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: Nio stock surges after big deliveries beat, less than a week after cutting estimates

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The U.S.-listed shares of Nio Inc. surged Tuesday, after the China-based electric vehicle maker reported fourth-quarter deliveries that rose well above the estimate that was provided less than a week before.

Li Auto Inc.’s stock
LI,
+4.67%

also surged, after the Nio rival reported December deliveries that beat guidance provided just a day before, while Tesla Inc. shares
TSLA,
+1.12%

dropped after disappointing delivery results.

Nio’s stock
NIO,
-2.40%

climbed 2.8% in premarket trading. The stock had tumbled 38.2% in the fourth quarter, marking the worst quarterly performance since the third quarter of 2019. It also plunged 69.2% in 2022 — the biggest yearly selloff since going public in September 2018.

The company reported early on Jan. 1 that it delivered a monthly record of 15,815 vehicles in December, up 50.8% from a year ago. Nio also delivered 40,052 vehicles in the fourth quarter, a quarterly record and up 60.0% from last year.

On Dec. 27, Nio had sparked a selloff in EV-maker stocks after the company said it was “prudently” cutting its delivery estimate due to COVID-related production challenges and supply chain issues. The company said then that it expected to report fourth-quarter deliveries of 38,500 to 39,500, which implied December deliveries of 14,263 to 15,263.

Nio also said it delivered 122,486 vehicles in 2022, up 34.0% from 2021.

Li Auto’s stock shot up 6.4% ahead of Tuesday’s open, after running up 4.7% on Friday.

The company reported late on Dec. 31 that it delivered a monthly record 21,233 vehicles in December, up 50.7% from a year ago. That brought its fourth-quarter deliveries to 46,319, up 31.5% from last year, and its 2022 deliveries to 133,246, up 47.2% from 2021.

On Friday, the company said December deliveries “will exceed 20,000 vehicles,” well above the previous monthly record of 15,034 vehicles delivered in November.

XPeng Inc.’s U.S.-listed stock
XPEV,
+0.61%

charged up 5.7% early Tuesday, after rising 5.9% the past two days, even though reported monthly and quarter deliveries fell sharply from a year ago.

The EV maker reported late Saturday that it delivered 11,292 vehicles in December, down 19.8% from the 14,087 vehicles delivered in December 2021, while fourth-quarter deliveries of 22,204 was down 37.0% from 35,221 a year ago. Meanwhile, 2022 deliveries of 120,757 was up 33.4% from a year ago.

Li Auto’s stock, which went public in July 2020, slumped 36.5% in 2022, and XPeng shares, which debuted in August 2020, shed 80.3% in 2022. In comparison, the iShares China Large-Cap exchange-traded fund
FXI,
-2.45%

had slid 22.6% in 2022 and the S&P 500 index
SPX,
-0.25%

had lost 19.4%.

Shares of Texas-based EV maker Tesla, which generated about 24% of its third-quarter revenue from China, slumped 4.2% in premarket trading Tuesday, after the company reported over the weekend fourth-quarter deliveries that rose from a year ago but missed expectations.

The selloff comes after Tesla’s stock suffered a record quarterly selloff of 53.6% in the fourth quarter, and a record yearly drop of 65.0% in 2022.

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