Chinese electric vehicle (EV) makers Nio (NYSE:NIO) and XPeng (NYSE:XPEV) reported year-over-year growth in December deliveries. Shares of NIO and XPEV are likely to be in focus when the U.S. market opens tomorrow for trading.
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Apart from these two companies, Li Auto (LI) also provided an impressive delivery update earlier today. Remarkably, LI’s deliveries grew at a faster pace than Nio and XPeng.
Let’s take a closer look at the performance of XPeng and Nio in December and Q4 2023.
XPeng Maintained Growth Momentum in December
In December, XPeng delivered a record 20,115 vehicles, reflecting an impressive surge of 78% year-over-year, and surpassed monthly deliveries of 20,000 for the third straight month. The company’s Q4 2023 deliveries surged by over 171% to 60,158 units.
The company’s vehicle deliveries have gone up month-over-month for the past 11 consecutive months. In 2023, XPEV delivered a total of 141,601 units, which increased 17% year-over-year. Remarkably, the company has planned to launch its X9 vehicle later today.
NIO’s Deliveries Inch Higher
NIO’s vehicle deliveries increased by 13.9% year-over-year to 18,012 vehicles in December. The company’s deliveries consisted of 12,048 premium smart electric SUVs and 5,964 premium smart electric sedans. For the fourth quarter, vehicle deliveries ticked higher by 25% to 50,045 and exceeded the guidance range of 47,000 to 49,000 vehicles.
Finally, for the full year 2023, NIO delivered 160,038 vehicles, which reflects a year-over-year increase of 30.7%.
Should I Invest in NIO or XPeng?
Analysts are more bullish on Nio than XPeng currently. NIO stock has a Strong Buy consensus rating based on seven Buys and two Holds. The average NIO price target of $11.36 implies an upside potential of 25.3% at current levels. Shares of the company declined by about 6% in 2023.
