What's Going On With Chinese EV Stocks XPeng & NIO on Tuesday?
Chinese EV giants XPeng and NIO experience premarket declines despite positive delivery figures, reflecting ongoing volatility in the sector. XPeng delivered 9,026 Smart EVs in March, a 99% increase from the prior month. NIO delivered 11,866 vehicles in March, a 14.3% increase year-over-year.
Chinese Electric Vehicle Operators XPeng Inc. (NYSE:XPEV) and NIO Inc. (NYSE:NIO) shares are trading lower in the premarket session on Tuesday.
On Monday, XPeng said that in March 2024, it delivered 9,026 Smart EVs, representing a 99% increase over the prior month and a 29% increase year-over-year.
The XPENG X9 maintained its position as the top-selling all-electric MPV in China, with 3,946 units delivered in March and nearly 8,000 units delivered since its launch.
Altogether, XPeng delivered 21,821 Smart EVs in the first quarter of 2024, a 20% increase from last year.
Meanwhile, NIO delivered 11,866 vehicles in March 2024, consisting of 6,737 premium smart electric SUVs and 5,129 premium smart electric sedans.
March deliveries for the Chinese EV company climbed 14.3% on a year-over-year basis, the company said in a release yesterday.
Cumulative deliveries of NIO vehicles reached 479,647 as of March 31, 2024.
According to Benzinga Pro, XPEV stock has lost over 29% in the past year, while NIO shares have lost over 52%.
Investors can gain exposure to the NIO stock via KraneShares MSCI China Clean Technology Index ETF (NYSE:KGRN) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).
Price Action: XPEV shares are trading lower by 3.74% to $7.47 premarket on the last check Tuesday, while NIO shares are trading lower by 3.45% to $4.47.
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