Nio deliveries more than double in April, but growth slows

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Nio Inc. reported over the weekend that April deliveries more than doubled from a year ago, but growth slowed from a nearly five-fold jump to a record in March. The China-based electric vehicle maker said on Saturday it delivered 7,102 vehicles in April, 125.1% more than in the same period last year. Deliveries consisted of 1,523 ES8, the six- and seven-seater premium SUV, 3,163 ES6, the five-seater SUV and 2,416 EC6, the five-seater coupe SUV.

By March, Nio had reported delivery growth of 373%, to a monthly record of 7,257 vehicles, driving first-quarter delivery growth to a quarterly record of 423%. Shares of Nio, NIO, + 0.15% were up 1.3% on Monday morning. Last week, Nio reported first-quarter results that beat expectations, but renewed concerns about its supply chain and semiconductor shortages that have hampered the auto industry. On Monday, Mizuho analyst Vijay Rakesh reiterated his buy rating on Nio, but raised his share price target to $ 65 from $ 60, saying the company is expected to be “a significant beneficiary” of the complex. planned industrial NeoPark. Among other China-based EV makers, Xpeng Inc. XPEV, -1.96% said Sunday that it delivered 5,147 EVs in April, 285% more than a year ago. Deliveries included 2,955 P & sports sedans and 2,152 G3 compact SUVs. In March, the company delivered 5,102 electric vehicles, 384% more than a year ago. And Li Auto Inc. LI, -1.82% said Saturday night that it delivered 5,539 Li ONE vehicles in April, 111.3% more than a year ago. That follows March deliveries which grew 238.6% to 4,900 vehicles. XPeng shares fell 0.3% in Monday morning trading, and Li Auto shares fell 0.3%. So far this year, Nio’s shares have fallen 17.2%, XPeng’s shares have fallen 30.4% and Li Auto’s have fallen 31.7%, while shares of rival Tesla Inc TSLA, -2.62% has fallen 1.2% and the S&P 500 SPX index, + 0.47% has advanced 11.9%.