Nio Delivered Fewer Cars Than XPeng and Li for the First Time. Blame Tesla.

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Updated Aug. 2, 2021 8:39 americium ET / Original Aug. 2, 2021 7:32 americium ET

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A Nio eC6 car is seen during the 19th Shanghai International Automobile Industry Exhibition successful Shanghai connected April 19, 2021.

Hector Retamal/AFP/Getty Images

NIO reported steadfast delivery figures for July aboriginal Monday morning. But successful a first, NIO’s peers delivered much cars successful the period than the Chinese electrical conveyance shaper did.

NIO (ticker: NIO) delivered 7,931 vehicles successful July, down a small from the 8,083 vehicles delivered in June. Deliveries successful the 8,000-range usually look good, but month-to-month declines are typically problematic for the stock.

NIO deliveries dropped from January to February, from March to April, and from April to May. The banal dropped each clip the sequential transportation drops were disclosed, falling astir 13%, 1%, and 2%, respectively.

That mightiness not beryllium the lawsuit this time. NIO shares person gained 0.9% successful premarket trading Monday, portion S&P 500 and Dow Jones Industrial Average futures are up astir 0.4% each. But shares of NIO peers Li Auto (LI) and XPeng (XPEV) are some up betwixt 4% and 5% connected their ain transportation numbers.

July was the archetypal period NIO’s deliveries fell down Li and XPeng’s totals since transportation numbers person go available, stretching backmost to May 2020. XPeng delivered 8,040 vehicles successful July, a caller monthly grounds and up from 6,565 vehicles delivered successful June. Li delivered 8,589 vehicles, a monthly grounds for Li too, up from 7,713 vehicles delivered successful June.

Citigroup expert Jeff Chung blamed Tesla (TSLA) for the lackluster month-over-month numbers from NIO. The “trend for ES6 and EC6 is apt owed to the caller terms chopped of Tesla’s Model Y,” wrote Chung successful a Monday report. “But the institution should beryllium capable to execute our [2021- deliveries estimation of [93,000]units arsenic agelong arsenic it maintains monthly deliveries of [8,000 to 9,000] units.” Chung rates shares Buy and has a $72 terms people for the stock.

(The ES6 and EC6 are SUV/crossover vehicles akin to the Model Y.)

In July, the 3 Chinese electrical conveyance producers delivered astir 24,500 vehicles combined. That’s up astir 10% compared with June and up astir 190% implicit July 2020. The companies are, essentially, selling each the EVs they tin make.

NIO is inactive the largest, astir invaluable of the three, but its banal has lagged down recently. NIO banal is up 12% implicit the past 3 months. XPeng banal has added 36%. Li shares person added 69%.

Coming into Monday trading, NIO shares are down astir 8% truthful acold successful 2021. XPeng banal has fallen 5% twelvemonth to date. Li shares person added astir 16%.

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