Chinese EV makers, NIO Inc. (NYSE: NIO) and XPeng Inc. (NYSE: XPEV), reported a robust year-over-year increase in deliveries for May. Nio flagged chip shortage and logistical issues that hurt its performance in the month, although it expressed confidence in revving up in June. XPeng said vehicle deliveries received a shot in the arm from its upgraded autonomous driving software and the rollout of new variants of existing models.
Nio Says Chip Shortage, Logistical Adjustments Hurt Deliveries: Nio reported May deliveries of 6,711 vehicles, representing a 95.3% year-over-year increase. However, it fell 5.5% from the 7,102 vehicles delivered in April.
May deliveries comprised 1,412 ES8s, 3,071 ES6s, and 2,282 EC6s. Cumulative deliveries as of May 2021 totaled 109,514 vehicles.
Nio said its performance in May was impacted for several days due to the semiconductor shortage and certain logistical adjustments. However, its current production and delivery plan will help accelerate deliveries in June to make up for delays in May, the company said.
Nio reiterated its second-quarter delivery guidance of 21,000 to 22,000 vehicles. To meet the top-end of the guidance, Nio may have to deliver 8,178 vehicles in June. It means the company has to break the previous monthly record set in January when it delivered 7,225 vehicles.
Related Link: Tesla Vs. Nio Vs. XPeng Vs. Li Auto: How EV Regulatory Credits In China Stack Up
XPeng Reports Third Best Monthly Deliveries: XPeng said its May deliveries climbed 483% year-over-year to 5,686 vehicles. On a month-over-month basis, deliveries rose 10.5%.
May represented the third-best monthly total following January's 6,015 and December's 5,700 deliveries, with XPeng delivering a record 3,797 P7 sedans and 1,899 G3 SUVs.
The company attributed the strong P7 uptake to the customer appeal of its smart features. It launched its XPILOT 3.0 and Navigated Guided Pilot highways solutions this year and generated recurring revenues from its proprietary XPILOT software.
"The launch of the P7 Wing edition, and the lithium iron phosphate (LFP) battery-powered G3 and P7 also contributed to the strong delivery results to date," XPeng said in the statement.
In first-quarter earnings in May, XPeng said that it expected the second-quarter deliveries of 15,500 to 16,000 vehicles. To hit the high-end of the guidance, the company has to deliver 4,985 vehicles in June.
Price Action: In premarket trading Tuesday, Nio shares gained 2.93% to $39.75, as the market that operates on a forward-looking basis began discounting the EV maker's positive outlook. XPeng was rallied 4.98% to $33.73.
Related Link: Why This Nio, Xpeng Analyst Is Bullish After Q1 EV Delivery Updates
Photo courtesy of XPeng.
See more from Benzinga
Click here for options trades from Benzinga
Nio's William Li: EV Maker Has Built Premium Reputation With ASPs Outstripping Audi, BMW And Tesla
Will Nio's May Deliveries Update Help Maintain Stock's Upward Trend?
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.