Chinese electric vehicle startups Nio, Inc. NIO, XPeng, Inc. XPEV and Li Auto, Inc. LI, expectedly, reported weak deliveries for the month of April amid the COVID-19 lockdowns in China that have impacted the supply chain, production and deliveries.
The companies said they are assessing the ongoing impact and working with supply chain partners to restore production.
Nio: Nio delivered 5,074 vehicles in April, up 13.5% from a year ago. This, however, represented a 49% decline from March's 9,985 units. The Shanghai-headquartered company sold 4,381 SUVs, consisting of 1,251 ES8s, 1,878 ES6s and 1,252 EC6s, and 693 ET7s.
Nio began deliveries of ET7s, its flagship premium sedan model, on March 28.
The April performance was impacted by supply chain volatility and other constraints caused by the COVID-19 resurgence in certain regions of China. The company said it is monitoring the situation and its impact and will continue to work with supply chain partners to accelerate the recovery of production to its full capacity.
Nio confirmed last week that the first retooling builds of its upcoming budget sedan model, named ET5, have rolled off the production line at its Hefei plant. The company said the model will enter into mass production in September.
Related Link: Nio Rolls Out 200,000th EV In Record Time, Says On Track With 2022 Plans
XPeng: Guangzhou, China-based XPeng sold 9,002 EVs in April. This represented a 75% year-over-year increase but a 41.6% month-over-month plunge. The company delivered 3,714 P7 sedans, 3,564 P5 family sedans, and 1,724 G3i and G3 SUVs.
XPeng sounded out issues stemming from the COVID-19 situation in China, which, according to the company, is affecting the overall supply chain, manufacturing and transportation of automobiles in China.
"April deliveries reflect the Company's relentless effort to mitigate the current conditions with support from various authorities and industry partners," the company said.
Li Auto: Li Auto's deliveries came in at 4,167 units, down 24.8% year-over-year and a 62% plunge from the previous month. The Beijing headquartered company, which sells a lone model named Li ONE, said the COVID-19 resurgence in the Yangtze Delta region has severely impaired the supply chain across industries, logistics and production since late March.
The company noted that its Changzhou manufacturing base is located in the center of the Yangtze Delta region, which is also home to over 80% of its parts suppliers, especially in Shanghai and Kunshan.
"This materially affected our production in April, resulting in delayed deliveries for some of our users," said Yanan Shen, co-founder and President of Li Auto.
Nio closed Friday's session down 1.36% at $16.70, according to Benzinga Pro. XPeng closed up 2.20% at $24.61 and Li Auto settled 1.40% higher at $22.43.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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