#Chinese #Electric #Vehicle #Stocks #Rise #Deliveries #Jump #October
Key takeaways
- US-listed shares of a number of Chinese electric vehicle makers rose on Monday after October sales rose from a year ago.
- Deliveries from BYD, Li Auto, XPeng and Nio were up from the same time last year, while sales of Tesla cars made in China were down from a year ago.
- Tesla shares fell on Monday morning, while all other stocks rose.
Wall Street investors were bullish on Chinese electric vehicle stocks Monday morning after companies like BYD, XPeng (XPEV), Li Auto (LI) and others released October delivery data late Friday.
BYD’s electric vehicle sales are up nearly 12% from a year ago, while the company’s hybrid vehicle sales are up more than 62%, sending its Hong Kong stock up 3.5% in Monday trading. Li Auto deliveries rose 27% year-on-year to 51,443 vehicles, as its US-listed shares rose nearly 2% on Monday morning.
However, US-based Tesla (TSLA) saw sales of its China-made electric vehicles fall 5.3% from a year ago and more than 20% from September, according to data from the China Passenger Car Association it reported. Reuters Monday. The EV giant’s stock fell 2% in pre-market trading Monday.
XPeng said it set a new monthly record for births at 23,917, an increase of 20% from last year. The rally appears to have sent its U.S.-traded shares up nearly 6% on Monday morning.
Nio (NIO) deliveries were also up just over 30% compared to October 2023 at nearly 21,000 vehicles. The company’s U.S.-traded shares also rose nearly 1.8%.
#Chinese #Electric #Vehicle #Stocks #Rise #Deliveries #Jump #October
