Xpeng CEO He Xiaopeng stands subsequent to the corporate’s P7 electrical sedan as he addresses media on the 2020 Beijing auto present.

Evelyn Cheng | CNBC

BEIJING — Two of China’s U.S.-listed electrical automotive start-ups beat market expectations of their March deliveries, with each corporations setting quarterly information.

Xpeng mentioned Thursday it delivered 5,102 automobiles in March, beating implied deliveries of 4,262 automobiles for that month. The corporate delivered a complete of 13,340 autos within the first quarter, topping its steering of 12,500 for the interval.

Nio introduced deliveries of seven,257 autos in March, marking 20,060 automobiles for the primary three months of the yr — probably the most for any quarter, in response to the corporate.

That falls inside Nio’s unique first quarter steering of 20,000 to twenty,500 autos. Nio had lowered the forecast final week to 19,500 automobiles after asserting a five-day manufacturing unit closure because of a scarcity in semiconductors.

Shares of each corporations rose greater than 1% throughout Thursday’s buying and selling session in New York. The shares stay in detrimental territory for the yr to date, after surging in 2020.

Xpeng’s March deliveries have been roughly cut up between the corporate’s P7 sedan and G3 SUV. Amongst Nio’s three fashions — all SUVs — the corporate mentioned its five-seat ES6 noticed probably the most demand with greater than 3,000 deliveries final month.

The supply beat is “a really constructive indicator of the China EV market progress trajectory for the remainder of the yr,” Wedbush analysts Dan Ives and Strecker Backe wrote. In addition they predict March was month for Tesla in China, and anticipate electrical car shares will climb 30% to 40% greater this yr.

BYD’s stellar gross sales in March

Nevertheless, the start-ups’ report quarterly deliveries nonetheless pale compared with Chinese language electrical car and battery producer BYD.

For the corporate’s Han mannequin alone — which is available in each hybrid and pure-electric variations — gross sales topped 10,000 items in March, BYD administration advised Citi analysts in a name Tuesday. BYD’s complete gross sales of latest power autos hit 23,000 items final month, in response to Citi.

BYD expects that in December, it might attain gross sales of 30,000 automobiles in simply the battery-powered class, Citi mentioned.

One other U.S.-listed Chinese language electrical automotive start-up, Li Auto, had not launched first quarter figures as of Friday morning Beijing time.

The corporate forecast in February it will ship between 10,500 and 11,500 automobiles within the first quarter, or fewer than 4,000 autos a month. Li Auto’s solely mannequin available on the market is an SUV that comes with a gas tank for charging the battery.

Li Auto shares rose 1% Thursday and are down about 12% year-to-date.