15:40
+23 C°
Traffic jam:   2
$
73.7663
86.8451

NIO and Xpeng shares rose following acceleration of sales in May

1 June 2021
2992
2 min.
3
NIO and Xpeng shares rose following acceleration of sales in May

NIO and Xpeng shares

Shares in Chinese electric car makers NIO and Xpeng rose after the companies released higher figures for shipments of their cars in May compared to April, despite a global chip shortage.

Shares in Chinese electric car makers NIO (NIO) and Xpeng (XPEV) rose 3.5% and 4.6% respectively on Tuesday before trading opened as the companies beat expectations for deliveries of their cars in May.

Nio's sales

Nio said it delivered 6,711 electric cars in May 2021, up 95.3% on the year and 30% on the April delivery figure of 5,147 and a 125% increase on the April 2020 figure.

However, the last two months' figures are second to Nio's 373% pace in March, when Nio delivered 7,257 of its SUVs.

At the same time, given the problems of chip shortages and earlier plant shutdowns in March, NIO's sales growth in May gives investors a positive outlook.

Following the release of May sales, Citigroup upgraded Nio shares from 'neutral' to 'buy' and raised the company's sales outlook. In addition, NIO said that based on its current production and delivery plan, the company will be able to accelerate delivery in June to make up for delays from May. The company maintains and confirms its delivery forecast of 21,000 to 22,000 vehicles in the second quarter of 2021.

Xpeng's sales

China's rival electric car company Xpeng Motors has also shown an acceleration in sales, with 5,686 vehicles delivered last month, up 483% on a year earlier. This is also up from Xpeng's deliveries in April, when the company delivered 285% more electric vehicles than last year, namely 5,147 units. Deliveries in May consisted of 3,797 units of the Xpeng P7 sports sedan and 1,889 units of the Xpeng G3 compact SUV. As of May 31, 2021, total Xpeng deliveries from the beginning of the year to date stood at 24,173 units, up 427% year-on-year.

Nio shares are up 870% over the past 12 months but down 20.76% since the start of 2021.

Xpeng shares are down 50% over the last half year.

Companies3 in the news

XPeng
1 place
NIO
NIO
2 place
Citigroup
3 place
Section:

Discussion

Rating companies
Apple
76 Mention
Tesla
75 Mention
Nasdaq
72 Mention
Amazon
65 Mention
Dow Jones
60 Mention
Facebook
53 Mention
Microsoft
41 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director