Q1

Nio reports generally solid first-quarter result and provided a better-than-expected second-quarter volume outlook, said Deutsche Bank.

Deliveries of the first model of Nio's third brand, codenamed Firefly, will begin in the first half of 2025, Nio management said.

Nio guided for second-quarter deliveries of between 54,000 and 56,000 units, meaning June deliveries are expected to be between 17,836 and 19,836 units.

Nio delivered 30,053 vehicles in the first quarter, hitting its lowered guidance of about 30,000.

"XPeng delivered 1Q24 earnings upside driven by earlier-than-expected recognition of high-margin VW tech and service revenue; 2Q24 volume outlook also came in better than feared," Deutsche Bank said.

The first model from Xpeng's Mona sub-brand will be unveiled in June and will go on sale and start deliveries in the third quarter.

Xpeng's first-quarter revenue beat Wall Street estimates, gross margin rebounded further to a new high since the third-quarter of 2022, despite conservative guidance for second-quarter deliveries.

"Li Auto delivered mostly in-line 1Q24 earnings results and 2Q24's volume outlook bracketed our forecast but pricing pressure appears much worse than anticipated," said Deutsche Bank.

Li Auto said it won't release any all-electric SUVs this year; they'll be released in the first half of next year. It said in its last earnings call that it would release three all-electric SUVs in the second half of 2024.

Li Auto guides for second-quarter vehicle deliveries to be in the range of 105,000 to 110,000, meaning it expects to deliver a total of 79,213 to 84,213 vehicles in May and June.