Yahoo Finance EV Roundup: TSLA Q1 Deliveries, NKLA $100M Stock Sale & More
Last week, key electric vehicle (EV) players, including EV king Tesla TSLA and China-based EV makers NIO Inc. NIO, XPeng Inc. XPEV and Li Auto LI released first-quarter 2023 vehicle sales data. Apart from XPeng, Li, NIO and TSLA witnessed delivery growth on a yearly basis.
Meanwhile, electric truck upstart Nikola Corp NKLA also made headlines as it celebrated 100 sale orders for Class 8 FCEV. However, shares of the company were brutally punished after the company announced a $100 million stock sale plan. Post Nikola’s $100 million stock sale plan, the shares of the company tanked 13.7%, sinking to a record low of $1.15/share to close the session at $1.21 on Mar 31.
While LI carries a Zacks Rank #2 (Buy), XPEV and NKLA are #3 Ranked (Hold). Meanwhile, Tesla carries a Zacks Rank #4 (Sell) and NIO is #5 Ranked (Strong Sell) currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inside the Headlines
Tesla delivered 422,875 vehicles in the first quarter of 2023, compared with 310,048 reported in the same period of 2022 and 405,278 reported in fourth-quarter 2022. The figure also surpassed the Zacks Consensus Estimate of 412,884 deliveries. The strong numbers came as the automaker ramped up production at new factories in Texas and Berlin. Production also recovered in China from the COVID-19 lockdown. It produced 440,808 vehicles in first-quarter 2023, up from 305,407 reported in the same period of 2022 and 439,701 in fourth-quarter 2022.
The number of deliveries for Model S/X were 10,695, down from 14,724 reported in the first quarter of 2022 and 17,147 reported in the fourth quarter of 2022. The deliveries also lagged the Zacks Consensus Estimate of 18,745. On the contrary, the number of deliveries for Model 3/Y was 412,180, up from 295,324 reported in the first quarter of 2022 and 388,131 reported in the fourth quarter of 2022. The deliveries also surpassed the consensus estimate of 390,820.
NIO delivered 10,378 vehicles in March 2023. The deliveries comprised 3,203 premium smart electric SUVs and 7,175 premium smart electric sedans. The company delivered 31,041 vehicles in the first quarter of 2023, reflecting an increase of 20.5% year on year. As of Mar 31, 2023, deliveries of NIO vehicles totaled 320,597.
NIO began deploying third-generation Power Swap stations in China on Mar 28, 2023. Each station has a service capacity of up to 408 swaps per day. It deployed 1,339 Power Swap stations, 1,285 Power Charger stations with 6,467 chargers, and 1,154 destination charging stations with 7,993 chargers worldwide as of Mar 31, 2023. The company intends to establish 1,000 Power Swap stations by 2023, expediting the spread of the battery-swapping network.
XPeng delivered 7,002 EVs in March 2023, a 17% increase over the prior month. First-quarter 2023 deliveries were 18,230, tanking 47.2% year over year. The new sports sedan P7i, which was introduced in March, has received positive market feedback, and its order backlog is growing rapidly.
In March, a total of 3,030 P7 series sedans were delivered. The introduction of the new P7i also boosted store traffic, pushing test drive volume to new highs. On Mar 31, 2023, XPeng began rolling out the first phase of XNGP (NGP: Navigation Guided Pilot) to customers of the XPENG G9 Max and P7i Max in Guangzhou, Shenzhen, and Shanghai, and to consumers of the XPENG P5 P version in Shanghai. XNGP is China's leading full-scenario ADAS platform, with mass-production versions available. The company is accelerating the implementation of XNGP across different models in multiple Chinese cities.
Li Auto delivered 20,823 vehicles in March 2023, surpassing the 20,000 monthly delivery mark again. The deliveries jumped 88.7% year over year. Li Auto’s first-quarter deliveries reached 52,584, up 65.8% year over year. The cumulative deliveries of Li Auto vehicles totaled 309,918 as of March end.
Li Auto has seized almost 20% of the RMB300,000 to RMB500,000 SUV market in China and has positioned itself as the premium family SUV brand of choice, showcasing its product strengths and user recognition. It is set to begin deliveries of Li L7 Air and Li L8 Air this month. The company had 299 retail outlets in 123 cities as of Mar 31, 2023, as well as 318 servicing centers and Li Auto-authorized body and paint shops in 223 cities.
Nikola celebrated a milestone of 100 sales orders for Class 8 Nikola Tre hydrogen fuel cell electric vehicles (FCEVs), for which deliveries are expected to begin in the fourth quarter of 2023. The truck has a range of up to 500 miles and based on desired technological improvements, it has an estimated fueling time of 20 minutes. Nikola said that it believes it is the only company in the United States with a Class 8 hydrogen FCEV available in calendar year 2023, engineered and assembled in the United States, as well as a variety of forthcoming hydrogen energy solutions.
In an attempt to shore up cash reserves, the company announced a $100 million stock sale on Friday. Citigroup is the underwriter for the issue. Nikola said it will price shares at $1.12/apiece, at a discount to its Thursday’s closing price of $1.40. Citigroup has the option to purchase another $15 million worth of shares. In case the stock offering is unsuccessful, Nikola said it would sell shares to an unnamed private investor in a private placement.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.
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Tesla, Inc. (TSLA) : Free Stock Analysis Report
NIO Inc. (NIO) : Free Stock Analysis Report
Nikola Corporation (NKLA) : Free Stock Analysis Report
Li Auto Inc. Sponsored ADR (LI) : Free Stock Analysis Report
XPeng Inc. Sponsored ADR (XPEV) : Free Stock Analysis Report
