Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Chinese electric vehicle maker XPeng (NYSE: XPEV) have fallen on Tuesday, despite the company reporting another rise in deliveries…
XPeng's stock price is down 2.38% so far on Tuesday at $28.33, following Monday's 2.98% fall.
On Saturday, the company released its vehicle delivery numbers for April, with the total number of deliveries reaching 5,147, an increase of 285% year-over-year.
The deliveries consisted of 2,995 P7s, XPeng's sports sedan and 2,152 G3s, its compact SUV. Year to date deliveries as of the 30th of April reached 18,487, a 413% increase year-over-year.
On the face of it, the delivery numbers look positive. However, XPeng's sales growth has slowed from the 384% seen in March.
With the chip shortage still impacting production and Tesla beginning to sell its Model Y SUV in China this year, Chinese electric vehicle companies face increased pressure.
NIO and Li Auto's shares have also been impacted. NIO's stock price has fallen just under 8% so far in the past week, while Li shares are down over 3%.
On Monday, Morgan Stanley analyst Tim Hsiao said that NIO's report of 7,102 deliveries in April keep the company on track to achieve its Q2 delivery target while Mizuho analyst Vijay Rakesh raised NIO's price target to $65 from $60, keeping a buy rating on the stock after a “good” quarter and guidance despite supply shortages.
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