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Citigroup analyst Jeff Chung believes August and September sales are important for Chinese EV stocks.
Hector Retamal/AFP via Getty Images
Demand for electric vehicles in China is wavering. That could make
Tesla
investors nervous on Thursday.
Deliveries for Chinese EV maker
Li Auto
(ticker: LI) declined 52% in August from a year earlier.
XPeng’s
(XPEV) report was much better, but deliveries still dropped 17% from July. Monthly numbers from NIO (
NIO
) look strongest of the three. The company managed to grow deliveries in August from the prior month.
Li said deliveries last month were 4,571 vs. 9,433 a year earlier.
XPeng
delivered 9,578 cars in August, compared with 11,524 in July and 7,214 vehicles in August 2021. NIO delivered 10,677 vehicles in August, up from 10,052 in July and 7,102 in August 2021.
Combined, the three auto makers delivered 24,826 vehicles in August. That’s the second consecutive monthly decline and the worst number since April 2022 when Covid lockdowns impacted results.
American depositary shares of
Li Auto
fell 2% in premarket trading Thursday. XPeng declined 2.2% and NIO stock was off 2.6%.
S&P 500
and
Dow Jones Industrial Average
futures fell 0.8% and 0.6%, respectively.
Tesla
(TSLA) stock might be impacted by Chinese delivery figures too. China is the largest market for…
..
