It's time for electric vehicle manufacturers to announce quarterly delivery numbers.
Chinese EV stocks have picked up momentum in June and have seen strong gains for the month, and forthcoming delivery numbers may have a say in deciding if the rally has further legs.
Tesla Playing Catch-Up: Tesla, Inc. TSLA shares are locked in a lackluster phase and barely up for the June quarter. The stock traded in the range of $546.98-$780.79 during the quarter. Much of the pessimism on the stock can be traced back to its performance in China and negative headlines out of China. There are also apprehensions regarding the company's full self-driving capabilities.
Tesla produced 184,338 vehicles in the first quarter and delivered a record 184,800 vehicles.
Analysts, on average, estimate deliveries of 201,000 for the second quarter. Credit Suisse analyst Dan Levy predicts sales to come in anywhere between 205,000 and 210,000 vehicles, with upside constrained by supply and China.
The April-May combined deliveries may have been at 90,000 to 95,000, and June deliveries could shoot up to 115,000 units, the analyst estimates. Record performance anticipated for June is feasible given Tesla's typical quarter-end wave, he added.
Levy estimates second-quarter production of 210,000 units.
Tesla bear GLJ Research's Gordon Johnson estimates deliveries of 194,000. Citing a twitter handle that goes by the name @teslshanghai, Johnson said China deliveries, including exports, may have risen from 82,280 units in the first quarter to 84,172 vehicles in the second quarter, with domestic sales estimated to have dropped from 69,280 to 58,471 units.
Data out from China Passenger Car Association show that Tesla sold 59,308 vehicles in the April-May period.
The company faced several issues in China, including safety issues that led users to protest and government restriction imposed on the use of Tesla vehicles in sensitive areas due to fears of spying by cameras installed in the vehicle.
To top it off, the company announced a recall of over 285,000 cars in China, almost all it has sold in China over the year, to address autopilot safety issues identified by a Chinese regulator.
Related Link: Tesla, Nio Shares Diverge: What Does It Signal For The EV Companies?
Nio Aims For Record Month: Nio, Inc. NIO delivered 7,102 vehicles in April. The momentum faltered in May, as its deliveries declined 5.5% month-over-month to 6,711 vehicles, although the year-over-year growth was at a robust 95.3%.
The company attributed the softness to the volatility of semiconductor supply and certain logistical adjustments.
The company had guided second-quarter deliveries to 21,000 to 22,000 in late April, and later reiterated the guidance in early June. It may have to deliver a record number of 8,187 units to meet the high-end of its guidance range.
XPeng Looks to Continue Momentum: XPeng, Inc.'s XPEV April deliveries increased nearly threefold to 5,147 units in April. The company increased deliveries by 483% year-over-year and 10.5% month-over-month in May to 5,686 units.
The company aims to deliver 15,500 to 16,000 vehicles in the second quarter, leaving it looking at a monthly total of 5,167 to hit the high end.
Li Auto: Having delivered a total of 9,862 vehicles for the April-May period, Li Auto Inc. LI is targeting a quarterly total of 14,500-15,500.
Related Link: How Much A $1,000 Nio Investment In 2019, When The EV Stock Was Emerging From Liquidity Crunch, Would Be Worth Today
Photo: courtesy of XPeng.
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