Stocks of Li Auto (LI), XPeng (XPEV), and BYD (BYDDY) rallied 11.5%, 5.5%, and 5%, respectively, on Tuesday after the Chinese electric vehicle (EV) makers reported record deliveries for September. The news was cheered by investors amid concerns about slowing demand for EVs due to growing competition and macro pressures.
Li Auto, XPeng, and BYD Impress with Robust September Deliveries
Li Auto reported 53,709 vehicle deliveries in September 2024, marking a 48.9% year-over-year growth and an 11.6% increase compared to August. The company attributed the robust September deliveries to the increasing penetration rate of new energy vehicles (NEVs) and a steady rise in the order intake for its Li L series and Li MEGA vehicles. Overall, Li Auto has delivered 341,812 vehicles so far this year.
Meanwhile, XPeng delivered 21,352 vehicles in September, reflecting a more than 39% year-over-year rise and a 52% growth compared to August. The company gained from deliveries of over 10,000 units of the XPENG MONA M03 sedan. September marked the first month of deliveries for this new model. The company, along with its supply chain partners, is gearing up to boost the production of MONA M03. Overall, XPeng’s deliveries increased 21% year-over-year to 98,561 smart EVs in the first nine months of 2024.
Finally, BYD reported a 46% year-over-year growth and a 12.4% sequential rise in its September deliveries to 419,426 NEVs in September. Deliveries of BYD’s passenger BEVs (battery EVs) grew 9.1% year-over-year to 164,956 units last month. The company is dominating the Chinese auto market with strong demand for its innovative models.
Wall Street’s Ratings on Chinese EV Stocks
Using TipRanks’ Stock Comparison Tool, let us take a look at Wall Street’s ratings for the three EV stocks. Analysts are cautiously optimistic with a Moderate Buy consensus rating on Li Auto, XPeng, and BYD stocks. The average price target for these stocks indicates a possible downside from current levels. However, the ratings and price targets could be revised based on the favorable September deliveries update.
Shares of Li and XPEV are down about 24% and 12%, respectively, year-to-date, while BYD stock has rallied 35%.
