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Chinese EV makers see march deliveries surge

Chinese electric carmakers Nio, Xpeng and Li Auto are facing several headwinds including higher raw material costs and a resurgence of Covid in China. However, they all posted a surge in March delivery volumes.

Qilai Shen | Bloomberg | Getty Images

Chinese electric vehicle start-ups Nio, Xpeng and Li Auto delivered more cars in March than February even as they faced a number of challenges in the last few weeks.

Chinese electric carmakers are grappling with a rise in Covid cases in China, which threatens to disrupt production and deliveries, while raw material costs continue to increase. That’s forced several auto companies in China, from Tesla to Xpeng and Li Auto, to hike the prices of their cars.

The share prices of all three companies, Nio, Xpeng and Li Auto, were sharply higher in U.S. pre-market trade.

Xpeng

Li Auto

Chinese electric vehicle start-up Li Auto reported a rebound in deliveries of its cars in February but said production has been affected because of a resurgence of Covid cases in China.

U.S.- and Hong Kong-listed Li Auto delivered 11,034 of its Li ONE sports utility vehicle (SUV) in March, up 31% from February. For the first quarter, Li Auto said it had delivered 31,716 vehicles, an increase of 152.1% year on year.

However, the company said that production has been affected “by the shortage of certain auto parts resulting from the resurging COVID-19 cases recently in the Yangtze Delta region,” which includes the area where Li Auto’s factory is.

Last month, Li Auto said it would increase the price of its Li ONE car from 338,000 Chinese yuan ($53,147) to 349,800 yuan, effective from April 1.

Li Auto is gearing up to release its next car, the L9 SUV, on April 16, as competition in China’s electric vehicle market continues to heat up.

Nio

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2022-04-01 06:34:58

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