EV Roundup: NIO's Deliveries Surge 234% in May, TSLA Issues Recall & More

China-based electric vehicle players NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI recorded year-over-year growth in May 2024 deliveries, with NIO recording triple-digit percentage gains. Meanwhile, U.S. EV king Tesla TSLA also made it to the top stories with the recall of 125K vehicles.

While LI carries a Zacks Rank #5 (Sell), NIO and TSLA are #3 Ranked (Hold) currently. XPEV carries a Zacks Rank #2 (Buy).

Last Week's Top Stories

Li Auto reported 35,020 vehicle deliveries in May 2024, up 23.8% year over year. The company's cumulative deliveries were 774,571 vehicles as of May 31, 2024. More than 15,000 Li L6 vehicles have been delivered since its launch on Apr 24, setting a record pace for new models. The company is committed to maintaining supply chain security and ramping up Li L6 production to expedite customer deliveries. Sales of the 2024 Li L7, Li L8, and Li L9 are also accelerating, driven by a new pricing strategy. Li Auto's market share in the RMB200,000 and above NEV market grew to 13.5% from January to April, solidifying its leading position among Chinese auto brands. As of May 31, 2024, Li Auto operated 487 retail stores in 144 cities, 374 service centers and 426 supercharging stations with 1,888 charging stalls across China.

NIO delivered 20,544 vehicles last month, marking a whopping 233.8% year-over-year jump. The deliveries comprised 12,164 SUVs and 8,380 sedans. Year to date, deliveries rose 51% to 66,217 units. The company's cumulative deliveries reached 515,811 vehicles as of May 31, 2024.NIO enhanced its battery-swapping strategy by partnering with GAC Group and FAW Group. These new alliances add to NIO's existing collaborations with Changan Automobile, Geely Group, JAC Group, Chery Automobile, and Lotus Technology. NIO is committed to developing a dynamic battery-swapping ecosystem to offer efficient and convenient recharging solutions for its users.

XPeng delivered 10,146 EVs in May 2024, marking a 35% year-over-year increase. XPENG X9 achieved 1,625 monthly deliveries, totaling 11,456 units since its launch, maintaining its leading position in China's all-electric MPV and three-row model segments. Year to date, XPENG has delivered 41,360 Smart EVs, a 26% year-over-year increase.The monthly active user penetration rate of XNGP in urban driving scenarios reached 84% in May. By May 2024, XPENG's R&D team logged over 6.46 million kilometers in accredited XNGP on-road tests, aiming for full nationwide road coverage by the third quarter of 2024. During XPENG's AI Day on May 20, 2024, the company launched XOS 5.1.0 (AI Tianji OS), its AI-powered in-car operating system, highlighting its leadership in AI applications in the China auto industry.

Tesla has issued a recall for over 125,000 vehicles due to a malfunction in the seat belt warning system. The seat belt warning system is supposed to provide visual and audible alerts when drivers are not buckled in. However, in some vehicles, these alerts may not function correctly, as indicated by U.S. National Highway Traffic Safety Administration documents. Affected models include the 2012-2024 Model S, the 2015-2024 Model X, the 2017-2023 Model 3 and the 2020-2023 Model Y. Tesla plans to fix this issue with an over-the-air software update. It aims to complete the software update for all affected vehicles by the end of June this year.

Price Performance

The following table shows the price movement of some of the major EV players over the last week and six-month period.

What's Next in the Space?

Stay tuned for announcements of upcoming EV models and any important updates from the industry.

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