Nio's stock, other EV makers rally after upbeat delivery data

By Tomi Kilgore

Tesla's stock heads for longest win streak in a year ahead of delivery data

Shares of Nio Inc. bounced Monday, as the China-based electric-vehicle maker and its peers reported upbeat EV-delivery data for June and the second quarter.

The data also helped provide a spark for shares of EV giant Tesla Inc., which were headed toward their longest win streak in a year, ahead of sales data due out this week.

Nio said it delivered 21,209 EVs in June, up 98.1% from the same period a year ago. The deliveries included 11,581 sport-utility vehicles and 9,628 sedans.

That brought the second-quarter delivery total to 57,373 EVs, up 143.9% from a year ago.

Nio's stock (NIO) climbed 2.9% in morning trading, after dropping 10.3% over the previous two sessions.

Meanwhile, shares of Li Auto Inc. (LI) rose 4% and XPeng Inc.'s stock (XPEV) gained 2.5%. The bounces come after Li shares shed 5.5% the past two days while XPeng's stock tumbled 11%.

Li reported earlier June deliveries of 47,774 EVs, up 46.7% from a year ago, while second-quarter deliveries of 108,581 EVs were up 25.5%.

Xpeng said June deliveries grew 24% from a year ago to 10,668 EVs, while second-quarter deliveries of 30,207 EVs were 30.2% more than last year.

Elsewhere, the U.S.-listed shares of BYD Co. Ltd. (BYDDY) (HK:1211) edged up 0.6%.

The company said it sold 341,658 new-energy vehicles in June, up 35% from a year ago. The total included 145,179 battery-electric vehicles, up 13.2% from a year ago, and a 57.9% increase in sales of plug-in hybrid electric vehicles to 195,032.

Shares of Texas-based Tesla (TSLA), which generated 21.6% of its total first-quarter sales in China, surged 4.6% in morning trading. That puts the stock on track for a fifth straight gain - that would be the longest win streak since the six-session win streak that ended July 18, 2023.

The stock's strength comes despite concerns on Wall Street that Tesla may report second-quarter deliveries that are lower than a year ago.

-Tomi Kilgore

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07-01-24 1023ET

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