Chinese EV stocks NIO, Li Auto, and XPeng saw double-digit sales growth in June.

From Seeking Alpha: 2024-07-06 08:00:00

The holiday-shortened trading week was positive for Chinese EV makers NIO, Li Auto, and XPeng, as they reported double-digit growth in June sales. NIO, Li Auto, and XPeng saw weekly gains of 11.06%, 14.43%, and 8.05%, respectively, outperforming the S&P 500. However, they are down 42% to 49% since the start of the year.

Investor interest in the EV sector was renewed after Tesla exceeded delivery forecasts and Rivian secured a $5 billion investment from Volkswagen for joint projects. Despite recent struggles due to high borrowing costs and economic uncertainty, the industry shows promising signs of growth and collaboration.

June delivery numbers showed NIO delivering 21,209 vehicles, XPeng delivering 10,668 Smart EVs, and Li Auto delivering 47,774 vehicles, all experiencing significant year-over-year growth. While XPeng and NIO have seen consistent monthly increases, Li Auto has bounced back from a sales dip and doubled its growth rate to 46.7% in June.



Read more at Seeking Alpha: Chinese EV stocks charged up this week as investors welcome upbeat sales industry progress