TMTPost -- US-listed Chinese electric vehicle (EV) makers soared Tuesday after these companies posted robust growth of deliveries over the past month.

Credit：Li Auto

The American depositary receipts (ADRs) of Li Auto Inc. and Zeekr Intelligent Technology Co., Ltd., settled 11.5% and 10.4% higher, respectively, while their domestic peers Nio Inc. and Xpeng Inc. popped more than 5%.  Shares of the EV makers outperformed the U.S. stock market as the benchmark S&P 500 closed 0.9% lower, down from the highest close set Monday. Shares rally came after Li Auto, Zeekr and Xpeng posted record high monthly deliveries earlier Tuesday.

Li Auto said it delivered 53,709 vehicles in September, up 48.9% year-over-year (YoY) . That is the highest month delivery for the Beijing-based company as it accelerated growth from a 37.8% YoY rise a month earlier. The record volume brought Li Auto’s deliveries in the third quarter to 152,831 EVs, increasing 45.4% YoY.

“With the penetration rate of new energy vehicles surpassing 50%, the dominance of leading brands has become more pronounced. Since the beginning of the third quarter, the top three brands have captured over 50% of the RMB200,000 and above NEV market. Notably, Li Auto accounted for over 17% of market share in this segment, ranking first among Chinese automotive brands. Order intake for Li L series and Li MEGA has seen a steady increase, leading to record deliveries in September,” commented Li Auto CEO Li Xiang. Li added his company is set to reach the first million-unit milestone for emerging new energy automakers in China this month: the completion of production and delivery of our one millionth vehicle.

Zeekr’s delivery in September jumped 77% YoY to 21,333 vehicles, shattering its month record of 20,106 units set in June. Zeekr remained double-digit increase in delivery this year. It has delivered 142,873 vehicles in 2024 year-to-date, representing a 81% YoY increase. September is the second month it recorded positive growth after August saw its delivery gained 46% YoY, reversing a 30% YoY decline a month ago.

Zeekr, the startup under Volvo’s owner Zhejiang Geely Holding Group,  is poised to gain traction with launches recently. On September 20, Zeekr officially unveiled its premium electric five-seater SUV, the Zeekr 7X, with deliveries commencing the very next day. The company said the 7X is designed to challenge the conventional, seamlessly combining luxurious comfort with robust off-road capabilities, making it ideal for both urban and challenging conditions.  

Xpeng’s shipment surged 39% YoY to a new record of 21,352 EVs in September, representing a 52% month-over-month (MoM). Xpeng said September is the first month that deliveries of the MONA M03 topped 10,000 units, adding that its intelligent all-electric hatchback coupe has experienced a significant increase in orders since its market launch late August. Xpeng expects to unveil the Xpeng P7+, positioned as AI-defined car, in October 2024. The company will also showcase its state-of-the-art AI technologies and applications and its new model lineup at the 2024 Paris Motor Show from October 14 to 21.

Nio shipped 21,181 EVs in September with a 35.7% YoY increase, stronger than 4.4% increase for the previous month. The EV company has recorded monthly delivery of  more than 20,000 units for five months in a row. Its deliveries from July to September hit a new quarterly record of 61,023 units, up 11.6% YoY.

BYD Co. Ltd, China’s No.1 new energy vehicle (NEV) maker, sold 419,426 units including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in September. That represented a 45.91% YoY surge, compared with a 36% YoY increase a month earlier. BYD refreshed its sales record for a fourth straight month. September is the fifth month for BYD to return to monthly sales of more than 300,000 units to the year date, as well as the first month for it to sell more than 400,000 NEVs. In September, BYD sales of passenger vehicles rose 45.6% YoY to 417,603 units, and BEVs sold 164,956 units, accounting for nearly 40% of monthly sales.