BYD claims the electric vehicle throne, outpacing Tesla, while Li Auto and XPeng set new records in China.
BYD (BYDDF) outpaced Tesla (TSLA) in the realm of all-electric vehicles, with Li Auto (LI) and XPeng (XPEV) achieving record deliveries in December. Nio (NIO) also exceeded expectations.
Tesla is expected to reveal its global fourth-quarter delivery figures on Tuesday, amid an escalating price war in the Chinese electric vehicle (EV) market.
BYD’s Sales
In December, BYD set a new record by selling 341,043 electric vehicles (EVs), bringing its 2023 sales to 3,012,906. This surpassed its annual target of 3 million EVs, which includes plug-in hybrids. The impressive figure represents a 45% increase compared to the previous year and a 13% rise from November’s record of 301,903. To achieve this goal amidst intense competition in the EV price war, BYD implemented increased discounts.
BYD’s passenger sales of fully battery electric vehicles (BEVs) reached 190,754 in December, contributing to a total of 526,409 in Q4. This achievement is expected to surpass Tesla’s performance for the first time.
The overall EV sales for BYD in Q4 reached 942,779 units.
In December, BYD brand achieved sales of 321,570 units. Among its premium offerings, the well-established Denza recorded sales of 11,929 units. The recently launched Fangchengbao saw strong performance with 5,086 units of the Bao 5 off-road vehicles sold. Additionally, the high-end Yangwang brand sold 1,593 U8 off-road vehicles.
Li Auto Achieves Record Deliveries
In December, Li Auto marked a significant milestone by delivering a record-breaking 50,353 electric vehicles (EVs), indicating a remarkable 137% increase compared to the same period the previous year and a notable 23% growth from November. For the entire fourth quarter, Li Auto exceeded expectations by selling 131,805 units, showcasing a robust performance. Moreover, the company achieved an outstanding 182% year-over-year increase in full-year deliveries, reaching a total of 376,030 units.
Li Auto specializes in the sale of the L7, L8, and L9 SUVs, which are recognized as extended-range vehicles functioning essentially as plug-in hybrids. Notably, the company hinted at its ambitious goal of reaching 100,000 monthly deliveries by the conclusion of 2024.
Despite its remarkable achievements, Li Auto experienced a slight delay in the official launch of its first all-electric vehicle, the high-end Mega minivan. Originally scheduled for a December launch, it has now been rescheduled to debut on March 1, with deliveries set to commence in early March.
XPeng Sets Delivery Records
XPeng achieved record-breaking deliveries in December, surpassing 20,000 vehicles for the third consecutive month with a total of 20,155 units. This impressive feat marked a substantial 78.1% increase compared to the previous year. In the fourth quarter, XPeng reported sales of 60,158 vehicles, falling within the projected range of 59,500 to 63,500.
An additional highlight for XPeng was the official launch of its X9 minivan, priced between $50,100 and $57,900—slightly lower than initially anticipated. With over 30,000 pre-orders received, deliveries of the X9 minivan are scheduled to commence this month.
Nio Exceeds Delivery Targets
In December, Nio delivered 18,012 electric vehicles, contributing to a fourth-quarter total of 50,045 units. This performance exceeded the company’s Q4 target range of 47,000 to 49,000 vehicles. Monthly deliveries demonstrated a 13.9% year-over-year increase, comprising 12,048 SUVs and 5,965 sedans.
Nio, often regarded as a competitor to Tesla, outperformed its November sales figure of 15,959 vehicles. The company’s strong delivery performance in the fourth quarter reflects its ability to meet and surpass market expectations.
Tesla is required to achieve a Q4 delivery milestone of nearly 476,000 electric vehicles (EVs) to meet its annual target of 1.8 million. Analysts, based on Tesla’s compiled consensus, anticipate around 480,463 deliveries. The robust performance in China significantly contributes to this, with Tesla recording 18,500 weekly registrations in China for the week ending on Dec. 24, a slight increase from the previous week’s 18,300. In total, the company successfully delivered 60,200 EVs in China through December 24, as per registration data.
In the realm of electric vehicle stocks, BYD stock experienced a 4.6% increase, closing at 27.68 in the last week of 2023. This followed a dip to a nine-month low of 24.95 on December 22.
Meanwhile, Li Auto stock surged by 12.7% to reach 37.43 in the most recent week, reclaiming both the 200-day and 50-day trendlines. The shares are currently positioned with a consolidation buy point at 47.33. However, there is a trendline entry at approximately 40, with a short-term high noted at 42.35, marking another potential early buy area.
XPEV shares surged by 5.65% throughout the week, reaching 14.59 and recovering from a downward trend observed in the past four consecutive weeks. Despite this positive movement, XPeng stock remains below its 50-day line.
NIO stock experienced a notable increase of 7.7%, reaching 9.07. This marks its fourth consecutive weekly gain, bouncing back from nearly touching a three-year low. However, the shares are encountering resistance around the 200-day line.
Tesla shares faced a decline of 1.6% during the week, closing at 248.48 and retracing to the 21-day line on Friday. The high on Thursday, reaching 265.13, presents a potential buying opportunity, as it corresponds to a shallow weekly handle within a double-bottom base.