Earnings

Previously announced figures showed that Xpeng delivered 17,398 vehicles in the second quarter, up 439 percent from the same period last year and up 30 percent from the first quarter.

Nio announced Friday that it will release its unaudited financial results for the second quarter of 2021 after the close of the US markets on August 11 (August 12 Beijing Time).

Li Auto posted revenue of RMB 3.58 billion ($545.7 million) in the first quarter, beating Wall Street estimates of RMB 3.355 billion, according to the company's unaudited earnings report released Wednesday.

In the first quarter, Li Auto delivered 12,579 units, up 334.4 percent year-on-year, but down 13 percent from the fourth quarter of last year.

Xpeng exported more than 300 G3 SUVs in the first quarter and plans to start delivering P7s in Norway in the second half of the year.

Vehicle margin benefitted from recognition of XPILOT software revenue and lower material costs (+330bps QoQ to 10.1%, ahead of our 9.7%).

Xpeng reported first-quarter revenue of RMB 2.95 billion ($450.4 million), beating Wall Street expectations of RMB 2.886 billion, according to unaudited results released Thursday by the Chinese electric vehicle company.

JP Morgan reiterated its Overweight rating on Nio and its $70 price target, about 80 percent above the stock's Thursday close of $38.99.

William Li is confident about Nio's position in the market, saying that in the high-end market there is no brand that can compete fully with Nio, including products, services, and user communities.

Despite continued supply chain challenges, chip and battery supply shortages don't appear to be affecting Nio as badly as expected, as the Chinese electric car company continues to give strong second-quarter delivery guidance.