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02 November 2020 14:46

China electric car peers Xpeng Motors (XPEV) and Li Auto (LI) also posted robust October sales.

Nio (NIO) doubled October deliveries of electric vehicles. China electric car peers Xpeng Motors (XPEV) and Li Auto (LI) also posted robust October sales. Nio stock, Xpeng Motors and Li Auto all jumped. Nio delivered 5,055 vehicles in October, up 100% year over year. The deliveries included 2,695 ES6s, and 1,477 ES8s, both premium electric SUVs, and 883 EC6s, a new electric crossover that is seen driving future growth.

Nio Doubles October Deliveries; Xpeng, Li Auto Continue Strong Run

Year-to-date deliveries more than doubled, jumping 111% to 31,430 vehicles. Also on Monday, Xpeng Motors reported 3,040 October deliveries, a 229% increase year over year. That includes 2,104 P7 sedans, which compete with the Tesla (TSLA) Model 3. Year to date deliveries are up 64% to 17,117, Xpeng said. Meanwhile, Li Auto said October deliveries of its One SUV rose 5% month over month to 3,692. Beijing-based Li began volume production in November 2019. IBD Live: A New Tool For Daily Stock Market Analysis The results follow a strong September for all three China EV stocks, as China auto sales continue to recover. Most of the U.S.-listed China electric car stocks disclose third-quarter earnings in the next couple weeks. Nio reports Nov. 17, Li Auto Nov. 13, Xpeng Motors Nov. 12 and Kandi Nov. 9. Nio, Xpeng Motors, Li Auto and BYD (BYDDF) have all ramped up China sales in recent months. Meanwhile, despite several price cuts, Tesla China sales have flattened in the last few months, according to official data. Tesla is now exporting some made-in-China Model 3 sedans to Europe. Nio Stock, Electric Car Stocks Shares of Nio surged 7.9% to 32.99 in early Monday stock market trading. Nio stock is extended from a 15.55 buy point, meaning shares are not in buy range. Xpeng stock advanced 6.5% to 20.65 in the premarket, moving toward a 23.20 early entry. Li Auto stock climbed 5.9% to 21.56. That's not far from a 21.96 buy point from a deep cup-with-handle base. Among other electric car stocks, Tesla, which reports deliveries quarterly, added 1.2% and BYD was quiet. China-based Kandi (KNDI) gained 2.2% to 6.40 early Monday. Auto sales have rebounded in China, the world's largest electric car market, after a pandemic slump at the start of the year. At the same time, soaring Tesla and Nio shares fueled billion-dollar IPOs for new electric car stocks Li Auto and Xpeng Motors. Find Aparna Narayanan on Twitter at @IBD_Aparna. YOU MAY ALSO LIKE: Stocks To Watch: Top-Rated IPOs, Big Caps And Growth Stocks Find The Latest Stocks Hitting Buy Zones With MarketSmith Join IBD Live And Learn Top Chart-Reading And Trading Techniques From The Pros