:max_bytes(150000):strip_icc()/GettyImages-2181378657-c41b5f6da6c24fb1b68b89c8cd56e38a.jpg "Chinese Electric Vehicle Stocks Rise as Deliveries Jump in October")
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Key Takeaways
- U.S.-listed shares of a number of Chinese electric vehicle manufacturers rose Monday after October sales rose from last year.
- Deliveries from BYD, Li Auto, XPeng, and Nio all rose from the same time last year, while Tesla’s China-made vehicle sales fell from last year.
- Tesla stock fell Monday morning, while the others all rose.
Investors on Wall Street were bullish on Chinese electric vehicle stocks Monday morning after companies such as BYD, XPeng (XPEV), Li Auto (LI), and others released October delivery data late Friday.
BYD’s EV sales rose roughly 12% from last year while sales of the company’s hybrid vehicles surged over 62%, sending its shares on the Hong Kong stock exchange up 3.5% in Monday trading. Li Auto’s deliveries rose 27% year-over-year to 51,443, as its U.S.-listed shares rose nearly 2% Monday morning.
US-based Tesla (TSLA), however, saw sales of its EVs manufactured in China drop 5.3% from last year and over 20% from September, according to data from the China Passenger Car Association reported by Reuters Monday. The EV giant’s stock fell 2% in premarket trading Monday.
XPeng said it set a new monthly record for deliveries at 23,917, a bump of 20% from last year. The uptick seemingly sent its U.S.-traded shares up nearly 6% Monday morning.
Nio’s (NIO) deliveries were also up just over 30% from October 2023 at nearly 21,000 vehicles. The company’s U.S.-traded shares also rose roughly 1.8%.