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: Nio deliveries more than double in April, but growth slows

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Nio Inc. reported over the weekend April deliveries that more than doubled from a year ago, but growth slowed from the near-fivefold jump to a record in March.

The China-based electric vehicle maker said on Saturday that it delivered 7,102 vehicles in April, up 125.1% from the same period last year. The deliveries consisted of 1,523 ES8s, the six- and seven seater premium SUV, 3,163 ES6s, the five-seater SUV, and 2,416 EC6s, the five-seater coupe SUV.

For March, Nio had reported deliveries growth of 373%, to a monthly record of 7,257 vehicles, which boosted first-quarter delivery growth to a quarterly record of 423%.

Nio’s stock
NIO,
+2.18%

rose 0.7% in premarket trading Monday.

Last week, Nio reported first-quarter results that beat expectations, but renewed concerns about its supply chain and a shortage of semiconductors that has hindered the auto industry.

On Monday, Mizuho analyst Vijay Rakesh reiterated his buy rating on Nio but raised his stock price target to $65 from $60, saying the company is expected to be “a significant beneficiary” from the planned NeoPark industrial complex.

Among other China-based EV makers, Xpeng Inc.
XPEV,
-2.00%

said on Sunday that it delivered 5,147 EV in April, up 285% from a year ago. The deliveries included 2,955 P& sports sedans and 2,152 G3 compact SUVs. In March, the company delivered 5,102 EVs, or 384% more than it did a year ago.

And Li Auto Inc.
LI,
+0.97%

said late Saturday that it delivered 5,539 Li ONE vehicles in April, up 111.3% from a year ago. That follows March deliveries that grew 238.6% to 4,900 vehicles.

Shares of XPeng rose 1.0% ahead of Monday’s open, while Li Auto’s stock gained 2.1%.

Year to date, shares of Nio have dropped 18.3%, XPeng have slid 30.2% and Li Auto have dropped 31.5%, while rival Tesla Inc.’s stock
TSLA,
+4.79%

has edged up 0.5% and the S&P 500 index
SPX,
-0.72%

has advanced 11.3%.

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