By Tomi Kilgore
Shares of Nio Inc. resumed its recent selloff toward a more than four-month low on Monday, reversing an earlier intraday gain, after the China-based electric-vehicle maker reported an uptick in September deliveries, enough to lift deliveries for the past three months to a quarterly record.
Nio /zigman2/quotes/204905836/composite NIO +4.31% reported over the weekend that it delivered 10,878 EVs in September, up 2.4% from the 10,628 EVs delivered in the same month a year ago. The deliveries consisted of 7,729 premium sport-utility vehicles and 3,149 premium sedans, Nio said.
For the third quarter, the company delivered 31,607 vehicles, up 29.3% from a year earlier.
Nio’s stock dropped 1.7% in afternoon trading, toward the lowest close since May 25. After bouncing 1.2% on Friday, the stock rose as much as 1.1% soon after Monday’s opening bell before reversing course.
Separately, shares of rival China-based EV maker XPeng Inc. /zigman2/quotes/219982686/composite XPEV +3.15% slumped 1.6%, after the company reported September deliveries of 8,468 EVs, down 18.7% from the 10,412 EVs delivered in September 2021.
For the third quarter, deliveries rose 15.2% to 29,570 EVs, as year-to-date deliveries totaled 98,553 EVs to surpass the total EVs delivered in the 2021 calendar year.
And Li Auto Inc.’s stock /zigman2/quotes/219811686/composite LI +0.84% hiked up 2.3%, after the fellow China-based EV maker said September deliveries rose 62.5% from last year to 11,531 vehicles, to lift third-quarter deliveries by 5.6% to 26,524 vehicles.
The third-quarter total was above guidance provided last week , when Li cut its guidance to 25,500 from between 27,000 and 29,000, citing supply-chain constraints.
Over the past three months, shares of Nio have dropped 27.4%, while XPeng’s stock has tumbled 61.2% and Li Auto shares have slumped 37.6%, as the iShares China Large-Cap exchange-traded fund /zigman2/quotes/208670743/composite FXI +0.04% has lost 23.4% and the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.39% has declined 3.9%.