Earnings

Nio and Xpeng both saw net losses in the first quarter, while Li Auto posted net income.

Nio guided for second quarter vehicle deliveries to be between 23,000 and 25,000 units, meaning it expects June deliveries to be in the range of 10,187-12,187 units.

Deutsche Bank expects Nio to report soft results for the first quarter, with downside risk to margins, though some relief in on the way.

Xpeng aims to reach 15,000 monthly deliveries in the third quarter and 20,000 monthly deliveries in the fourth quarter, its management said.

"Xpeng delivered even softer 1Q23 results than we previewed, accompanied by a muted 2Q outlook," Edison Yu's team said.

Xpeng reported a negative 2.5 percent vehicle margin for the first quarter, a decline attributed to increased sales promotions and the expiration of the NEV subsidy.

Hesai began trading on the Nasdaq on February 9 and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.

Xpeng's financial performance in the first quarter and its outlook for the second quarter will be weak, though the company may see a turnaround after the launch of G6, according to Edison Yu's team.

Nio delivered 31,041 vehicles in the first quarter, slightly above the lower end of its guidance range of 31,000 to 33,000 vehicles.

Li Auto aims to reach 30,000 units delivered in a single month in June, the company's management said.