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.
