The stock market seems to have had a rough time recently, with key market benchmarks falling 4 percent to 5 percent in September. On the other hand, investors appeared to be a little more cheerful during the first day of October. Futures on Dow Jones Industrial Average (DJINDICES: DJI) were up 143 points to 33,865 just before 8 a.m. EDT.
S&P 500 (SNPINDEX: ^GSPC) futures went a notch higher by about 16 points to become 4,314, and futures on Nasdaq Composite (NASDAQINDEX: ^IXIC) was able to pick up about 49 points to end at 14,731.
It’s the first day of the month, which means China’s top electric vehicle manufacturers released their current delivery figures overnight. Demand for electric vehicles has been robust in China, and shares of well-known Chinese automakers have risen since their separate releases. The concern for American investors would be whether Tesla (NASDAQ: TSLA), which reveals its delivery statistics quarterly, will have the same level of success when it announces its results.
What China’s EV giants had to say.
Stocks of Chinese electric vehicle manufacturers were up overall. The biggest gainer was XPeng (NYSE: XPEV), which rose over 4 percent in the pre-market trading. Before the market began for regular trading, Nio (NYSE: NIO) as well as Li Auto (NASDAQ: LI) both gained by 3% and 2%, respectively.
The quality of the numbers, predictably, corresponded to the respective stock gains. XPeng had a record-breaking month in September, with 10,412 vehicles delivered, more than triple year-ago numbers. Over 2,650 G3 and G3i SUVs, as well as 7,500 P7 sports sedans, were among the vehicles sold. XPeng’s P5 family sedans that debuted in mid-month and contributed to 244 car deliveries also had a strong start. The quarter’s total of 25,666 deliveries set a new high, more than doubling year over year. XPeng has supplied upwards of 56,400 cars and SUVs this year, a figure that is more than 300 percent greater than the same period in 2020.
Nio’s numbers also increased significantly. Nio only barely beat XPeng’s monthly total of 10,628 automobiles delivered in September, a record performance that was up 125 percent year over year. Approximately 2,000 ES8 6- and 7-seat SUVs, upwards of 5,250 ES6 5-seat SUVs, and about 3,400 EC6 coupe SUVs were delivered. Nio came up slightly short of XPeng with 24,439 deliveries for the quarter, but it was more than double its year-ago totals and above Nio’s expectation. Throughout its existence, Nio has delivered over 142,000 vehicles.
Finally, while Li Auto’s results were positive when compared to previous years, the business observed various pressures that hampered its sequential performance. Li delivered 7,094 autos each month in September 2020, which was more than double what they delivered in September 2020. This boosted third-quarter shipments to 25,116, up 190 percent from one year ago and putting XPeng and Nio in a tie for first place. Li has delivered approximately 89,000 automobiles in its existence, with 55,720 vehicles delivered so far this year.
However, due to a prolonged shortage of semiconductor chips, Yanan Shen, the co-founder, pointed out that supplies were down from August’s figures. The company is attempting to accommodate demand, but this has not yet resulted in decreased buyer wait times. Tesla usually publishes its current delivery data a day after the start of the quarter. However, the fact that October 2 is a Saturday may cause that to alter. Most Tesla watchers, on the other hand, are enthusiastic about the company’s delivery growth prospects, despite concerns about supply bottlenecks.