Chinese Electric Vehicle Stocks Mostly Rise as Deliveries Jump in October

Costfoto / NurPhoto / Getty Images

Investors were bullish on Chinese electric vehicle stocks Monday morning after companies such as BYD, XPeng (XPEV), Li Auto (LI), and others released October delivery data late Friday.

BYD's EV sales rose roughly 12% from last year while sales of the company's hybrid vehicles surged over 62%, sending its shares on the Hong Kong stock exchange up 3.5% in Monday morning trading. Though while Li Auto's deliveries rose 27% year-over-year to 51,443, its U.S.-listed shares dropped 0.26% Monday morning.

US-based Tesla (TSLA), however, saw sales of its EVs manufactured in China drop 5.3% from last year and over 20% from September, according to data from the China Passenger Car Association reported by Reuters Monday. The EV giant's stock fell as much as 2.4% in morning trading Monday.

XPeng said it set a new monthly record for deliveries at 23,917, a bump of 20% from last year. The uptick seemingly sent its U.S.-traded shares up around 6% Monday morning.

Nio's (NIO) deliveries were also up just over 30% from October 2023 at nearly 21,000 vehicles. The company's U.S.-traded shares also rose around 1.7%.

Update - November 4, 2024: Article has been updated with fresh stock numbers.

Li Auto. "Li Auto Inc. October 2024 Delivery Update."

BYD Company. "VOLUNTARY ANNOUNCEMENT PRODUCTION AND SALES VOLUME FOR OCTOBER 2024."

Reuters. "Tesla's Oct China-made EV sales fall 5.3% y/y."

XPeng. "XPENG Announces Vehicle Delivery Results for October 2024."

NIO Inc. "NIO Inc. Provides October 2024 Delivery Update."