Shares of Chinese EV makers Nio and Li Auto increase

Shares of Chinese EV makers Nio and Li Auto increase

August 3, 2022: -On Monday, the shares of Chinese electric vehicle startups Nio and Li Auto increased in the U.S. after the companies published an increase in July car deliveries.

Nio said it provided 10,052 vehicles in July, up 26.7%% year-on-year but down from June’s figure of about 13,000 deliveries.

Meanwhile, Li Auto said it delivered 10,422 of its Li ONE sports utility vehicle in July, up 21.3% yearly while dropping from June’s figure.

Meanwhile, competitor Xpeng provides the most out of the trio. The Guangzhou, China-based group said July deliveries total 11,524, up 40% yearly but dropping from June’s figure.

Shares of Nio increased by 2.3%, and Li Auto which gaining 3.8%. Xpeng increased 0.2%.

All three carmakers were caught by a resurgence of Covid-19 in China, teaching to lockdowns in huge cities and manufacturing hubs across the world’s second-largest economy. Automakers are also dealing with ongoing supply chain problems, part shortages, and increasing materials costs.

Nio added that the production of its ET7 and EC6 vehicles in July was “constrained” by the supply of casting parts.

The company “has been close with supply chain partners and expects to accelerate vehicle production in the coming months of the third quarter of 2022.”

Xpeng and Li Auto achieved not mention any supply chain disruptions. Xpeng stated it is preparing to start accepting reservations for its new flagship G9 SUV in August, with an official launch in September.

On Monday, Li Auto added that the 200,000th Li ONE rolled off the production line at its Changzhou plant, keeping a milestone for the company.

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Shares of Chinese EV makers Nio and Li Auto increase