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Investing.com — Chinese electric vehicle companies Nio Inc (NYSE:NIO), Li Auto Inc (NASDAQ:LI), and Xpeng Inc (NYSE:XPEV) have all declined Tuesday after the companies issued their delivery reports for February.
Month on month deliveries for all three were lower than in January.
Li Auto shares fell by the smallest amount Tuesday, down 0.3%, while XPeng fell 6.4% and NIO dropped over 2%.
NIO sold 6,131 vehicles in February, increasing by 9.9% year-over-year. The number included 3,309 ES6 models. However, it was below the 9,652 cars delivered in January. NIO added that during the production suspension of the NIO-JAC manufacturing plant in the Spring Festival holiday from January 31 to February 6, the company adjusted the production lines to prepare for the delivery of ET7 in March 2022.
XPeng delivered 6,225 EVs in February, representing a 180% increase year-over-year. Of that, 3,537 P7 sports sedans were delivered, representing a 151% year-over-year rise. However, this was also well below the 12,922 vehicles sold in January. XPeng said the technology upgrade at its Zhaoqing plant during the Chinese New Year holiday has been completed, and production at the plant resumed in mid-February.
Li Auto was the delivery leader in February, but it also experienced a fall from January. The company delivered 8,414 Li ONEs, up 265.8% year over year, but below the 12,268 reported in January.
“The holiday season and an outbreak of the pandemic in Suzhou have resulted in supply shortages and affected our production,” Li Auto’s Co-Founder and President Yanan Shen said.
