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Nio deliveries more than double in April, but growth slows

XPeng deliveries rise nearly fourfold, Li Auto deliveries double, but growth also slow from last year

Nio ES8

Nio Inc.

Referenced Symbols

Nio Inc. reported over the weekend April deliveries that more than doubled from a year ago, but growth slowed from the near-fivefold jump to a record in March.

The China-based electric vehicle maker said on Saturday that it delivered 7,102 vehicles in April, up 125.1% from the same period last year. The deliveries consisted of 1,523 ES8s, the six- and seven seater premium SUV, 3,163 ES6s, the five-seater SUV, and 2,416 EC6s, the five-seater coupe SUV.

For March, Nio had reported deliveries growth of 373%, to a monthly record of 7,257 vehicles, which boosted first-quarter delivery growth to a quarterly record of 423%.

Nio’s stock NIO, +0.61% fell 0.7% in afternoon trading Monday, reversing an earlier intraday gain of as much as 4.0%.

Last week, Nio reported first-quarter results that beat expectations, but renewed concerns about its supply chain and a shortage of semiconductors that has hindered the auto industry.

On Monday, Mizuho analyst Vijay Rakesh reiterated his buy rating on Nio but raised his stock price target to $65 from $60, saying the company is expected to be “a significant beneficiary” from the planned NeoPark industrial complex.

Among other China-based EV makers, Xpeng Inc. XPEV, +0.30% said on Sunday that it delivered 5,147 EV in April, up 285% from a year ago. The deliveries included 2,955 P& sports sedans and 2,152 G3 compact SUVs. In March, the company delivered 5,102 EVs, or 384% more than it did a year ago.

And Li Auto Inc. LI, +0.64% said late Saturday that it delivered 5,539 Li ONE vehicles in April, up 111.3% from a year ago. That follows March deliveries that grew 238.6% to 4,900 vehicles.

Shares of XPeng dropped 2.7% in afternoon trading, and Li Auto’s stock declined 1.2%.

Year to date, shares of Nio have dropped 18.8%, XPeng have slid 32.1% and Li Auto have dropped 32.4%, while rival Tesla Inc.’s stock TSLA, +0.86% has declined 2.4% and the S&P 500 index SPX, -0.00% has advanced 11.8%.

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