Nio (NIO) and Xpeng Motors (XPEV) posted strong January sales that suggest no pause in China's electric-vehicle market after 2020's boom. Nio stock erased losses.
XIn January, Nio grew sales 352% to 7,225 electric vehicles. The new EC6 electric crossover, which officially launched in December, again outsold two older electric SUV models, accounting for 39% of January's deliveries.
The pace of Nio's sales growth sharply accelerated from 121% in December 2020 and 109% in November 2020. Last year, Tesla's China nemesis more than doubled sales in Q4, to 17,353 vehicles and in all of 2020, to 43,728 units.
Last month, rival Xpeng Motors grew sales 470% to 6,015 electric vehicles. Xpeng's new P7 sedan, which launched in August 2020, outsold the G3 compact SUV. The Chinese EV startup's sales pace also accelerated from a 326% gain in December. Xpeng also more than doubled sales in Q4 to 12,964 units and in all of 2020 to 27,041 units.
Among other Chinese EV startups jostling to take share from Tesla (TSLA) on their home turf, Li Auto (LI) is yet to report January sales. It saw December sales of its Li One electric SUV vault 530% and Q4 sales rose 67% quarter over quarter. Li began volume production of the One in November 2019.
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Nio Stock, Chinese EV Stocks
Nio stock ended flat at 56.99 on the stock market today, in choppy trade. The China EV stock undercut a 57.30 cup-shape buy point, according to MarketSmith chart analysis. Among peers, IPO stock Xpeng gained 2.3%. Li Auto dipped 0.65%, still below the 50-day line.
Meanwhile, Tesla rose 5.8% to 839.81 and is far extended from a 466 buy point. Tesla stock, which is on the IBD Leaderboard, snapped a string of three down days.
After booming sales, Nio and Xpeng face tougher competition ahead. Tesla began delivering the new made-in-China electric crossover to Chinese buyers on Jan. 18. It already sells a locally made Model 3 sedan in China.
In January, both Nio and Xpeng ramped up adding highly autonomous capabilities to their EVs, an area where Tesla has dominated until now.
With new EVs, Tesla is emerging as the EV leader in China, while eyeing an expansion in Europe.
According to Wedbush analysts, "China remains a greenfield EV market opportunity as we believe EV sales can potentially double in the region over the next few years."
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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