Chinese electric vehicle (EV) stocks advanced on Thursday ahead of Tesla’s (NASDAQ: TSLA) quarterly delivery report. Investors weighed strong performance among local automakers and what it could mean for global competition in the EV market.
Xpeng Inc. (HK:9868) gained 1.5% after announcing a record 41,581 vehicle deliveries in September, marking a 10.3% month-on-month increase.
NIO Inc. (HK:9866) also reported its strongest month ever, with 34,749 deliveries across premium, mainstream, and entry-level segments. Nio shares surged more than 6% in Hong Kong trading.
Xiaomi Corp. (HK:1810) rose 3.2% after its EV division exceeded 40,000 deliveries in September, driven by strong demand for the SU7 sedan and YU7 crossover.
The rally comes as Tesla prepares to publish its third-quarter delivery numbers later on Thursday. Analysts warned that the expiration of U.S. tax credits may have pulled forward demand earlier in the year.
Market watchers are closely monitoring Tesla’s results for signs of continued demand strength or potential weakness, especially in China, where domestic automakers are increasingly challenging Tesla’s market position.
Meanwhile, BYD — China’s largest EV producer — posted a 2.1% year-on-year drop in third-quarter sales on Wednesday, its first quarterly decline since 2020. Despite the dip, BYD shares still climbed 3% on Thursday.
