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Despite the impressive numbers recorded by the trio, each faced challenges in July as the aftermaths of inflation, strain in the supply chain and the pangs of the coronavirus pandemic.
The shares of the three Chinese electric vehicle giants, Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV), and Li Auto Inc (NASDAQ: LI) are all trading with positive gains on Monday as the trio released delivery numbers for the month of July.
Nio reportedly delivered a total of 10,052 vehicles in the month of July, up 26.7% from the year-ago period but down from the figure it reported for the month of June which came in at almost 13,000 vehicles. In the same manner, Li Auto saw a massive jump in the total deliveries it reported for the month of July.
According to the Beijing-headquartered vehicle maker, its July deliveries summed up to 10,422, up 21.3% year-over-year. While Li Auto’s major sales were dominated by the Li ONE sports utility vehicle, the impressive performance pales when compared with those for June.
Xpeng also recorded a poorer performance in comparison with its June delivery records. Despite this, the company saw the most impressive performance when compared with the duo of Nio and Li Autos. Xpeng delivered a total of 11,524, up 40% year-on-year. The shares of the Xpeng are, however, soaring in pre-market trading, and it is up by 2.74% over the past 24 hours to $25.10.
At the time of writing, Nio was trading at 2.84% in the pre-market to $20.29 while Li Auto is up 2.62% to $33.70 within the same time frame. The new leaps of these firms are evident from the fact that investors are notably pleased with the performance of these companies despite the visible headwinds they faced battling a series of global economic uncertainty.
Nio, Xpeng, and Li Auto Faced Unique Hurdles
Despite the impressive numbers recorded by the trio, each faced unique challenges in July as the aftermaths of inflation, strain in the supply chain, and the pangs of the coronavirus pandemic that still ring on.
For Nio, the company said the production of its ET7 and EC6 vehicles in July was “constrained” by the supply of casting parts. Nonetheless, Nio said it “has been working closely with supply chain partners and expects to accelerate vehicle production in the following months of the third quarter of 2022.”
The duo of Xpeng and Li Autos did not outline the specific challenges they had in July other than the regular challenges the industry is facing. Xpeng revealed that it plans to begin accepting reservations for its latest G9 SUV in August. The vehicle is scheduled to roll off the assembling line in September.
For Li Autos, the company said its 200,000th Li ONE car was produced on Monday, marking a very significant milestone for the company.