NIO Stock Falls as October Deliveries Slump. XPeng Has a Massive Month.

Text size

The fortunes of two leading Chinese electric-vehicle makers diverged in October, with

XPeng

posting a second month of blowout deliveries as rival

NIO

saw its deliveries fall by nearly one-third.

XPeng (ticker: XPEV) delivered 10,138 vehicles in October. It’s the second consecutive month with more than 10,000 deliveries and just shy of the record of 10,412 set in September, which was the most ever by more than 2,000 cars.

The October numbers mark a 233% year-over-year increase in deliveries for XPeng, and represent strong momentum given headwinds faced from the global chip shortage, the company said. The 3,657 deliveries for the G3 and G3i SUVs marked a monthly record since the models were launched in December 2018.

Rival electric-vehicle maker NIO (NIO) didn’t have such good news.

NIO delivered just 3,667 vehicles in October, a 27.5% decrease year over year and down from 10,628 in September. The company blamed supply-chain disruptions and a reduction in production volumes due to restructuring and upgrades to its manufacturing lines. But, despite the production and supply chain issues, NIO said its new orders reached an all-time high last month.

XPeng’s deliveries were cheered by investors, pushing shares in the company up 2.5% in U.S. premarket trading Monday. The stock has climbed 125% in the last year. NIO’s downbeat delivery news saw the stock slip 4.6% in premarket trading; the shares have risen 18% in the last 12 months.

Li Auto

(LI), another Chinese EV maker, also reported October deliveries Monday. The group delivered 7,649 of its Li ONE SUVs, an increase of 107% year over year.

Li Auto

stock fell 3.2% in Hong Kong with the U.S.-listed shares down 2.6% in the premarket.

Write to editors@barrons.com