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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 133.24+0.8%3:59 PM EDT

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From: Bill Wolf10/1/2021 9:24:32 AM
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Autos

NIO, Li Auto Report Great Deliveries. What Chip Shortage?

By Al Root
Oct. 1, 2021 8:02 am ET

Chinese electric vehicle maker NIO warned investors about weaker-than-expected deliveries a month ago. The company was having trouble getting microchips needed for its vehicles. Turns out, there was nothing to worry about.

NIO (ticker: NIO) and its peers have reported September delivery figures. The numbers look great. NIO’s numbers also beat dour guidance given by management in early September.

NIO delivered 10,628 vehicles in September, up about 126% year over year, and it delivered 24,439 vehicles in the third quarter, up about 100% year over year. NIO expected to deliver about 23,000 vehicles in the third quarter back on Sept. 1, when reporting its August deliveries.

NIO’s original guidance for the third quarter was for about 24,000 vehicles to be delivered. The company beat the midpoint of its original guidance.

NIO stock was up about 1.7% in premarket trading Friday after the upbeat delivery report. Shares dropped 9% in September, partly because of the guidance cut.

Stock in NIO electric vehicle peer Li Auto (LI) was up about 1.2% as well. It delivered 7,094 vehicles in September, up about 100% year over year, and 25,116 vehicles in the third quarter, up almost 190% year over year.

Li’s guidance for the third quarter was for 25,000 to 26,000 deliveries. Li’s quarter was fine and didn’t include the ups and downs of NIO’s guidance. Li stock’s, however, was still impacted by chip shortage fears on the performance of peers. Shares dropped 15% in September.

A global semiconductor shortage has constrained global car production all year. The industry will end up losing about 5 million to 6 million cars that could have been sold, but couldn’t be built. Every auto maker is having trouble getting parts.

XPeng (XPEV)—the third of the three large U.S. listed Chinese EV makers—reported September deliveries late Thursday evening. It, like NIO, produced a blowout month, delivering more than 10,000 vehicles.

XPeng stock was up about 2% in premarket trading after having fallen 16% in September.

The trio delivered more than 28,000 vehicles in September—a record—up about 140% year over year. It was a big month.

Next up is Tesla (TSLA) deliveries. Wall Street expects about 225,000 vehicles to be delivered. Tesla, in the past, hasn’t broken out deliveries by geography. Investors will have to wait to see how many units were bought by Chinese EV purchasers in September.

A lot of fear over slowing deliveries because of supply chain woes crept into automotive investor sentiment this past month. The chip situation isn’t fixed, but the September delivery numbers should help alleviate some of those concerns.

Write to Al Root at allen.root@dowjones.com

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