From Barron's:
Covid-19 and the semiconductor shortage are hitting electric vehicle stocks again as Chinese August electric vehicle deliveries came up short.
NIO (ticker: NIO) stock is down 4.7% in premarket trading, while XPeng (XPEV) shares are off about 2%. S&P 500 and Dow Jones Industrial Average futures are both up 0.3%.
Tesla (TSLA) shares are also taking a small hit off the Chinese delivery results, with shares down about 0.4%. Li Auto (LI) stock is the one Chinese EV maker bucking the trend. Its August deliveries look OK and shares are up about 1.3% in premarket trading.
NIO delivered 5,880 vehicles in August. Far short of its monthly production capacity of about 8,000 vehicles and short of the 7,931 vehicles delivered in July. What’s more, the company cut guidance. Deliveries for the third quarter are now expected to come in at about 23,000, short of the 24,000 expected when the company reported second-quarter earnings in early August. If there is a silver lining for investors it’s that NIO’s guidance implies about 9,000 vehicles delivered in September. That means it expects production and deliveries to bounce back....
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