Shares of NIO (NYSE:NIO) and XPeng (NYSE:XPEV) are ticking higher today after the Chinese EV makers reported delivery numbers for February.
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NIO delivered 8,132 vehicles in February, bringing its year-to-date tally to 18,187 units. The manufacturer of premium smart electric vehicles has cumulatively delivered 467,781 vehicles as of February 29. Still, the company’s delivery numbers for February remained a far cry from the 12,157 vehicle deliveries it made a year ago.
XPeng also saw its vehicle delivery numbers decline for the month to 4,545 units from 6,010 a year ago. Still, XPEV’s X9 model is tracking well, with nearly 4,000 deliveries within the first two months of its launch. The company plans to accelerate deliveries of the model this month on the back of a capacity ramp-up.
In addition, XPeng announced a key agreement with Volkswagen (DE:VOW) yesterday to accelerate EV manufacturing. Volkswagen already holds a nearly 5% stake in XPEV.
What Is the Best EV Stock in China?
Shares of both NIO and XPeng have declined by over 50% over the past six months amid weakness in the broader Chinese financial markets. Following this decline, analysts see a major upside in both EV names. However, the TipRanks Comparison Tool indicates a higher potential upside of 74.4% in NIO stock.
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