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NEV Makers Nio and Xpeng Keep Revving Up Sales, But Investor Unimpressed

By Ding Yi / Dec 02, 2020 01:01 PM / Finance

Photo: VCG

Photo: VCG

Shares of Nio and Xpeng tumbled in the latest trading session, giving back some of their massive gains from the last few months, even as the pair of electric vehicle startups reported robust deliveries for November.

On Tuesday, Nio tumbled 10.23% to $45.36, while Xpeng lost a similar 10.89% to end at $52.36. The declines came after both reported big jumps in deliveries last month.

Nio delivered 5,291 vehicles in November, up 109.3% year-on-year, setting a new monthly record and marking nine months of consecutive year-on-year growth, according to a statement on Tuesday. The November figure brings Nio’s total deliveries in the first 11 months of 2020 to 36,721 units, up 111.1% year on year.

Nio narrowed its net loss by 53.5% year-on-year to 1.2 billion yuan ($175 million) in the third quarter, according to its earnings report.

Its domestic peer Xpeng also saw strong deliveries in November with sales of 4,224 vehicles, up 342% year-on-year, according to a statement released on Tuesday. The company’s year-to-date deliveries reached 21,341 units, up 87% year-on-year.

However, during the quarter through September, Xpeng saw its net loss climb to 1.1 billion yuan compared with a 776.3 million yuan loss in the same period of 2019, according to its earnings report.

Even after the Tuesday sell-offs, both companies’ stocks are still well ahead of their levels from earlier this year over bullishness about their prospects. Nio’s shares are up more than 10-fold since the start of the year, while Xpeng’s are still more than triple their IPO price from August.

Contact reporter Ding Yi (yiding@caixin.com)

Related: China’s Homegrown Electric-Car Makers Charge Ahead in September


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