Chinese EV (electric vehicle) companies have released their September deliveries. During the month, Li Auto (NYSE: LI) outsold moth Xpeng Motors (NYSE: XPEV) and NIO (NYSE: NIO).

NIO delivered 10,878 EVs in September which took its third-quarter deliveries to 31,607, a new quarterly record. The company’s cumulative deliveries reached 249,504 at the end of September.

During their second-quarter earnings call, NIO said that its deliveries in the third quarter would be between 31,000-33,000. The company’s actual deliveries came towards the lower end of its guidance. NIO has been trying to ramp up production, but its efforts have been hampered by supply chain issues.

NIO had reported revenues of $1.54 billion in the second quarter which was 21.8% higher YoY and was ahead of what analysts were expecting. However, the company’s operating loss in the quarter increased 273% YoY and reached $425 million. The losses were wider than what analysts were expecting.

Wall Street analysts are meanwhile bullish on NIO. Deutsche Bank analyst Edison Yu, who has a buy rating on NIO stock, is also bullish on the company’s international expansion plans. He also believes that eventually, NIO would enter the US market, which is the world’s most profitable automotive market.

Li Auto Sold More Cars than NIO and Xpeng Motors in September

Coming back to September deliveries, Xpeng Motors delivered 8,468 vehicles in September. Its deliveries totalled 29,570 in the third quarter which was 15% higher than the corresponding quarter last year.

Li Auto delivered 11,531 cars in September which was 62.5% higher YoY. The company sold more cars than both NIO and Xpeng Motors. However, its deliveries were 26,524 in the third quarter, a YoY rise of only 5.6%. The company’s deliveries fell by more than half in August which took a toll on its quarterly production.

Li Auto had originally guided for deliveries of between 27,000-29,000 vehicles for the third quarter. However, when just a week remained in the quarter, Li Auto said that it expects to deliver only about 25,500 cars in the quarter. The deliveries eventually were better than the toned-down guidance.

Tesla’s Third Quarter Deliveries Fell Short of Estimates

This being the end of the quarter Tesla also released its third quarter deliveries. The Elon Musk-run company delivered a record 343,830 cars in the month. While the deliveries increased strongly both on a YoY and sequential basis, they were lower than what analysts were expecting.

Commenting on the third quarter delivery report, Tesla said, “In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter.”

After President Boe Biden signed the Inflation Reduction Act of 2022, several Wall Street analysts issued bullish notes on Tesla. According to Wolfe Research, Tesla would stand to gain from the Inflation Reduction Act which would restore the EV tax credit of $7,500 on Tesla cars from next year. Wolfe also upgraded Tesla stock to a buy and raised its target price.

NIO Stock Has Crashed in 2022

Meanwhile, NIO and other Chinese EV stocks have crashed in 2022. NIO has lost almost half of its market cap this year while Li Auto is down 28.3%. However, Xpeng Motors stock has been falling to newer lows and is down over 76% for the year.

He Xiaopeng, Xpeng Motors’ founder and CEO bought more XPEV shares amid the crash. While the stock did rally on reports of insider buying activity, it slumped subsequently. Last month, Xpeng Motors revealed the specifications and pricing for its flagship SUV G9 which would compete with Tesla Model Y.

Xpeng Motors also debuted a semi-autonomous driving system in China. It has launched the pilot program of its Navigation Guided Pilot (City NGP) for a select group of Xpeng P5 customers in Guangzhou.

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