Shares of Chinese electric vehicle maker XPeng (XPEV) - Get Xpeng Report rose sharply Monday on strong delivery results, while peer NIO (NIO) - Get NIO Inc. Sponsored ADR Class A Report gained just a bit on mixed numbers.
XPeng said deliveries soared 228% to 8,040 in July from last year and were up 22% from 6,565 in June. The July total represented its second consecutive record month.
NIO’s deliveries jumped more than more 125% to 7,931 vehicles from a year earlier but dipped 1.9% from 8,083 in June.
XPeng traded at $42.64 in premarket trading, up 5%, but has slid 18% over the last six months amid valuation concerns.
NIO was at $44.92, up 0.54%, but has slid 22% over the past six months, also amid valuation worries.
In July, XPeng's delivered 6,054 P7 smart sedans and 1,986 G3 smart compact SUVs. Meanwhile, NIO delivered 3,669 ES6 five-seat SUVs, 2,560 EC6 five-seat coupes and 1,702 ES8 six- and seven-seat SUVs.
July represents the first month NIO hasn’t delivered the most vehicles out of the big three Chinese EV makers, which also includes Li Auto (LI) - Get Li Auto Report, since the data series began in May 2020, Barron’s reported.
The big three combined for deliveries of about 24,500 vehicles in July, up 190% from last year and 10% from June.
But Chief Executive Elon Musk warned that the global shortage of semiconductors remains "quite serious" and could impact production over the second half of the year. Volume growth will depend on other parts of the global supply chain, he said.