test
Sunday, June 23, 2024

Li Auto, Nio, XPeng and BYD compete for victory in China’s EV registrations

Must read


China’s EV registrations showed race to end end of year lee auto (li), XPeng (XPEV), Nioh (NIO), China’s leading EV and battery company BYD (BYDDF) and global EV giants tesla (TSLA).




X



For the week ending December 24, Li Auto registered 12,100 vehicles, an increase of 7.1% from the previous week. As of December 24, Li Auto has sold 36,400 units so far this month. The maker of long-range electric vehicles, essentially plug-in hybrids, said it could hit 50,000 units in December.

The number of XPeng registrations decreased to 3,900 in the latest week, an 18.75% decrease from 4,800 in the previous week. As of December, 12,500 units have been sold. XPeng just surpassed his 20,000th delivery in October and November.

Nio had 4,100 weekly registrations, an increase of 20.6% from 3,400 the previous week. As of December, 12,000 cases have been distributed. Nio is pegging 47,000 to 49,000 deliveries in the fourth quarter, suggesting December deliveries will be 14,967 to 16,967.

At Nio Day 2023 on Dec. 23, the EV maker unveiled its new super-premium ET9 sedan, but deliveries won’t start until the first quarter of 2025.

BYD’s weekly registrations increased to 563,900, an increase of 23.6% from 51,700 the previous week. The company has delivered 180,000 vehicles so far in December, but this does not include significant overseas sales. meanwhile, BYD’s luxury brand Denza recorded 2,300 deliveries last week. He has delivered 1,300 units of the new F brand Bao 5, and registered 400 units of the super-premium YangWang U8, both of which are on the rise.

The major EV company aims to sell 3 million EVs, including plug-in hybrids. To reach this goal, BYD needs to sell 316,626 EVs in December, which is why it has been increasing its discounts in the past few weeks. BYD will likely sell more than 500,000 full battery electric vehicles (BEVs) in the fourth quarter, which should be enough to take the BEV crown from Tesla.

Tesla’s weekly registrations were 18,500, up slightly from 18,300 the previous week. The EV giant delivered 60,200 vehicles in China this month. China is a bright spot for Tesla, which aims to achieve its global EV delivery target of 1.8 million units by 2023. To reach this goal, Tesla will need to deliver approximately 476,000 EVs in the fourth quarter. Analysts currently expect 473,000, according to FactSet.

EV stock

Amid China’s EV price war, Li Auto’s stock price soared 5% in market trading on Tuesday, but the stock price fell 6% last week. XPEV stock rose 3%. The stock price fell 4.8% last week. After breaking below that critical level on Friday, both companies have regained their 200-day lines.

Nio stock soared 9%, just above its 200-day line. The stock rose 5.5% last week, after hitting a nearly three-year low on Dec. 1.

BYD shares, which are traded over the counter in the U.S., rose more than 1%. The stock rose 0.8% last week, but hit a nine-month low.

Tesla stock rose more than 1% on Tuesday. Last week, the stock fell 0.4% to 252.54, ending its five-week winning streak. TSLA stock is trading around a variety of entries. Technically, we have a buy point of 259.84 from a very thin handle on the weekly chart.

EV delivery deadline

On January 1, Li Auto, XPeng, and Nio are scheduled to report vehicle deliveries for December, the fourth quarter, and the full year.

BYD is likely to release its sales figures on January 1st or 2nd, while Tesla is expected to release global fourth-quarter and full-year delivery results in early January.

Follow Ed Carson on thread @edcarson1971 and on X/Twitter. @IBD_ECarson For the latest stock market updates and more, contact Bluesky at @edcarson.bsky.social.

You’ll probably also like:

Rival Tesla to build first factory in Europe

The best growth stocks to buy and watch

IBD Digital: Get access to IBD’s premium stock lists, tools and analysis now

China is trying to allay fears of a gaming crackdown after Tencent and NetEase prices plummet

Teslania purchase points; rivals aiming for the EV crown

Builds new buy point as two giants fail to stop rally





Source link

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article