of startups like Nio and Xpeng, older automakers Tesla and BYD are already selling electric cars on a far larger scale in China. In January alone, Tesla sold more than 14,500 China-made Model 3s and BYD more than 7,200 of its Han model, according to the China Passenger Car Association released on Tuesday.

After rising in 2020, the stocks of US-listed electric car companies have fallen in the past two months due to the volatile start of the year in the US stock market.

  • Xpeng’s shares fell nearly 4% overnight and are down more than 35% year-to-date.
  • Nio fell 7.6% overnight and is down more than 25% since the start of the year.
  • Li Auto shares fell 5% earlier in the week and fell 26% year-to-date.
  • Tesla shares fell more than 5% on Monday and fell 20% year-to-date.

Autonomous driving software

As Nio, Tesla, and other automakers race to develop self-driving technologies, Xpeng started rolling out its autonomous driving software to some premium P7 sedan customers this year. With this technology, users can automate tasks such as changing lanes and entering and exiting highways.

Around a fifth of the more than 20,100 P7 sedans that were delivered from February onwards have activated the latest self-driving software, the management announced in a call for profits.

Xpeng reported that total revenue increased 43% from the third quarter to 2.85 billion yuan ($ 437 million) in the fourth quarter. The company expects first quarter sales to decrease slightly to 2.6 billion yuan.

Net losses decreased to 787.4 million yuan in the last three months of the year from 1.15 billion yuan in the previous quarter.

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Chinese language electrical automobile start-up Li Auto expects to promote fewer than Nio

Chinese electric car start-up Li Auto expects to sell fewer than Nio

A Li Xiang One Hybrid SUV is on display during the 18th Guangzhou International Auto Show in Guangzhou, China on Nov 23, 2020.

Li Zhihao | Visual China Group | Getty Images

BEIJING – Chinese automaker Li Auto, listed on the Nasdaq, is forecasting deliveries in the first quarter that will be below those of its competitors.

Li Auto announced late Thursday that it is expected to deliver between 10,500 and 11,500 cars, or fewer than 4,000 vehicles per month, for the first quarter of the year. Shares fell 9.8% in the New York trading session on a wider market sell-off. The stock lost another 3.75% in over-the-counter trading.

Nio, which competes directly with Li Auto in the high-end SUV market, shipped more than 7,000 units in both December and January. The company will release its latest financial report on Monday.

Xpeng shipped 5,700 cars in December and more than 6,000 in January.

Although the numbers of startups suggest rapid growth, they still pale in comparison to Tesla. Elon Musk’s electric car company shipped nearly half a million vehicles worldwide last year, which is an average of more than 41,000 cars per month.

Despite the New Year holiday in mid-February this year, Li Auto’s poor forecast is worrying, said Tu Le, founder of Beijing-based consulting firm Sino Auto Insights.

He pointed out that the company only has one product compared to the other startups and that it should deliver at least 5,000 to 7,000 vehicles a month to keep up.

Li Auto’s only vehicle, the Li One, is a hybrid electric vehicle equipped with a fuel tank to charge the battery.

Analysts have said the feature makes the Li One attractive to Chinese consumers who are concerned about running out of power without access to a charging station.

Last year, the Li One was one of the top 10 high-end SUVs sold in China, regardless of the fuel type, according to the passenger car association. However, the company announced that January shipments fell from 6,126 the previous month to 5,379 units.

The company reported total revenue of 4.15 billion yuan ($ 635.5 million) for the fourth quarter, compared with 2.51 billion yuan in the previous quarter.

Li Auto expects total sales for the first three months of this year to be in line with the last two quarters, with an expected range of 2.94 to 3.22 billion yuan.

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Nio deliveries in January quadruple from a 12 months in the past signaling a robust begin to 2021

Nio deliveries in January quadruple from a year ago signaling a strong start to 2021

Bin Li, CEO of Chinese electric vehicle startup NIO Inc., celebrates after the doorbell as NIO stock goes to trading on the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO), New York, September 12, 2018.

