Shares of major Chinese EV makers are ticking upward in the pre-market session today after the announcement of vehicle sales for April.
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NIO’s (NYSE:NIO) vehicle sales during the month shot up 31.2% year-over-year to 6,658. The company has delivered 37,699 vehicles so far this year pointing to a 22.2% growth. While a major chunk of April sales was made up of ET5 and ES7 models, NIO has begun the production ramp-up of its flagship coupe SUV EC7 as well.
Li Auto (NASDAQ:LI) set a monthly record of 25,681 deliveries in April, notching a massive 516.3% year-over-year growth. The company delivered more than 10,000 Li L7s in April and continues to make gains in the SUV market segment with pricing of above RMB 300,000.
Further, the company also plans to expand autonomous driving to more than 100 cities in China by the end of 2023.
XPeng (NYSE:XPEV) delivered 7,079 vehicles for the month while its P7i sports sedan continues to see a robust order uptick. Additionally, the company unveiled the Ultra Smart Coupe SUV G6 last month and plans to officially launch it in the second quarter of this year.
Wall Street continues to see an upside in Chinese EV makers with analysts expecting NIO and Li Auto to rise by 89.6% and 58.7% over the next 12 months. XPeng is expected to post modest gains of 6.2% during this period.
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