China-based EV names Li Auto and Nio announced May delivery numbers
Two China-based electric vehicle (EV) names are in the spotlight today following their May delivery numbers. Li Auto Inc (NASDAQ:LI) delivered 40,856 vehicles, representing 20.4% growth from April. Nio Inc (NYSE:NIO) announced 23,231 vehicle deliveries -- down from 23,900 in April but still up 13.1% year-over-year -- while its new brand, 'Firefly,' saw decent growth.
It's worth noting that the EV "price war" -- broadly attributed to BYD Auto -- has caught the attention of the Chinese government, which could be weighing on the sector today. On June 1, the People's Daily, which speaks for China's Communist Party, criticized the "rat-race competition."
LI was last seen down 2.3% at $27.69, despite the strong data as well as a price-target hike from Goldman Sachs to $35.30 from $31.70. The stock has been consolidating above the $28 level since mid-May, following a sharp rally from its April 9 low of $19.10. Year-to-date, the equity is up roughly 16%.
Nio stock was down 0.8% at $3.51 at last check, eyeing its ninth loss in 10 sessions. The shares are below all moving averages between the 20- and 320-day trendlines, and were rejected in mid-May at the 100-day. Creeping back toward its April 8 five-year low of $3.02, NIO is down 19.4% in 2025.