Shares of Chinese electric powered-auto maker NIO (NYSE: NIO) were rising on Thursday, soon after a crucial competitor described third-quarter earnings that were being greater than Wall Street experienced predicted.
As of 12:15 p.m. EST on Thursday, NIO’s American depositary shares have been up about 10.9% from Wednesday’s closing rate.
NIO rival XPeng (NYSE: XPEV) reported its third-quarter earnings before the U.S. current market opened on Thursday, and they were being great.
Though XPeng (like NIO) is not nevertheless profitable, the development numbers ended up amazing: Income of $293.1 million was up over 340% from the calendar year-in the past period of time, while deliveries numbering 8,578 represented an increase of in excess of 160% from the next quarter of 2020.
Improved still for XPeng, 6,210 of those 3rd-quarter deliveries were P7s, the company’s newest product. The P7, a plush-using electrical sedan stuffed with advanced technology that starts off about $35,000, began shipping in the second quarter.
Xpeng’s older design, a modest electrical SUV known as the G3, accounted for the remainder.
Amongst other matters, investors will be eager to listen to about NIO’s new batteries-as-a-services initiative, which debuted in the third quarter. Image supply: NIO.
What does all that have to do with NIO? Automobile traders, at least in the U.S., have not long ago tended to see NIO, XPeng, and a third organization — Li Motors (NASDAQ: LI) — as a group. All three are homegrown Chinese automakers focused on what the country’s federal government phone calls “new power cars,” electrics and state-of-the-art hybrids.
Just set, Xpeng’s report bodes nicely for NIO, the biggest of the team. NIO will report its possess third-quarter outcomes just before the U.S. market opens up coming Tuesday, Nov. 17.
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