Nio, BYD see EV deliveries drop sharply in February

https://images.mktw.net/im-45385580

Shares of Nio Inc. rose Friday, while those of fellow China-based electric vehicle maker Li Auto Inc. fell, after the companies both reported February deliveries that fell from last year and last month.

Nio
NIO,
+5.89%

said it delivered 8,132 EVs in February, down 19.1% from the 10,055 vehicles delivered in January, and 33.1% less than the 12,157 vehicles delivered in February 2023.

The deliveries in February consisted of 4,765 sport-utility vehicles and 3,367 sedans.

Nio’s stock rose 0.9% in premarket trading. The stock has been hovering just above the four-year closing low of $5.38 hit on Feb. 5. It has tumbled 36.6% year to date, while the Global X Autonomous & Electric Vehicles ETF
DRIV
has slipped 2.1%, the iShares MSCI China ETF
MCHI
has lost 4.3% and the S&P 500 index
SPX
has gained 6.8%.

Meanwhile, Li Auto
LI,
+1.30%

said overnight that it delivered 20,251 EVs in February, up 21.8% from a year ago but down 35% from January.

The stock fell 2.1% ahead of Friday’s open. But that was after it rocketed 65.8% in February, which was the second-best monthly performance since the stock went public in July 2020, behind just the record 78.4% rally in November 2020.

Elsewhere, BYD Co.
BYDDY,
+0.65%

002594,
+0.51%

said it sold 122,311 “new energy” vehicles in February, down 36.8% from the 193,655 vehicles sold a year ago and down 60.7% from the 311,493 vehicles sold in January.

For battery-electric vehicles, February sales fell 39.4% from last year and dropped 47.9% from January. Plug-in hybrid EV sales were down 33.8% from a year ago and down 30.2% from January.

BYD’s U.S.-listed stock was still inactive in the premarket.

Among other China-based EV makers, XPeng Inc.’s stock
XPEV,
+8.02%

rose 1.5% in Friday’s premarket. The company said it delivered 4,545 EVs in February, down 24.4% from the 6,010 EVs delivered last year and 44.9% less than the 8,250 EVs delivered in January.

This post was originally published on Market Watch

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