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Tesla Rivals Challenge Its Lead as Nio Sets Encouraging Record

by WOOWinvest
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Tesla Rivals Challenge Its Lead as Nio Sets Encouraging Record

Electric car makers have struggled to produce and deliver cars, trucks and SUVs over the past two years despite obstacles such as supply chain disruptions, semiconductor shortages and factory shutdowns due to the coronavirus pandemic.

Industry-leading electric car maker Tesla (TSLA) – Get Tesla Inc report Deliveries in the second quarter ended June 30 were less than expected at 254,695, up 26.7% from the same period in 2021, due to factory closures and supply chain disruptions at the Shanghai Gigafactory in April and May, it said on July 2. But it was 17.7% lower than its record of 310,048 units delivered in the first quarter of 2021. Analysts had initially expected deliveries of about 295,000 vehicles.

Tesla’s production fell to 258,580 in the second quarter, compared with 305,407 in the first quarter. It produced 305,840 vehicles in the fourth quarter of 2021.

Tesla’s competitors can’t even produce and deliver electric vehicles at the same rate as the market leader in Austin, Texas. But they kept trying.

Tesla rivals struggle to produce and deliver large numbers of electric cars

Tesla’s rival NIO (NIO) – Acquire NIO Inc. American Depositary Shares, each representing one Class A NIO report It said on July 1 that it delivered 12,961 vehicles in June, up 60.3 percent from a year earlier and the highest monthly deliveries ever. The company also reported that it delivered 25,059 electric vehicles in the three months to June 2022, a year-on-year increase of 14.4%. As of June 30, NIO has delivered a total of 217,897 electric vehicles.

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On June 15, NIO launched a new mid-to-large five-seat smart electric SUV ES7, which is the first SUV product based on NIO’s latest technology platform, Technology 2.0. NIO also introduced the 2022 ES8, ES6 and EC6 models with an upgraded digital cockpit domain controller and sensing suite that enhance the vehicle’s computing and perception capabilities and digital experience. The company expects to begin shipping ES7 and ES8, ES6 and EC6 in August.

Chinese EV maker Xpeng Motors (XPEV) – Acquired Xpeng Motors American Depositary Shares, each representing two Class A shares of Xpeng Motors Report It said on July 1 that 15,295 vehicles were delivered in June, a year-on-year increase of 133%; in the second quarter ended June 30, it was 34,422, an increase of 98% year-on-year, and 68,983 in the first six months of this year, a year-on-year increase of 124%.

The Guangzhou, China-based company said in August that it would start taking orders for its new G9 SUV, which will be officially launched in September.

Beijing Ideal Auto (LI) – Get Li Auto Inc. Report It said on July 1 that it delivered 13,024 electric vehicles in June, up 68.9 percent from a year earlier, and 28,687 in the second quarter ended June 30, up 63.2 percent from a year earlier. The company started taking orders for its Li L9 SUV on June 21 and recorded 30,000 orders as of June 24, according to a statement. Test drives will begin on July 16, with deliveries beginning at the end of August.

GM follows Tesla and other rivals

General Motors (GM) – Get General Motors Corporation Report Electric vehicle sales in the second quarter were 7,300, according to a July 1 statement. The Detroit automaker’s sales include deliveries of the BrightDrop Zevo 600 delivery van, the GMC Hummer EV pickup, and the resumption of production of the Chevrolet Bolt EV and Bolt EUV.

GM said production of the Cadillac Lyriq is accelerating and initial deliveries are underway. Orders for the 2023 model year sold out within hours, and pre-orders for the 2024 model opened on June 22.

The company said it will gradually increase production of the Cadillac Lyriq and GMC Hummer EV Pickup in the second half of 2022.

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