The Hong Kong-listed shares of XPeng (HK:9868) are charging ahead this morning following the electric vehicle (EV) company’s record sales in November. Despite the speculation about an overall slowdown in EV sales, companies in the Chinese market mostly registered growth driven by domestic demand. As of this writing, XPeng stock surged over 5%. Likewise, shares of rival BYD Co. Limited (HK:1211) rose nearly 3% on solid November sales.
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XPeng and BYD Report Higher Sales
XPeng delivered 30,895 EVs in November. With this number, XPeng achieved a 54% year-over-year increase and a 29% rise compared to the previous month. Additionally, XPENG MONA M03 deliveries surpassed 10,000 units for the third month since its launch in August.
Meanwhile, BYD sold 506,804 new energy vehicles (NEVs) in November, reflecting a year-over-year jump of 67.87% and marking the second instance of crossing the 500,000 mark. It was also the sixth consecutive month of record-breaking sales for the company. Turning to cumulative numbers, BYD sold 3,740,930 passenger vehicles between January and November, reflecting a 40% increase compared to the previous year. With this remarkable growth, BYD exceeded its 2024 goal of delivering 3.6 million vehicles in November.
Li Auto and Nio Struggled in November
On the flip side, XPeng’s other Chinese rival Li Auto (HK:2015) delivered 48,740 vehicles in November, marking a 5.25% decrease from October and the second consecutive month of decline.
Similarly, Nio (HK:9866) delivered 15,493 EVs in November for its NIO brand, which decreased by 2.9% year-over-year and 7% compared to October. However, the total deliveries reached 20,575 in November, marking a 28.9% increase compared to the same month last year.
These figures highlight the challenges faced by Li Auto and Nio during the peak season for the automotive industry at the end of the year.
Which Is the Best Chinese EV Stock?
According to TipRanks’ Stock Comparison Tool, BYD holds a Strong Buy rating with a potential upside of 35%. Meanwhile, XPeng and Li Auto have a Moderate Buy rating, with an expected growth rate of around 25% in their stocks. In contrast, NIO has a Hold rating but offers an upside potential of nearly 40%.