Brendan McDermid | Reuters

BEIJING – Chinese electric car start-up Nio has had a solid start to the year, even if there is still a long way to go to catch up with market leader Tesla.

The company announced on Monday it had delivered 7,225 vehicles in January, more than four times the 1,598 vehicles delivered in the same month last year.

Last month’s numbers also mark Nio’s sixth consecutive month of record shipments, bringing the startup’s cumulative shipments to 82,866.

It took Nio about six years to reach this point, while Tesla delivered 180,570 cars in the last three months of 2020 alone.

Nio’s shares, listed on the New York Stock Exchange, are up 17% year-to-date, just ahead of Tesla’s 19% gain. Both stocks outperform the S&P 500 by around half a percent.

Xpeng, another US-listed Chinese electric car company, is up 15% year-to-date.

Xpeng announced on Monday that it had shipped 6,015 electric cars in January, a third record month in a row. The company’s P7 sedan made up more than half of last month’s deliveries, a total of 18,772 since mass launch began in late June.

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Nio and Tesla vie for dominance in China’s electrical automobiles market

Nio and Tesla vie for dominance in China's electric vehicles market

SINGAPORE – As domestic automakers in China attempt to position themselves against Tesla in the growing Chinese electric vehicle space, Nio is well positioned to capture a sizable slice of the market, an analyst told CNBC.

The Chinese electric car start-up released its first sedan, the et7, on Saturday with self-driving technology features that are said to outperform those of Tesla. An et7 with a 70-kilowatt-per-hour battery starts at 448,000 yuan ($ 69,000) before the subsidy.

“This is the symbol for Nio in the sedan category,” said Bill Russo, founder and CEO of Automobility Limited, on CNBC’s Street Signs Asia on Monday. He said the company has already established itself as a premium brand in the SUV category, where it sells faster than its peer group in China.

“Now they are moving into the sedan segment or the premium car segment,” Russo said, adding that the et7 will compete with Tesla’s imported Model S.

“Obviously the pricing that was announced on Nio Day is actually pretty competitive with the Model S,” he said, adding, “It’s a statement of claim, it’s a statement of where they hope their brand is and under position the Chinese company. ” They realize they are the premium (electric vehicle) company. “

Last year, Reuters reported that Tesla cut its Model S price in China by 3%.

Catch up with Tesla

China is already the world’s largest car market. In its quest to become a leader in electric vehicle technology, Beijing has supported the industry with subsidies, relaxed restrictions and the expansion of charging infrastructure.

Domestic electric vehicle manufacturers including Nio, Li Auto and Xpeng said deliveries rose sharply over the past year. Government data showed that January-November sales of all-electric vehicles rose 4.4% year over year, while total passenger car sales fell 7.6% over the same period. Even so, their delivery numbers lagged behind those of Tesla.

“Obviously everyone is trying to position themselves against Tesla. Tesla is certainly the market leader. It has a market capitalization that is so far ahead of everyone else,” said Russo. Tesla’s market value as of Monday is around $ 768.93 billion, while Nio has a market capitalization of around $ 98.63 billion.

Employees conduct checks on an inspection line during a media tour of Nio Inc.’s manufacturing facility in Hefei, Anhui Province, China on Friday, December 4, 2020.

Qilai Shen | Bloomberg | Getty Images

Nio “is trying to establish itself as the Chinese Tesla, which means that as a premium EV brand in China you have to compare yourself to access to the Chinese market, which will grow significantly over the next five years,” said Russo.

“These companies will grow with the market and I think Nio is well positioned to capture a lot of it,” he said, adding that the company still does not control the entire supply chain, relying on third party components like autonomous driving chipsets .

For its part, Tesla has stepped up its efforts in China, including further promotions on New Years Day. The company has a factory in the country that can produce 250,000 vehicles and has announced a new China-made vehicle, Model Y, priced at 339,900 yuan.

– CNBC’s Evelyn Cheng contributed to this report.