XPeng Stock Jumps After Massive Month for EV Deliveries. October Wasn’t Kind to NIO.

XPeng (XPEV) shares were going in the other direction after better results.

XPeng stock was up 3.7% in premarket trading after the company delivered 10,138 vehicles in October. It’s the second consecutive month with more than 10,000 deliveries and just shy of the record of 10,412 set in September, which was the most ever by more than 2,000 cars.

Li Auto
‘s (LI) month falls in the middle of the other two. Li delivered 7,649 vehicles in October, up from 7,094 delivered in September. Li shares fell 1% in premarket trading.

It was a great month for XPeng, a fine month for Li and a shocking month for NIO. NIO management blamed weak deliveries on supply-chain disruptions upgrades to its manufacturing lines. NIO also added in its news release that new orders reached an all-time high last month.

Strong orders is a bit of good news for NIO investors, who need it. Over the past three months, NIO has delivered about 20,200 vehicles, less than the almost 28,000 delivered by XPeng and the roughly 24,200 delivered by Li.

NIO volumes over the past three months are still up almost 50% from a year ago, but that lags far behind peer growth. XPeng and Li have grown volumes about 200% and 140% over the same span, respectively.

The slower growth is impacting NIO stock. Coming into Monday, shares have declined about 19% year to date. Li and XPeng stocks are up about 13% and 9%, respectively.

NIO’s market capitalization is still the largest of the three at about $65 billion. XPeng’s and Li’s market caps are about $40 billion and $34 billion, respectively.

NIO deliveries will have to pick up to maintain that market cap lead.

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