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Investing.com — Shares of Chinese electric vehicle firms Nio Inc (NYSE:NIO), Li Auto Inc (NASDAQ:LI) and Xpeng Inc (NYSE:XPEV) all opened higher before sliding Tuesday after reporting their delivery numbers for January.
NIO revealed it delivered 9,652 vehicles in January, increasing by 33.6% year-over-year, but the number dipped from the 10,489 delivered in December.
Meanwhile, competitor XPeng delivered over 10,000 vehicles for the fifth straight month, recording 12,922 deliveries in January, significantly lower than the 16,000 electric vehicles delivered in December.
In January, Li Auto delivered 12,268 Li ONEs, representing a 128.1% increase year over year, but down from 14,087 in December.
XPeng shares hit a high of $36.81, while NIO rose to $24.89 and Li Auto touched $27.11 per share. However, after each stock made significant moves higher Monday, possibly in anticipation of positive delivery numbers, the momentum has fizzled, and the gains and more have been lost.
NIO has taken the biggest tumble, down 3.75%, which is possibly down to the company slipping further behind its rivals when it comes to deliveries.
Overall, the lower month-on-month numbers may be explained by China cutting its EV subsidies by 30% at the beginning of January, while the companies have also had to contend with semiconductor chip shortages.
